Fixed interest rate 3 percent for 15 years - it turns out this is still a great period for refinance !!! The window of opportunity is not yet closed!
Let's see how 15 years of home payments are saved with refinancing during this time and still pay almost the same every month! And save 172,854.26 in interest payments!
For anyone who didn't realize it was the best window of opportunity - interest I received today from our brokers - 3 percent!
So true - I am American, I have income and credit and this is my main house - not an investment property - - but also for nonresidents we are closing interest rates which are historically rare, and we closed today's residents an interest rate of 4.75 per investment property under a company that today has an excellent interest rate.
What did I actually do?
Today I pay on the mortgage + Heloc - a second mortgage refinance I took out of the house total: $ 2307 - which is for 30 years
The principal mortgage interest rate I have today: 3.75 percent
On the second mortgage: 5 percent
I'm doing a mortgage consolidation now - at 3 percent interest!
For only $ 300 a month - I save 15 years of paying a mortgage!
If I left the new mortgage for 30 years with the new interest rate, I would save almost $ 700 a month! But instead, I'd rather reduce the mortgage to 15 years, and add another $ 300 a month - and why?
The amount of interest I had to pay to the bank for 30 years in the original plan:
$261,566.40
The amount of interest that I will have to pay to the bank for 15 years in the new program with the new interest rate:
$ 88,712.14!
Save: $ 172,854.26!
It seems to me that the move is not bad for an extra $ 300 a month!
The letter from the bank is attached below -
Do you want too?
Fill out the form for a financing offer from our bankers and brokers:
Contents of the letter:
HI Lior,
See below on some quotes for combining both loans together
If you took a 30 year or 20 year fixed rate mortgage the rate would be 3.250%, if you took a 15 Year Fixed rate the rate would be 3.00%. See some payments below.
Current Payment of Wells is $ 1757.98 (Principal and Interest)
Current Payment at Peoples is $ 549.08
Total Payment is $ 2307.06
Payment on a 30 year would be $ 1653.78
Payment of a 20 year would be $ 2155.34
Payment of a 15 year would be $ 2624.21
It looks like you are making an additional $ 300 a month on your current payment to Wells so the 15 Year looks like the best fit for you as its almost the same payment you are currently making.
Let me know what questions or concerns I can address or answer.
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