Refinancing Your Home Gives you Options!
Can any of your financial investments guarantee savings like your mortgage can? The numbers don’t lie. The cost of waiting is a price that no one has to pay- now’s the time to lock into a low rate!
Why Should I Refinance?
Refinancing has provided many consumers with options that can help significantly reduce their monthly payment; allowing them to re-invest the savings for important financial commitments like:
- Consolidating or paying off debt- Refinancing can give you the cash on hand you need to pay down high-interest credit card debt or to re-invest the money however you like.
- Investing in real estate- You can use the savings for a down payment on a second home or vacation home.
- Upgrade your existing home- Want to remodel? Holding off on repairs and necessary upgrades to your home can hurt your home’s value over time. The longer you wait, the more costly it becomes. The savings you will see just by refinancing into a lower rate will more than cover the cost remodeling in the long run.
- Financing life events- You can use the savings to pay for life events like college tuition, a wedding, or retirement. With rates at historical lows, refinancing offers an attractive solution to affording these types of life expenses.
Now’s the time to accomplish your goal! No one likes to throw money away- but see how much your savings options change when comparing your current financing versus refinancing into a lower interest rate:
* Example
| Terms | Your Current Financing | After Refinance |
|---|---|---|
| Loan Amount: | $200,000 | $200,000 |
| Interest Rate: | 6% | 4.5% |
| Term of Loan: | 30 Years | 21 Years |
| Payment: | $1,200 | $1,000 |
| Additional Principal: | $0 | $200 |
| Total Payment | $1,200 | $1,200 |
| Total Payout over Life of Loan: | $431,677 | $312,058 |
| Difference in Saving’s | $119, 619 | |
| Difference in Term: | 9 Years | |
*Payment Example for a 30 Year Fixed Mortgage: The payment on a $200,000 loan at an interest rate of 4.5% and 80% loan-to-value (LTV) is $1,006.26, over 30 years/360 months. The Annual Percentage Rate (APR) is 4.557%. The Payment does not include taxes and insurance. The APR shown is for borrowers that meet certain credit criteria.
Learn all your savings and re-investment options by talking with an
experienced Shore Mortgage Home Loan Officer at 855-SHORE-55 today!
experienced Shore Mortgage Home Loan Officer at 855-SHORE-55 today!
