fixed: 3 Choices when you Refinance Your Mortgage
- 04/18/12 01:03 AM
Many homeowners are rushing to take advantage of historically low interest rates. Refinancing a mortgage can help you in many ways. Before you apply for a mortgage, you’ll have to identify your refinancing goal. Do you want to lower your monthly payment? Using a mortgage calculator, it’s easy to calculate how much you’ll save by refinancing. For example, if you’re currently paying off a $100,000 loan at 5% interest, your payments on principal and interest alone are $536.82 for a 30 year loan. Refinancing at 4% drops your payment to $477.41 – a savings of $59.41 per month or $712.92 per … (3 comments)
Many homeowners are rushing to take advantage of historically low interest rates. Refinancing a mortgage can help you in many ways. Before you apply for a mortgage, you’ll have to identify your refinancing goal.
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