HOME REFINANCE
The most convenient and easiest way to reduce your monthly mortgage payments is to refinance your home loan.
A drop of just one half to three quarters of a percentage point in your interest rate can lower your monthly payment significantly. If you don’t refinance, you may be paying too much every month for your loan, and that’s never a good financial move.
Potential Savings by Refinancing
Below are examples of the possible monthly savings possible by refinancing and lowering the interest rate on your home loan.
In the case of a $200,000 mortgage amortized over 30 years, you could reduce your monthly payments by $95.86 by refinancing from a 6.25 percent interest rate to a 5.5 percent interest rate. You’ll save $34,509 in payments over the life of the loan.
In the case of a $500,000 mortgage amortized over 30 years, you could reduce your monthly payments by $239.64 by refinancing from a 6.25 percent interest rate to a 5.5 percent interest rate. You’ll save $86,270 in payments over the life of the loan.
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