Refinancing your mortgage could help you lower your monthly payment, build equity faster, or put your home’s equity to work — helping you move forward with greater confidence

A refinance built around your goals

Refinancing replaces your current mortgage with a new loan designed to better fit where you are today. We’ll help you compare options clearly so you can move forward with confidence.

Refinance into a Fixed-Rate Mortgage

Lock in a steady interest rate and predictable monthly payments, so you can plan with greater confidence.

Refinance into an Adjustable-Rate Mortgage (ARM)

Start with a lower interest rate for a set number of years. An ARM can be a strong fit if you expect to move or refinance again in the coming years.

Jumbo loan options available

For higher-value homes, jumbo refinance options may be available through select ARM products.

Ready to refinance? Meet our mortgage loan specialists

Our Mortgage Loan Advisors will begin by evaluating the big picture before offering a personal solution designed to fit your lifestyle. To apply for a loan, please select one of the advisors below and they will help support you throughout the process.

Headshot of a man smiling in a suit

Bob Church

Mortgage Loan Advisor

Phone: 336-774-4135

Contact Bob

Apply now
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David Zufelt

Mortgage Loan Advisor

Phone: 336-774-2737

Contact David

Apply now

How to refinance your mortgage

Refinancing is simpler than many homeowners expect. We review your current loan, explain your options clearly, and guide you through each step so you feel confident moving forward.

01
Review your current loan

We look at your remaining balance, interest rate, and goals to understand what you want to improve.

02
Compare refinance options

We walk through Fixed-Rate, Adjustable-Rate, and Mortgage Eliminator options so you can see how payments and timelines may change.

03
Apply and lock in your new loan

Complete your application online and submit your documents. Once approved, you’ll review and sign final documents at closing.

Fixed Mortgage Rates

Program Rate PointsAPR* Payments
30 Year Fixed (Conforming-Purchase) 6.125%6.230%$1,822.83
15 Year Fixed (Conforming-Purchase) 5.875%6.047%$2,511.36

* APR = Annual Percentage Rate. Rates are subject to change without notice. Rates last updated on 04/17/2026 at 12:30 PM (EST). Mortgage rates are based upon a variety of assumptions and conditions. The credit score used in this estimate may be higher or lower than your personal credit score. A loan’s interest rate will depend upon specific characteristics of the loan and the borrower’s credit history through the time of closing. For example, a loan amount of $300,000 at 6.125% for 30 years would result in an estimated monthly principal and interest payment of $1,822.83. This example does not include taxes, insurance, or escrow amounts; your actual payment obligation may be greater.

Adjustable Mortgage Rates

ProgramInitial RateInitial APRInitial PaymentAdjusted Rate (After 1st Adj.)Adjusted APRAdjusted Payment
5/1 ARM (30-year term)5.75%6.16%$1,750.726.25%6.25%$1,836
7/1 ARM (30-year term)6.000% (.125 pts)6.24%$1,798.656.25%6.25%$1,839
10/1 ARM (30-year term)5.750% (.250 pts)6.05%$1,750.726.25%6.25%$1,839
10/1 ARM Medical Professional (Conforming)5.625% (.250 pts)5.97%$1,726.976.25%6.25%$1,829
10/1 ARM Higher Educator (Conforming)5.625% (.250 pts)5.97%$1,726.976.25%6.25%$1,829
7/1 ARM (Jumbo 30-year term)6.250% (.125 pts)6.32%$5,060.186.25%6.25%$5,128
10/1 ARM (Jumbo 30-year term)6.000% (.250 pts)6.16%$4,993.056.25%6.25%$5,128
10/1 ARM Medical Professional (Jumbo)5.875% (.250 pts)6.08%$4,926.326.25%6.25%$5,149
10/1 ARM Higher Educator (Jumbo)5.875% (.250 pts)6.08%$4,926.326.25%6.25%$5,149

*APR = Annual Percentage Rate. ARM loans are variable rate loans; interest rates and payments may increase after consummation. After the initial fixed-rate period, your interest rate can increase or decrease annually according to the market index. Any change may significantly impact your monthly payment. Since the index in the future is unknown, the First Adjusted Rates displayed are based on the current index plus margin (fully indexed rate) as of April 13, 2026. 

For example, a 5/1 ARM with a 30-year term for $300,000, an APR of 6.157%, and an initial interest rate of 5.750% would have an estimated monthly principal and interest payment of $1,750.72 during the initial fixed-rate period (years 1–5) and for years 6-30, monthly payments would be $1,836 (based on the current Index plus Margin). This example does not include mortgage insurance premiums, taxes, insurance, or escrow amounts; your actual payment obligation may be greater. 

Mortgage Eliminator Loan Rates (1)

BalanceAPR*
Primary Residence up to $1,000,000** as low as 5.30% 
Secondary Residence up to $1,000,000** as low as 5.40% 

*APR = Annual Percentage Rate. Rates are subject to change without notice. Rates last updated on 4/16/2026 at 1:00 PM (EST). Mortgage rates are based on a variety of assumptions and conditions. A loan’s interest rate will depend on specific characteristics of the loan and the borrower’s credit history through the time of closing. 

Mortgage Eliminator Loans offer a fixed interest rate and fixed monthly payment over a shorter loan term. For example, a Mortgage Eliminator Loan for $100,000 financed for 180 months with an APR of 5.40% would result in an estimated monthly payment of $812.04. Monthly payments do not include taxes, insurance, or flood insurance, if applicable, and the actual payment obligation will be greater.  

Mortgage Eliminator Loans are available for primary or secondary residences in CA, CT, DE, DC, FL, GA, IL, IN, MD, NJ, NY, NC, PA, SC, VA, and WV. All loans are subject to credit approval. Rates, terms, and products are subject to change. All Allegacy real estate secured loans are subject to legal requirements in the member’s state of primary residence. Closing costs may apply and can include fees such as property title search, flood certification, and appraisal, if required. Qualifying states may pay little to no closing costs. Membership eligibility required. Federally insured by NCUA. Equal Housing Lender.
 
Your questions, answered

Refinancing means replacing your current mortgage with a new loan that may offer a different interest rate, payment, or term. Homeowners in North Carolina often refinance to secure steady payments, lower their rate, or shorten their loan timeline. 

Refinancing may make sense if you want more predictable monthly payments, a lower starting rate, or a shorter loan term. It can also help align your mortgage with changes in your financial goals or homeownership plans. 

A fixed-rate refinance keeps the same interest rate for the life of the loan, offering stable monthly payments. An adjustable-rate mortgage (ARM) starts with a lower fixed rate for a set period, then adjusts annually based on market conditions. 

Refinancing timelines vary, but the process is similar to your original mortgage. After you apply and submit documentation, your loan is reviewed, approved, and finalized at closing. Your mortgage specialist will guide you through each step. 

Yes. Jumbo refinance options may be available for loan amounts above the conforming limit of $832,750 through select ARM products. Availability and eligibility depend on credit qualifications and lending guidelines. 

Refinancing typically costs between 2% and 5% of your loan amount. These costs may include appraisal fees, title services, lender fees, and other closing expenses. 

The exact amount depends on your loan size, property, and the type of refinance you choose. In some cases, you may be able to roll certain costs into your new loan, but that can affect your total balance and monthly payment. 

A quick review of your goals and numbers can help you decide whether the long-term savings outweigh the upfront costs.