Refinance Your Mortgage Now

Consider a Rate and Term Refinance.

A rate and term refinance means the current mortgage loan is replaced by a new loan, in the same loan amount as the old loan balance, usually with lower interest rate and length of repayment term.

Does is Make Sense to Refi?

With Today’s home refinancing rates still incredibly low, home refinancing could pay off any closing costs in less than two years, depending of course, on the amount of those costs. Some banks now even offer no cost mortgage refinancing. If there are closing costs, you should figure out the breaking even point on your new mortgage loan. The breaking even point is the time it will take for the mortgage refinance to pay for itself.

How Do I Determine Break Even Point?

To determine the Break-even point, figure out the Total closing costs divided by the amount saved monthly = breakeven point.

For example: if my mortgage closing costs are $2,400 and the new loan has a payment $100 lower than my current mortgage, it will take 24 months, or two years to break even (save enough to pay for the closing costs incurred).

Where Do I Start?

Mortgage originators, or loan officers can refinance your home. Because loan officers are current on not just rates, but also on special loan programs available today, a loan officer is a great starting place. They can explain what documents will be required, and what to expect during the process. Loan officers can walk you through any questions the loan underwriters may have for your specific situation. Contact us today, to find out what you may qualify for today.