Save Money on Your Mortgage
If you could save an extra $200 to $500 dollars per month on your mortgage payments would that be valuable to you?
Rates have dropped recently from 4.09% to 3.99% for a fixed rate, 5 year term. This is a great time to consider refinancing, as many of us in the mortgage world were surprised to see interest rates drop below 4% again.
Although I am no economist, I would guess that these rates will not remain available for long. Because of that, many of my clients are taking advantage of these great rates by redoing their mortgage.
Here is just one example of many:
I recently helped a woman refinance and saved her $500/month. She was 3.5 years through a 5 year term at a much higher rate than today’s market offers, and she had a $31,000 balance on her line of credit that she wanted to pay off. This line of credit was costing her $150/month to service, and her existing mortgage payments were $1,644/month.
By re-doing her mortgage and using a portion of the available equity in her home, I was able to get her a new mortgage at a much lower rate and pay out her line of credit to zero. As a result, her new mortgage payments are $1,293/month and she no longer has a balance on her line of credit to service.
Of course, she had a payout penalty to get out of her existing mortgage early (approximately $5,800), and I simply included that in her new mortgage so that she didn’t have to pay this out-of-pocket. Even with this added in, she still saved the $500/month that I described above.
As you can imagine, she was thrilled.
How do you know if a refinance would make sense in your situation?
If you do proceed with a refinance, should you just take advantage of a lower interest rate or utilize some of the existing equity in your property as well?
I can help you answer these important questions by guiding you through the following steps, free of charge:
STEP ONE: I will give you an estimate of your payout penalty and determine if it makes sense to proceed. (If it doesn’t, I will give you my honest, professional opinion).
STEP TWO: If it does makes sense to proceed, I will take you through a mortgage application
To set up your free refinance consultation or to just find out more information, please contact me at the following:
Phone – 403.990.7770
Email – firstname.lastname@example.org
Click here to understand more about why you should use a Mortgage Broker: http://win-win-mortgages.com/meet-anat-video/
Happy Holidays To You All.