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Save Money with This Refinance Calculator for Home Mortgages

Homebuying 2 min read

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When mortgage interest rates are low, homeowners should compare their current mortgage terms with the option of refinancing. By locking in the right rate, homeowners can take advantage of significant savings.

Curious to see how much you could save with current rates? Use our refinance calculator for home mortgages to see how you can take advantage of major financial perks.

Why Refinance Home Mortgages?

Home mortgages are contracts. When the contract is signed, the interest rate selected by the homeowners is locked in until the terms of the contract have been satisfied or revised.

The interest rates for home loans fluctuate daily. If interest rates are steadily dropping, homeowners can refinance to save money and improve their financial standing.  

Benefits of Home Loan Refinancing

Refinancing is a readjustment of your mortgage loan to benefit your finances in the following ways:

  • Lower monthly payments
  • Build home equity faster
  • Improve credit
  • Change to adjustable or fixed-rate plans

When homeowners choose to refinance, they can generally expect to pay off their loan faster. 30-year mortgages can be refinanced to 12 or 10-year loans. Although it may sometimes increase the anticipated monthly payment, you can cash in on equity or sell for an increased value.

When Is a Good Time to Refinance?

When considering refinancing home mortgages, many homeowners weigh the closing costs with the savings achieved over time. It’s also important to think about the length of time you will live at the property.

What to Do Next If You Want to Refinance

After you’ve reviewed your savings on our refinance calculator for home mortgages, you may be interested in taking the next steps towards refinancing. Before making an appointment with your First Bank loan officer, make sure you have the following information updated:

  • Current mortgage type
  • Payment history
  • Current credit report
  • Outstanding debt
  • Evidence of home renovations
  • Evidence of home improvements/repairs

Your loan officer will use this information to determine what kind of refinancing you may qualify for. There are plenty of options, and we can guide you in selecting the best package for your personal goals.

Contact us today to apply for mortgage refinancing.

*Loans are subject to credit approval

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Sources:
http://www.mortgagecalculator.org/helpful-advice/top-reasons-to-refinance.php
http://www.mortgagecalculator.org/helpful-advice/top-reasons-to-refinance.php
https://localfirstbank.com/mortgage/refinancing-calculator/

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