With lower interest rates, this is the time to refinance your mortgage and get your payments down. A high mortgage payment can weigh you down and leave little money at the end of the month for other expenses. Here are some ways to lower your payment and help your money go further if you have a mortgage or are planning to get one.
From your existing home equity, you could do a lot by paying off all your debts and still have some cash to use for your personal needs, and here's how to keep more cash in your pocket at the end of the month.
If you are a business owner or salaried, this is the right time to refinance your mortgage.
Case Scenario:
Existing Mortgage balance: 600K
Interest Rate: 2.79% (Fixed Rate)
Term Left for Maturity: 2 years
Penalty: Will be paid from your home equity and added to your refinance amount.
Payment: $2,462
24 x $2,462 = $59,088
Refinance NOW
Existing Mortgage balance: 600K
Lower Interest Rate: 1.5%
New Term: 5 years
Payment: $2,070
24 x $2,070 = $49,680
Monthly Payment SAVINGS: $392
2 years SAVINGS: $9,408
CASH BACK: $1,000
TOTAL SAVINGS: $10,408
Conditions are all subject to a good credit score and history
New Purchase and Refinance Interest rates may vary
Call Now
Sameer Nagpal
778.863.0009