Use the quick & easy tool below to find out what you qualify for.
Shorten Your Term And Save Thousands in Interest!
Reasons for refinancing your mortgage include a lower payment, a reduced term or getting cash out. Whether it makes sense to refinance your home depends on a number of factors. Do you have enough equity built up in your home? Are interest rates lower now than they were when you first got your home loan? Do you plan to stay in your home for many years?
You will be able to save thousands of dollars in interest payments compared to a similar 30-year fixed mortgage and you will pay off the loan faster.
Your payment will be higher when you reduce the term because a greater portion of the payment will be towards principal rather than interest.
Give me a call at (772) 618-5058 for your free personalized consultation to see if lowering your term is right for you!
To qualify for a mortgage, lenders typically require that you have a debt-to-income ratio of "43/49." This means that no more than 43% of your total monthly income (from all sources, before taxes) can go toward your new mortgage payment, and no more than 49.99% of your monthly income can go toward your total monthly debt (including your mortgage payment). VA and FHA loans even allow for higher debt ratios on a case by case basis.
Mortgage rates change every day, and your rate will vary based on your location, finances, and other factors. Get your FREE customized rate comparison below:
