Refinance for a Better Rate/Term
Lowering your rate by 0.25%, saves you $14 a month!
Okay... that doesn't seem like much. But that was on this loan below. Why don't you give it a try?
YOUR SAVINGS ARE:
$14.00 per month or $48.00 per year
(That's $1,440 over all 30 years!!!)
You got it. That was on a $100,000 loan.
(Every $100,000, saves you roughly $14. On a $400,000 loan - $56 a month or $675 a year. Over the life of the loan, you'd save over $20,000 in total interest paid! Why pay more interest if you can qualify for less?)
When Should You Refinance?
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Your Finances Have Changed
With a higher credit score, you might qualify for a lower interest rate just from lowering your risk profile
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You've Paid Down Your Current Loan
For every 5% your loan-to-value ratio decreases, you may just qualify for a lower interest rate
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Your Property Value has Increased
Just like paying down your loan, if your property is worth more now, your loan-to-value ratio decreases
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Interest Rates have Gone Down
It could just be the market. Interest rates are affected by any number of factors, so it's important to keep in touch with a loan officer
Why would I take cash out?
Life Events
Maybe there's a big life event, like a newborn on the way
Financing
Do you have kids going to college or other large expenses coming up?
Consolidate Debts
Consolidate your debts - especially those high-interest credit cards!
Investments
Diversify your investments, leverage your assets for additional returns