Refinance
Use mortgage refinancing to pay off an existing mortgage with the proceeds from a new and cheaper mortgage.
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Mortgage refinancing tips
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To be sure that it is worthwhile to refinance, you must determine if the savings in interest outweigh the fees charged by your current lender as well as your prospective lender. Refinancing may allow you to reduce the term of your mortgage, reduce your interest rate and switch to a fixed rate or a variable rate.
For Example if you currently have a 30 year mortgage of $200 000 with an interest rate of 5.5% your monthly repayments are $1128. Refinancing your mortgage to a rate of 5.2% (merely 0.03% of a difference) reduces your monthly repayments to $1091, which saves you $13115 over 30 years. Even if there are fees of $1000 and you are able to pay them upfront, this saves you $12115 over 30 years.
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Taking control of your mortgage is easier than you think.
Start Now.
- Get quotes today from organizations offering mortgage refinancing.
- Compare them and find the best one for your needs. No commitment required.
- Start reducing your mortgage today!
Home Equity Loan
- A home equity loan is a type of loan in which the borrower uses the equity in their home as collateral. These loans are sometimes useful to help finance major home repairs, medical bills or college education.
Housing Statistics
- Every year, thousands of Americans are going through the process of buying a house. As a home buyer, you are probably curious to know where you stand in comparison to other home buyers.
