After the fixed rate period, your payment may change based on the change in the index used to calculate your interest rate. * For example, for a 5/1 ARM, the fixed rate period is 5 years, or 60 months. Note that some of the reduction in payments may reflect extending the due date on your loan rather than a lower interest rate.Ĭall our helpful mortgage bankers at 1-88 to start the conversation about whether refinancing is right for you. In addition, you may want to discuss with a Discover mortgage banker any potential effects of changing from extending the term of your loan(s). It's important to consider upfront closing costs on your new loan, and the time it will take to recoup those costs. Should I make prepayments on my mortgage or refinance This refinance prepayment calculator shows you the effective interest rate youll achieve when you. The amount above can give you an idea of the estimated monthly reduction in your mortgage payment you could achieve during the initial, fixed rate portion of your loan period* by refinancing your existing mortgage at the terms you selected. You selected an adjustable rate mortgage or ARM. If you lower your payments too, however, you may pay higher total interest even though your rate is lower, because the debt If your refinance is at a lower rate than the previous loan, you may save money if you continue making the same or Note that some of the reduction in payments may reflect extending the due date on your loan rather The time it will take to recoup those costs. It's important to consider upfront closing costs on your new loan, and Based on the information you provided, the amount above can give you an idea of the estimated monthly reduction in your payment you couldĪchieve by refinancing your existing mortgage at the terms you selected.
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