Is a refinance right for you?

There are several reasons a homeowner may want to refinance a loan. 

Refinancing your remaining balance for a lower interest rate may save you interest in the long run, depending on the length of the new term. Maybe you need to replace an adjustable-rate mortgage with a fixed-rate loan or eliminate mortgage insurance once you've gained enough equity in your home. 

Another option is a cash-out refinance, which is establishing a new mortgage for an amount higher than is owed, then taking the difference in cash to pay off existing debt or to cover home improvement costs.

Since there are costs involved with a refinance, be sure to calculate the number of months to break-even if you refinance the loan.


An interest rate reduction of just a half of a percent can make a noticeable difference in the payments. Since there are fees associated with a refinance, it is important to review the numbers and make sure that the homeowner intends to live there long enough to recover the costs.. For example: If the total closing costs equal $2,000 and the monthly payment is reduced by $80, then it will take almost twenty-five months of mortgage payments just to break even.

To find out if a refinance is right for you, contact us to review your options.

Ready to apply? Our online application is simple, safe and secure.

If you feel more comfortable speaking with us, just call Centennial Lending Group at 215-469-1000 and we will be happy to take the mortgage application over the phone.

To start you will need:

Documentation for all borrowers, including: 

  • Social Security Number
  • Contact and employment information
  • Best estimates of income, assets and liabilities

After you have finished:  

We will contact you to…

  • Guide you through the loan process
  • Complete your loan application package
  • Help you select the best program and interest rate