"My basic advice when refinancing is...
- Drop your term to 15 years or less
- Know how long it will take to recoup your costs
- Make sure you understand how this is saving you money
The good folks at Churchill will provide you with the information
need to make the best decision for your family."
If you know you need to refinance, Get Started.
Why Dave Says a Fifteen Year Mortgage is Best
Two Main Reasons:
- 1) Lower Rate
- 2) Less Interest Paid
On a loan amount of $100,000 at an interest rate of 6.00%, at the end of those 30 years, you will have paid $115,841.43 in interest!
That's like paying for the home twice!
15 Year (usualy .25% better rate)
With the same loan amount at an interest rate of 5.75%, at the end of those 15 years you will have only paid $49,477.75 in interest!
That's a savings of $66,363.68 - or about two thirds of the value of the home!
Question: Do you have a real plan in place for paying off your mortgage early?
Refinance at Churchill Mortgage
Refinancing your home can and should be a fun, exciting experience. However, it can also be very confusing if you have never refinanced a home before. For this reason, it is important to get as much information about everyone and everything involved in the process.
Eliminating much of the guesswork can make you much more informed, so your home refinance can be a joyful experience. It has been said that there are two primary ways that we learn: one is by personal experience, and the other is by listening to the experiences of others. When it comes to your finances, home, and family, most people would choose to learn from the experiences of others.
Every day, homeowners make costly mistakes during the refinance process.
- Overestimating home’s value
- Unaware of the changes to loan qualifying guidelines
- Assuming you will get the super low advertised interest rates
- Unaware of your Credit Score and its impact on qualifying
- Focusing on payment instead of the long-term savings strategy
To help you keep your sanity (and your cash), we have created many resources to help you become more educated about the refinance process and avoid the mistakes that others have made before you.
Call Monday-Friday and discuss your needs with a Specialist: 1-866-722-7922