In today’s market, many homeowners are paying more than they need to on their mortgages. If your current interest rate is over 5%, you could be overpaying significantly. By breaking your mortgage and refinancing at a lower rate, you may save a substantial amount of money.
Here’s an example of how we recently helped a client save:
- Original Loan Amount: $500,000
- Current Interest Rate: 5.24%
- Monthly Payment: $2,740.52
- Prepayment Penalty to Break Mortgage: $6,480
We refinanced their loan at a new, lower rate:
- New Loan Amount (including penalty): $506,480
- New Interest Rate: 4.24%
- New Monthly Payment: $2,477.67
- Monthly Cash Flow Savings: $262.33
Over the remaining 3-year term (36 months), this client will save:
- Total Savings: $9,444 in monthly payments
And the best part? This client didn’t have to come up with any out-of-pocket funds to achieve these savings!
If your interest rate is over 5%, you could be saving thousands!
Contact me today to explore better options and lower your payments.
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