I am a Residential Mortgage Loan Officer and want to give you some reasons for refinancing your current mortgage. Here’s the first one… YOU CAN SAVE A BUNCH OF MONEY!
Even 1% Makes a Difference
Here are some examples of the potential savings for a mortgage with a balance of $200,000 and a difference in rate of only 1%…
$983.88 payment for 30 years at 4.25% rate = $354,196.80 (existing example of payment, term & rate)
$870.41 payment for 30 years at 3.25% rate = $313,347.60 (SAVE $40,849.20 & reduce pymt $113.47)
$974.63 payment for 25 years at 3.25% rate = $292,389.00 (SAVE $61,807.80 & REDUCE loan to 25 yrs)
There are other reasons to consider a mortgage refinance besides lowering your payment or reducing your term and saving lots of money. Here are a few popular reasons…
- COMBINE two mortgages into one. Consolidate your Primary and Home Equity mortgages into one LOW fixed rate and make just one payment.
- CONVERT an adjustable rate to a fixed rate. When rates are low, you enjoy the security that your rate won’t change if the economy goes through some ups and downs.
- Do you have a wedding, graduation or home improvement coming up? Consider a cash-out refinance and turn your home equity into CASH.
These are just a few of the reasons to consider a refinance. There is probably a scenario that applies to you, so please call my cell phone at (847) 977-7151.