REFINANCING YOUR MORTGAGE

With interest rates changing so frequently, periodically you may want to determine whether refinancing your mortgage at current interest rates would save you money.

Benefits of Home Mortgage Refinancing

• You may be able to lower your monthly payment if you refinance at an interest rate lower than what you are paying on your existing mortgage
• You may be able to change the term of your mortgage to lower your payment, or possibly payoff your mortgage faster
• If you have an adjustable rate mortgage or balloon loan, you may want to consider refinancing into a fixed rate mortgage. Your interest rate and term will be fixed, making payments and budgeting more predictable

Other Considerations

• You may need to stay in your home for a number of years in order to realize the potential savings of mortgage refinancing
• Read your current mortgage documents to determine if you will have a pre-payment penalty to pay on your current loan
• Determine any fees or charges that you may be responsible for paying if you refinance your mortgage. These may include but are not limited to the following: application, recording, title, mortgage tax settlement, tax service, and processing fees

Use our calculator for a quick idea of what you might save if you refinance. This calculator will help you determine if you will see a savings on the current balance of your existing mortgage if you refinance it to a different rate or term. There could be other opportunities you want to consider such as using some of your home’s equity to pay off debt or for a home improvement project, for those calculations please contact a Mortgage Consultant who can assist you with a variety of ideas to help you get to your goals.

We can help you take the next step

To learn more, contact a Mortgage Consultant for a no obligation consultation.

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