Why get a FREE refinance analysis? You could be missing out on the opportunity to save thousand of dollars while the rates are at historical lows.
There are common misconceptions regarding refinancing, including:
- We will lose all the equity we have gained over the years
- I only have 20.5 years left on my mortgage, why refinance for 30 years when my payment is affordable
- I can’t afford to refinance
- My home has lost value and isn’t worth what I paid for it
The perfect solution could be a 15 year refinance and here’s why:
Assume the mortgage you took out in 2005 has a balance of $275,000 and the interest rate is 5.5%. Your 30 year mortgage has a principal and interest payment of $1885 and a remaining term of 20.5 years. Do you realize you can refinance for 15 years and keep the same payment, save $131,740 in interest, and pay your home off 6 years early? Best of all, most Borrowers do NOT need an Appraisal and any cost can be added to the loan. Why do it now? 15 year rates are still at their all-time low and UNDER 3%!
