Mortgage and Refinance Loans
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Mortgage Refinance
If you can get a loan commitment at 0.75 percent below your current interest rate, you should jump on the opportunity.
Why do I say that? Reducing your interest expense by 0.75 percent on $470,000 saves you more than $3,000 in the first year of the loan. Over the full 30 years, you save about $59,186.85 in pretax interest expense. Even over your planning horizon of 15 years, you save $43,083.62 in pretax interest expense while reducing your total payments by $33,515.49. You'd even have a lower outstanding loan balance, even though you borrowed an extra $8,500
Mortgages Don't Have to be Difficult
First, you may be asking what a mortgage refinance even is? Refinacing is simply when you take out a second loan to pay off your current loan. In most cases, your original mortgage had a higher fixed interest rate and in this case it makes sense to take out new loan at a lower interest rate. In a perfect world we would love to save money on mortgage payments, meanwhile having extra cash in your hand. By completing the forms on this page, you may find a loan with a shorter term, thus saving you the interest you would have paid otherwise.
This would be a smart choice considering mortgage refinancing can save you money. By completing the forms to the right, you will be able to compare quotes from loan providers and determine the best loans with the lowest interest rates.
Finding the best refinance loans is easy, just use the form on the link below and you will receive more information on the loan you are interested in applying for.
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