Refinance Your Loan with BMC Keystone
People refinance for various outcomes. Regardless of your motivation, the process is the same. But depending on your goals, the type of loan we suggest for your new mortgage may vary. If you've got refinancing on your mind, let BMC Keystone help make the process easier. We would be happy to review your current loan, today's rates, and give you a better picture of how a refinance could benefit you and how much it will cost.
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Save Money
Refinancing into a lower interest rate can save you money over the life of your loan as well as reduce your monthly mortgage payments.
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Eliminate PMI
With the right amount of equity in the home, a refinance could mean no more mortgage insurance.
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Consolidate Debt
A refinance could be an opportunity to consolidate other outstanding loans into a lower rate - and one monthly payment.
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Tap Into Equity
A refinance gives you an opportunity to borrow against the equity you've built in the home, giving you access to cash.
How does a refinance save you money?
You can save money by moving to a loan with a lower interest rate which means lower monthly mortgage payments. If your original mortgage loan has an interest rate of over 3% and the rates have dropped, you could save money.
You can also save money long term by shortening the length of your loan. By moving from a 30 year loan to a 20 year loan, more of your monthly payment will go towards paying off our balance instead of paying down interest.
Has your credit score improved? People with higher credit scores are eligible for the lowest mortgage interest rates. BMC Keystone can check your credit and if your latest scores bump you up to better rates, we'll show you how much you'll save.
How to eliminate monthly mortgage insurance
If you have an FHA loan and put less than 3.5% down, or a conventional loan with less than 20% down, you could be paying a couple hundred dollars in mortgage insurance every month! When you refinance, you have the opportunity to put more money down, or your appraised value you could put your equity over that required threshold. What would you do with all that extra money?
How to consolidate debt with a refinance
Perhaps you want to pay off student loans, credit card debt, or both. A refinance loan gives you an opportunity to borrow money to pay off or pay down debt at a MUCH LOWER interest rate. No matter how mortgage interest rates fluctuate, they won't get anywhere near the rates charged by credit card companies which can be up to 25% or more.
How to tap into home equity for renovations
If you're ready to tackle some of the bigger projects around the home like windows or a new roof, don't wipe out your savings account. Considering a move to get more space or that dream kitchen? Don't move, refinance! You can borrow money against the equity you have in your home and use that money for renovations.
Remember as part of your refinance, your home will be appraised. This will help determine your equity. Appraised Value of home - Balance you still owe = Your Equity. And when you have equity, even if that equity is a result of an increase in appraised value, that equity can be leveraged as collateral for your new new loan.
Why Work with BMC Keystone?
As mortgage brokers, we'll help you find the best rates and terms for your new loan. Online lenders can't match our personalized service. We search the market - even the wholesale market - for the best loans and specialty programs to find our clients the lowest rates, the most favorable terms and the lowest fees.
Dedicated Service
From free consultations to help resolving credit issues, we are dedicated to finding a mortgage loan that works for YOU!
Lowest Fees
We fight to find borrowers the best loans with the lowest fees and there is no fee to use our service. When we finalize your loan, the lender pays our fee.
Local Expertise
We are local lending experts and have earned a reputation as one of Pennsylvania’s most respected mortgage brokers.
The Refinance Process
Refinancing your mortgage is not as complicated as buying a new home, but there are still protocols to follow and documents to submit. And because you're closing one loan and starting a new one, refinancing must be a highly synchronized process to connect the two.
BMC Keystone will work with you all the way. We'll shop the mortgage market for you to find you the best rates and terms. We'll line up a lender who is willing to work with YOU and get you pre-approved.
As part of the refinance process, more than likely, your property will undergo a home appraisal to determine its current value. This home appraisal is an important part of the refinance process for two reasons. It assures your lender that your home is worth at least the amount you plan to borrow. And, it gives an updated picture on the equity you have in your home.
Just like when you initially purchased your home, your refinance will have a settlement. Your title company will conduct final settlement for you to sign new loan documents.
Did you know? When you refinance, you're not tied to your current lender.
You're free to shop the market! As a licensed PA mortgage broker, BMC Keystone searches multiple lenders to find loans with the best rates and lowest fees.
Request a Free Refinance Mortgage Consultation
Contact us to schedule a complimentary mortgage consultation to talk about your refinance options.
- Know your credit scores and how they affect your rates
- Know how much you still owe on your current mortgage and what it's costing you
- Review loan options and see if you qualify for any special programs
- Overcome credit issues so that you can get the lowest possible rate
- Know if refinancing makes sense for you
- Get a letter of pre-qualification
Request an appointment online or call our office during regular business hours at (215) 885-4828.
Let us know what you’d like to discuss so we can be ready with the best options for your situation.
BMC Keystone helps people all over Pennsylvania refinance their home loans.
"Your assistance in getting us re-financed into a fabulous lower rate will always be appreciated. You are a true professional and processed everything in a timely manner. Many, many thanks."
"It isn’t often that someone takes the time to go the extra mile, and I appreciate all of your efforts to help me in getting my mortgage loan refinanced. A thousand thanks!"
Frequently Asked Questions About Refinancing
A refinance is not a do over, it’s more of a start over. You will satisfy the original loan and begin a new one, whether you go with the same lender or not. Your new loan will have closing costs, which will depend on your lender and the type of loan, but broadly speaking, you can expect to incur the following closing costs:
- Loan origination fee
- Appraisal fee, if required
- Lender’s title insurance policy
- Mortgage Recording fees
Closing costs typically range from 2–5% of the borrowed amount.
No. Refinancing is the result of satisfying the original loan and starting a new loan. Whether you return to your current lender or work with a new one, the process is the same. When you use a mortgage broker like BMC Keystone, you get access to multiple lenders and wholesale rates. We’ll shop the market to find the best deal.
Your lending institution is not like your credit card company…you can’t call them up and renegotiate a better rate. You must satisfy one loan and start over. When you refinance, you are paying off your lender for the existing loan. At the same time, you are qualifying for a new loan to replace it, whether or not you stay with the same lender or choose a different one. So, a refinance is a new mortgage, but with a process with highly synchronized timing between old loan and new loan.
Frequently Asked Questions About Mortgage Brokers
Mortgage rates don’t vary by county, but property taxes, insurance costs, and local loan limits can. A lender or mortgage broker familiar with lending protocols in your county can accurately estimate costs and assure a smooth settlement process.
Unlike banks or online lenders, mortgage brokers aren’t tied to a single institution — they have access to multiple lending sources, including online loans. They also have access to wholesale rates and special programs. This flexibility allows them to shop the entire market to find the best rates and terms for your specific situation while providing personal service from real people, not call centers.
No. Working with a mortgage broker doesn’t cost you extra. At BMC Keystone, our compensation comes directly from the lender once your loan closes. Because we take your loan application, gather documentation, and perform much of the underwriting work, the lender pays us for those services. The borrower doesn’t pay a separate fee, and because we have access to wholesale rates from multiple lenders, our clients often secure better terms than they could find on their own.
A mortgage broker shops multiple lenders on your behalf to find the best rates and terms, while a lender offers loans from a single source.