Benefit

The benefit of comparing different refinance offers properly is that you know what different refinance opions and offers will mean to your future. You can take out more cash at a lower payment with one refinance option instead of another.

How It Works

Refinance offers can be very different from each other, including:

rates

loan size

loan term

A longer loan term, such as a 40 year loan or a 50 year loan, will allow you to have a lowre monthly payment than a regular 30 year loan.

This allows you to take the same amount of cash out and have a lower monthly payment.

There are different loan programs offered for 30, 40, 45, and 50 years.

Example

Loan Factors

Loan 1

Loan Amount

390,000

Loan Note Rate

6.00%

Loan Length (Years)

30

Regular Monthly Payment

2,338

Interest Only Payment

1,950

Loan Factors

Loan 2

Loan Amount

351,000

Loan Note Rate

6.50%

Loan Length (Years)

30

Regular Monthly Payment

2,219

Interest Only Payment

1,901

Loan Factors

Loan 3

Loan Amount

429,000

Loan Note Rate

7.00%

Loan Length (Years)

40

Regular Monthly Payment

2,666

Interest Only Payment

2,503

Loan Factors

Loan 4

Loan Amount

487,500

Loan Note Rate

7.50%

Loan Length (Years)

30

Regular Monthly Payment

3,409

Interest Only Payment

3,047

This example demonstrates how different loan factors can change the size of the monthly payment. Interest only payments are also an option on some loans.

Visit our website to use a refinance mortgage calculator.