Lower your payment with a rate & term refinance
When it comes to managing your monthly bills, having lower payments is always beneficial. If you qualify for a mortgage refinance, you may be able to secure a loan with better terms or a lower interest rate, which can lead to reduced monthly payments and faster repayment of the principal amount. In fact, you could potentially save hundreds of dollars each month and even thousands of dollars over the remaining duration of your mortgage.
When is best to refinance?
If you’re wondering about the best time to refinance, it’s generally when interest rates are moving lower. If current interest rates are lower than the rate on your existing mortgage, it’s highly likely that refinancing could result in significant savings for you. Additionally, if you currently have an adjustable rate mortgage, this might be an ideal moment to switch to a fixed rate, providing you with the security of predictable mortgage payments without the fear of future increases.
Should I refinance to lower my rate?
To determine if refinancing will offer you savings, you can make use of a useful tool called a Refinance Calculator. By entering your current mortgage details, such as interest rate and loan term, and comparing it with a new lower interest rate, the calculator can provide you with valuable insights. You’ll be able to see the potential total interest savings over the life of the loan, monthly savings, and the timeframe it will take for you to break even. Through experimenting with different numbers and scenarios, you can evaluate the benefits of a refinance.
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Refinance Affordability Calculator
Should I refinance to lower my rate?
To determine if refinancing will offer you savings, you can make use of a useful tool called a Refinance Calculator. By entering your current mortgage details, such as interest rate and loan term, and comparing it with a new lower interest rate, the calculator can provide you with valuable insights. You’ll be able to see the potential total interest savings over the life of the loan, monthly savings, and the timeframe it will take for you to break even. Through experimenting with different numbers and scenarios, you can evaluate the benefits of a refinance.
How does the refinance process work?
During the refinance process, various factors will be taken into consideration, including your credit score, debt-to-income ratio, and loan-to-value ratio. These factors will play a role in determining the right mortgage for you based on your current financial situation. Imagining the possibility of lowering your interest rate and saving thousands of dollars over the life of the loan is truly exciting.
Refinancing your mortgage when interest rates are low can result in significant financial benefits. You may be able to reduce your monthly payments, pay down your principal faster, and potentially save a substantial amount of money over the life of your loan.
Why choose Moreira Team to help lower your monthly payments?
At Moreira Team, we have simplified the refinance process into three straightforward steps: apply, get approved, and close. Your dedicated mortgage advisor will guide you through the process, providing you with a clear understanding of the significance of each step. They will also inform you about the necessary documents, arrange for a home appraisal, and support you throughout the entire journey, from initial application to closing.
To explore your refinance options, contact us at 404-238-7888 or fill out our easy, convenient online application, and one of our advisors will contact you to discuss your options.
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