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Basics of Homebuying
With Interest Rates Dropping, There Are Many Smart Reasons Why
Refinancing Now May Make Good Sense
Find Out How Much You Can Save
Contact us today for a personal savings analysis. This analysis will help you
assess your situation to see if refinancing makes sense for you at this time.
If it does, we'll be happy to discuss our refinance options and help you select
the refinancing that best suits your immediate and long-term goals.Reduce current
monthly payments |
 In a falling interest rate environment, it's a good idea to reassess your current mortgage to see if you can benefit from refinancing to a lower rate. Often, it's a sound financial choice that may allow you to: |
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- Save money over the life of your loan
- Pay off your mortgage faster
- Reduce interest rate risk by switching from an adjustable-rate
- Eliminate the need for Private Mortgage Insurance
- Free up cash for major expenses or to consolidate debts
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The chart on the below provides an example of the savings that can be
realized. Example
This example shows a $150,000 30-year fixed rate loan at 8.75% interest
and an Annual Percentage Rate of 8.86%. If this loan were refinanced to a 6.75%
interest rate with an Annual Percentage Rate of 6.85%, this would translate
into $207 less a month on the principal and interest payment.
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Old Loan |
New Loan |
| Interest Rate |
8.75% / 8.86% APR |
6.75% / 6.85% APR |
| Current Balance |
$150,000 |
$150,000 |
| Payment (Principal+Interest)* |
$ 1,180 |
$973 |
This example assumes a 20% down payment on the original loan and a 1.0% origination
fee. |
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Copyright 02/04/12 NH HOME TEAM |
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Copyright
2012 Northern New England Real Estate Network, Inc. All rights reserved.
This information is deemed reliable but not guaranteed. The data relating
to real estate for sale on this web site comes in part from the IDX
Program of NNEREN. Data last updated
February 4th, 2012 |
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