When you
refinance your mortgage with a lower interest rate (also
called a "low refinance rate") you can pocket
hundreds, even thousands of dollars every month, every
year, and over the life of your loan.
For example,
let's say you have a mortgage loan with a principle
balance of $200,000 and an interest rate of 8.75%. Not
including taxes, insurance, and miscellaneous fees,
your monthly payment will be approximately $1,573/month.
If you refinance your mortgage with a low refinance
rate of 5%, your monthly payment will drop to approximatly
$1,073/month. This low refinance rate would allow you
to get $500 back in your pocket every month. This $500
monthly savings would equal $6,000 a year you would
not have to pay in interest.
Of course
every situation is different, but as an example this
is the kind of savings that people are getting every
day by refinancing their mortgages with lower rates.
The mortgage
industry is changing and you and you can take advantage
of these changes. Talk to a mortgage professional about
the new low refinance rates today. You may be surprised
at just how much you will be able to keep in your pocket.
You have earned your money. Don't just give it away.
