Today's mortgage options mean there are several reasons why refinancing may make sense for you. With historically low rates, just lowering your rate may save you a lot of money every month. But, you also may decide to finally do that remodel or just consolidate debt. So, a cashout refinance could be an option. Also, you may choose to change the term of your loan. Is it time to turn your 30-year mortgage into a 15-year loan? Use our refinance calculator to analyze your situation today!
How Can Refinancing Help You Save Money?
Refinancing your mortgage can help you save money by:
- Reducing your payment: Are you struggling to meet your monthly mortgage obligation? Refinancing can lower the payment amount, which can free up more money to cover household expenses or other costs. You’ll also have peace of mind knowing your mortgage is less of a financial burden.
- Providing a lower interest rate: You may have purchased your home when the mortgage rates were higher than they are now. By refinancing to a lower rate, you could save thousands of dollars over the life of the loan by paying less interest.
In most cases, you’ll accomplish one of these objectives rather than the other, although either can result in substantial savings.
Use Our Mortgage Refinance Calculator to Determine Your Potential Savings
Is it time to turn your 30-year mortgage into a 15-year loan? Use our refinance calculator to analyze your situation today!
Understanding these mortgage-related definitions will make using and navigating the refinance calculator easier:
- Current term: This time frame, expressed in months, indicates the length of your existing mortgage contract. For example, if you have a 30-year mortgage, the current term is 360 months. A longer term typically means a higher interest rate.
- Origination year: The date you closed on your home and signed the mortgage deed indicates the origination year. For instance, if the closing occurred on July 27, 2017, the applicable year would be 2017.
- New term: This refers to the length of your mortgage obligation after refinancing. If you enter into a 15-year contract, the new term would be 180 months.
- Refinance fees: Several fees may apply to the refinancing process. These can include costs for the loan application, appraisal, attorney (if you hire one), title search and insurance. While these expenses vary widely, they can run from 2% to 6% of the loan balance and are due at closing.
Why Choose Assurance Financial When Refinancing Your Mortgage?
Should you refinance your home? The trusted advisers at Assurance Financial can help you make an informed decision based on your unique situation. If you decide to move forward, we’ll guide you through every stage. Our process begins with a fast, free pre-qualification and rate determination process that takes only 15 minutes to complete.
Learn More About the Refinance Process
Do you have questions or need more information about refinancing your home? The friendly, knowledgeable advisers at Assurance Financial are ready to help. Take the next step and contact us to speak with an expert today.
Need help with your application? We're here to lend a hand.
Our easy digital application walks you through every step of the process in terms you can actually understand. Plus, we’re always a phone call away if you get stuck.