3 Choices when you Refinance Your Mortgage

Real Estate Agent with Samsel & Associates 0790808

File:Nails, Gifts and Mortgages.jpegMany 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 year. Depending on how many years you have left on your original mortgage, this is a tremendous savings.

Do you want to pay off your loan sooner? If you’re currently in a 30 year mortgage, you could refinance and pay it off by taking a shorter term loan. This will increase your monthly payment, but not as much as it would if interest rates weren’t so desirable right now.

Do you want to convert to a fixed rate? If you currently have a mortgage with an adjustable rate (ARM), your mortgage rate could go back up again once the mortgage rates rise. A fixed rate option could lock you in at a lower rate if you refinance now.

If you’ve decided that it’s time to refinance, please be sure to speak with your mortgage representative to help decide what’s best for you!

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~ Wayne & Jean 

Union County, NJ - a great place to live and work!

If you're looking to buy or sell a property in Union County, call us at 908-917-4189 or email TeamZuhl@gmail.com.


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Team Honeycutt
Allen Tate - Concord, NC

Good information on refinanceing your mortgage. If anyone doesn't have a fixed rate they really need to refinance..


Apr 18, 2012 01:08 AM #1
Cheryl Thomson REALTOR Army Ret
United Real Estate (703.216.5635) cheryltee47@gmail.com - Prince William, VA
Associate Broker in Northern Virginia

Hi guys. Isn't it wonderful that folks are able to refinance again? I am so happy things are taking a turn for the better.

Apr 18, 2012 01:17 AM #2
John Cannata
214-728-0449 http://TexasLoanGuy.com - Frisco, TX
Texas Home Mortgage - Purchase or Refinance

All great reasons to refinance your mortgage. I've found that some people can refinance to a much shorter term and keep their payment 'about' the same as they are paying today. Shaves off years and there is not a payment shock. When refinanced 2 years ago and will end up saving over $122K in interest due to the shorter term and lower interest.

Apr 18, 2012 06:48 AM #3
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Wayne and Jean Marie Zuhl

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