Refinance for a Better Rate/Term
Lowering your rate by 0.25%, saves you $14 a month!
Okay... that doesn't seem like much. But that was on this loan below. Why don't you give it a try?
YOUR SAVINGS ARE:
$14.00 per month or $48.00 per year
(That's $1,440 over all 30 years!!!)
You got it. That was on a $100,000 loan.
(Every $100,000, saves you roughly $14. On a $400,000 loan - $56 a month or $675 a year. Over the life of the loan, you'd save over $20,000 in total interest paid! Why pay more interest if you can qualify for less?)
When Should You Refinance?
Your Finances Have Changed
With a higher credit score, you might qualify for a lower interest rate just from lowering your risk profile
You've Paid Down Your Current Loan
For every 5% your loan-to-value ratio decreases, you may just qualify for a lower interest rate
Your Property Value has Increased
Just like paying down your loan, if your property is worth more now, your loan-to-value ratio decreases
Interest Rates have Gone Down
It could just be the market. Interest rates are affected by any number of factors, so it's important to keep in touch with a loan officer
Why would I take cash out?
Life Events
Maybe there's a big life event, like a newborn on the way
Financing
Do you have kids going to college or other large expenses coming up?
Consolidate Debts
Consolidate your debts - especially those high-interest credit cards!
Investments
Diversify your investments, leverage your assets for additional returns