Lenders want you to refinance. But should you?
When refinancing, it’s all about two things: what will it cost? and how will it help me? While a lender may say there is no cost to refinance (and we know that’s not true), you will need to understand how dropping your rate may or may not result in a true benefit to you. It depends on how long you plan on keeping your next mortgage.
A friend of mine wanted to know the cost to refinance his loan. I sent him a custom quote, with the cost at $3543. Click Refinance Quote to see the cost breakdown. Next he wanted to know if he should refinance. He plans on staying in the home another 3 years. Click Refinance Calculator to see how long it will take for him to recover the cost.
Ready to try it out for yourself?
Click Calculate My Savings to begin.
Estimate your cost at $2000 – $3000, but contact us for a precise quote. To calculate savings, put the same loan amount for your current and new loans. If you have a 30-year loan, and are 2 years in, put 28 years for the Loan Term. This will show a drop in payment that is 100% due to savings (and not extending the loan longer). As always, contact us with questions, and especially if you have mortgage insurance that we can reduce (or eliminate) as this shortens the time to start saving after a refinance.