Common reasons to refinance:
- To lower your monthly payments
- To pay off your loan faster by change the shorter term
- For the security of a fixed rate loan from ARM
- To move to an ARM for short-term savings
- To take cash out of your home's equity for remodeling or new business or college tuition
- To eliminate mortgage insurance
| Current Loan | Refinance | |
|---|---|---|
| Loan Amount | $300,000 | $300,000 |
| Rate (30 Year Fixed) | 7.00% | 5.50% |
| Payment (Principal + Interest) | $1,995.91 | $1,703.37 |
| Monthly Saving | $292.54 |
These sample loans are for illustration purposes only and are not a rate quote, pre-approval, or commitment to lend.
Total finance charges may be higher over the life of the loan after refinancing.