Loan Calculator      Programs      Loan Process      Mortgage Glossary      About Us     Contact      Home

  • Refinance Home Loans
  • Refinance Cash Out
  • Refinance Home Improvements
  • Home Purchase Loans


Mortgage Refinancing Rates

It is vital to accurately assess all factors involved with refinancing. If you don't know whether or not to refinance, consider several things. First, an important upfront term to consider is pre-payment or payoff penalties. Somewhere in the fine print of some loans, there is a clause stating that the homeowner has to pay a penalty if he or she pays off the loan before a pre-specified amount of time (usually one to three years). Always check for this before refinancing.

Second, consider how much of your home's price is tied up in your mortgages. If you've refinanced for more than 80 percent of your home's appraisal value, you often must purchase private mortgage insurance, or PMI. This insurance protects the bank in case you can't manage the payments on the home. Finally, be sure to check your savings versus your total cost of the loan. If you've only got 10 years left to pay off your mortgage, why increase it to 30 years to save a few dollars a month? We offer a mortgage calculator on our Downs Financial, Inc. website to help answer these important questions.

It used to be that the standard rule was that you should refinance your home if a new rate offered to you was at least one percentage point lower than your current rate. Now, though, with the size of today's mortgages, even a half a point difference can save you thousands of dollars in interest over a 15 to 30 year period.

For example, consider a $100,000 loan borrowed at seven percent instead of eight percent over 30 years. In this case, you would save around $25,000 over the length of the loan! You owe it to yourself and your checkbook to do the math on a refinancing opportunity, as it can be well worth it in the long run.

 

Contact Information Tell Us About Your Property
First name:
Type of house owned:
Last name:
Type of loan desired:
Street address:
Current home value:
City:
Balance remaining on mortgage:
State:
Zip:
Desired loan amount:
Home phone:
( )- -
Fixed or adjustable?
Current interest rate:
Work phone:
( )- - ext.
How would you rate your credit?
Email address:
How did you hear about Downs Financial?

Comments & Special Considerations:



 
Toll Free: 866-745-5989
Se habla español: 877-749-7933

Downs Financial is a BBB Accredited Business. Click for the BBB Business Review of this Mortgage Brokers in Denver CO Proud member of the Better Business Bureau

Equal Housing Opportunity
Copyright © 1997-2004 Downs Financial, Inc.
Security  Privacy  Legal   Licensing

Refinance Bad Credit Loan Mortgage New Home Loans Bad Poor Credit Loan