Why Refinance?
Here is a case scenario…
Let’s say you have a balance of $200,000 on your mortgage with 2 years left in your 5 year term. If your current rate is 5.99% (which was common 3 years ago) and you want to refinance into a new 2 year mortgage at 2.89% which is today’s rate, you would save over $12,000 in 2 years.
If you continued to make your payments at the 5.99% rate (with all of the additional funds going directly onto the principle of your mortgage), not only would you save more in interest, but at the end of the 2 year term, you would have shortened your remaining amortization period from 20 years to just over 13 years.
Even if you have to pay a penalty to get out of your current mortgage, it may be worth the savings in the long run. Regardless, it is well worth your time to explore all of your options.
Contact me for a free mortgage evaluation today.
http://www.christinebuemann.com/
Here is a case scenario…
Let’s say you have a balance of $200,000 on your mortgage with 2 years left in your 5 year term. If your current rate is 5.99% (which was common 3 years ago) and you want to refinance into a new 2 year mortgage at 2.89% which is today’s rate, you would save over $12,000 in 2 years.
If you continued to make your payments at the 5.99% rate (with all of the additional funds going directly onto the principle of your mortgage), not only would you save more in interest, but at the end of the 2 year term, you would have shortened your remaining amortization period from 20 years to just over 13 years.
Even if you have to pay a penalty to get out of your current mortgage, it may be worth the savings in the long run. Regardless, it is well worth your time to explore all of your options.
Contact me for a free mortgage evaluation today.
http://www.christinebuemann.com/
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