Daily mortgage interest is due for as long as you owe a principal balance on your home loan. However, with a lower mortgage interest rate for a similar term, your monthly housing payment will decrease. If this seems ideal to you, refinancing is the path to change the existing terms of your mortgage loan.
Mortgage Refinance Rates
Activity within the housing and bond markets can influence mortgage refinance rates today and create uncertainty for the direction that mortgage rates may take for the future.
If you ask a handful of friends whether I should refinance my mortgage, the responses may be filled with plenty of pros and cons.
Interestingly, the answers from a friend or a family member might be weighted toward their personal scenarios.
An experienced loan officer can evaluate your situation as well as your immediate and long-term goals to provide unbiased recommendations.
Refinance to a 15-Year Mortgage Loan
If your current 30-year mortgage was obtained within the last 10 years, refinancing to a 15-year fixed-rate mortgage loan could save you a tidy sum in interest expenses.
For instance, if your current mortgage payment is $1,750 per month, a 15-year mortgage term that eliminates five years of payments would result in savings of $105,000 or more.
Speaking with a loan officer about the number of years that remain on your existing home loan is a great way to determine your potential savings.
Mortgage Refinance Calculator
For a quick computation, you can enter details, such as your loan type, loan amount, property value and the approximate interest rate into an online mortgage calculator.
By adjusting the loan amount, loan term and the interest rate, a mortgage refinance calculator can provide you with an array of payment details.
Using advanced mortgage calculator features can enable you to add other payment details into your computation.
Factors, such as your credit score, property taxes, hazard insurance premium and homeowner association dues may also be added into a mortgage refinance calculator to get a more accurate total of your monthly housing payment.
Inquire About Home Refinance Rates Today
There are a variety of benefits for a mortgage refinance. You might want a lower payment, to shave years off of your loan repayment schedule or to pay off certain debts via a cash-out mortgage refinance.
Right Start Mortgage offers some of the most attractive refinance rates in AZ, CA, CO, NV, OR, TX, WA, WY.
Our loan officers are ready to assist you with questions that you might have about refinancing and to provide details about home refinance rates today.
Contact us to inquire about current refinance rates in your local area.
* Specific loan program availability and requirements may vary. Please get in touch with the mortgage advisor for more information.