Skip to main content
Find Your Local Branch
Back
Scroll to top

Save Money with This Refinance Calculator for Home Mortgages

Homebuying 2 min read

Ready to talk to an expert?

Find A Location Get In Touch

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

———
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/

Ready to talk to an expert?

Find A Location Get In Touch
Share:

You may be interested in...

Couch and coffee table with vase on top 5 Reasons to Consider a Home Equity Line of Credit (HELOC) Your home is your most valuable asset and investment. A home equity line of credit can provide many benefits for those with good credit and a chunk of their mortgage paid off. 2 min read
Home Energy Efficiency 4 Reasons to Consider an Energy-Efficient Home If you’re buying, building, or remodeling a home, here are 5 reasons to consider putting energy-efficient features high on your priority list. 3 min read
Compare First Time Mortgage Rates with First Bank When you’re ready to buy a house, it’s easy to get caught up in all of the excitement of shopping and forget about the financial aspect. Once you’ve found the perfect house, the first thing you may be wondering is where to get 20-year mortgage rates, or even 30-year mortgage rates. But you may not know that you have other options. First Bank can help you determine what type of mortgage works best for you, and help structure a loan that meets your individual needs. About 20-Year Mortgage Rates Before we tell you where to get 20-year mortgage rates, let us explain what a 20-year mortgage is, and tell you about all of your options. Twenty-year mortgages are typically offered as fixed-rate mortgages, meaning your interest rate—and your total monthly payment of principal and interest—will stay the same for the entire term of the loan. A fixed-rate mortgage offers a predictable monthly payment, making it easier for you to follow your budget. With fixed-rate mortgages, you also have the option to take them out in 15 or 30-year terms. These other two options could work better for you depending on your financial situation. While a 20-year mortgage helps you pay off your home faster and build equity quicker than longer-term fixed-rate mortgages, a 15-year mortgage will help you pay it off even faster, and pay less interest. However, 15-year mortgages have higher payments than other longer-term mortgages. 30-year fixed-rate mortgages allow you to pay off your loan with lower monthly payments, but since the life of the loan is long, you’ll pay more interest and build equity slower than you would with a shorter-term loan. First Bank offers conventional fixed-rate mortgages in 15, 20, and 30-year terms, and we also offer adjustable-rate mortgages. To learn more about our loan options, or if you’re still wondering where to get 20-year mortgage rates, visit your local First Bank branch. Our loan experts will be happy to teach you more about mortgage loans and rates, or help you structure a loan that meets your needs. *Loans subject to credit approval. 2 min read
10-Step Program for First-Time Homebuyers If you’re searching for a first-time homebuyer program, it’s important to find a process that is simple and clear. Purchasing a home for the first time is a significant event, so it’s also a process that requires you to be well-informed and careful. In an article by award-winning writer Gina Roberts-Grey, she outlined the top 10 steps all first-time home buyers must consider before taking the plunge: “Review your financial health”—Before you dive into listings and open houses, it’s vital that you evaluate your financial situation. This ranges from your savings to your bills to your 401k; you need to be sure you can afford the expense. “Check into benefits for first-time home buyers”—You can discover options, including tax benefits, that can make the property more affordable. Look into what deals you can find as a first-time homebuyer. “Meet with lenders”—Meet with lenders and present your financial and benefit findings. A lender will assess your credit score and the amount you can qualify for on a loan and will discuss your assets (savings, 401(k), etc.) and debt, as well as any local programs that might be available for down payment assistance. “Shop around for a mortgage”—As you’re searching for pre-approval, don’t take the first offer. Spend time looking at what different lenders can offer. And keep in mind that “pre-approved” and “pre-qualified” are two different things. “Have a backup lender”—Many factors can affect whether or not your mortgage application is approved, including market changes and shifting guidelines. A backup lender that qualified you for a mortgage loan can give you an alternate way to keep the process on, or close to, schedule. Find a realtor—If you’ve reached this step, congratulations. This means you’re ready to find a real estate agent. When you’re looking for a realtor, it’s best to look for one who works with a team of people who can offer suggestions about home inspectors, insurance agents, etc. Decide on a neighborhood—Narrow your search area to help give you a better idea of what you want and can afford. Two primary factors to consider are neighborhood taxes and length of commute to work. When you find a property, crunch your numbers again—At this step, you’ve found your dream home 4 min read
First Bank logo
Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognizing you when you return to our website and helping our team to understand which sections of the website are the most popular and useful.