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!