As rates have dropped to historic lows, many people have refinanced their mortgage to take advantage of the lower rates. They are saving hundreds of dollars a month or even hundreds of thousands of dollars over the life of their loan. How much you can save determines on the reduction in interest rate and over how many years you finance your home. Here are some recent examples…
- A couple refinanced their 30 year, $200,000 mortgage,
reducing their interest rate by 1%
Monthly Payment Reduction: $122
Interest Savings over the Life of the Loan: $43,991
2. A family refinanced their 30 year, $150,000 mortgage, reducing their interest rate by 1%
Monthly Payment Reduction: $139
Interest Savings over the Life of the Loan: $50,149
If you have the ability to refinance into a 15 year fixed mortgage from a 30 year fixed mortgage the savings are even more dramatic…
- A family refinanced their 30 year, $300,000 mortgage, into a 15 year mortgage reducing their interest rate by 1%
Interest Savings over the Life of the Loan: $210,400 (From $326,403 to $116,003)
2. A couple refinanced their 30 year, $125,000 mortgage, into a 15 year mortgage reducing their interest rate by 1%
Interest Savings over the Life of the Loan: $79,229 (From $123,491 to $44,262)
To see if how much you can save refinancing your home, call me today at (859) 539-5626. In about 10 minutes you can learn how much you can save.
Bryan May (NMLS# 13673)
Regional Manager
(859) 539-5626
bmay@cmcloans.com
CenturyMortgageCompany.com/bmay
Equal Housing Lender. Century Mortgage Company d/b/a Century Lending Company. NMLS# 3925, NMLS# 38658, NMLS# 38659. Information subject to change without notice. Information provided for educational purposes only. We are not providing legal advice, merely advising you of the general terms of some available programs. We have attempted to be as accurate as possible, but programs change frequently. Consult actual program details prior to closing. See your attorney or financial advisor for further guidance. Some restrictions apply. Subject to credit approval and underwriting. Information provided as-is only. This is not a commitment to lend. All calculations and comparisons discussed are hypothetical examples only. © 2010 Century Mortgage Company. All rights reserved. May not be reproduced,