Why Mortgage Refinancing Might Be a Good Option

Are you thinking about refinancing your mortgage but not quite sure if it’s a good option? Find out how you can save more on payment savings, interest savings and term and interest savings.

On top of saving, refinancing your mortgage is a good way to fund home improvement projects at a reasonable cost. It is also a good way to consolidate your debt – by refinancing and paying off higher interest debt, you make your overall monthly payments more affordable!

Payment Savings
$200,000 Mortgage
Going from an interest rate of 4.00% APR* on a 30-year term
to a rate of 2.875% APR saves $125 a month!

Interest Savings
$200,000 Mortgage
Going from an interest rate of 4.00% APR on a 30-year term
to a rate of 2.875% APR saves $45,017 in total interest for the term!

Term and Interest Savings
$200,000 Mortgage
Going from a 30-year term at an interest rate of 4.00% APR
to a 20-year term at an interest rate of 2.625% APR saves $86,451 in total interest!

Going from a 30-year term at an interest rate of 4.00% APR
to a 15-year term at an interest rate of 2.25% APR saves $107,909 in total interest!

*APR=Annual Percentage Rate. Calculations and rates given above are estimates. All rates, terms and minimum amounts are subject to qualification and/or creditworthiness. For more information or to apply visit guardiancu.org. Credit Union membership is open to those living or working in Milwaukee, Waukesha, Kenosha, Ozaukee, Racine, Walworth and Washington counties. Federally insured by NCUA.​

Author:

Tom

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