If you owe less than $424,000 on your home you really need to consider switching to a 15-year fixed. A 15-year mortgage can help homeowners save over $100,000* over the life of their loan. It can also help you lock in historically low rates that will never rise.
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How does a 15-year mortgage reduce your total payments? It’s easy: for the first 10 years of a 30-year mortgage, most of your monthly payment is going to interest, not principal. And the principal is what you need to pay off to own your home free and clear. With a 15-year mortgage, you’re paying much more in principal every month, making a significant dent in your total loan amount. And if your 30-year interest rate is high, refinancing might mean that your 15-year monthly payment is about the same. Imagine paying off your house faster, with less interest, at about the same monthly mortgage payment!
Newfi Lending’s team of mortgage specialists can show you exactly how much you can save through by refinancing to a 15-year fixed. It only takes a minute to fill out the easy online form below, and your personal specialist will talk to you to determine if you’re in the right mortgage or not. There’s no obligation — what have you got to lose? And 15-year rates may not stay this low for much longer, so now’s the time to check your eligibility.
Get your Newfi Lending rate consultation review today and see how much you can save >>
* Savings example: Take a $300,000 loan on a basic single family home with a 75% LTV ratio. As of 6/9/2017, the 30-year fixed rate is 3.875% and 15-year rate is 3.125%. The 30-year monthly payment is $1,411, which multiplied by 360 totals $507,960. The 15 year payment is $2,090, which multiplied by 180 totals $376,200. So total savings are $131,760! See newfi.com/2017/06/15-year-mortgage-refinance-advantages/ for further details.
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