When To Refinance A Mortgage – Save Money

Most people look to refinance as a way to save money. However, there is more than one way to look at the cost savings of lowering your interest rate. One way is the initial savings in your monthly payment. Another is to look at savings over the life of your loan. A lot of my customers ask me “When is it worth it to refinance?” There is no right or wrong answer to this because each case is different. Look at what is important to you – Is the monthly savings now important? Or is saving interest over the life of the loan important? Use an expert to help you make this decision.

Hypothetically speaking, let’s say saving total interest is important and you have 25 years left on your mortgage at 4.00% APR with a monthly principal & interest payment of $750.00 and remaining balance of $125,000. By refinancing to a 15 year mortgage at 3.00% APR, you would save over $69,000 in interest over the life of the loan while having your payment only increase $113 per month!

I’d love to discuss options for you & I can be reached at [email protected] or 715-358-6939.

Post a Comment

Your email is kept private. Required fields are marked *

Fraud

Scam Awareness: How to Beat the Sweepstakes, Lottery and Prize Scam

Tuesday, March 21, 2017

You’ve won a new car or a dream vacation or cash—in a contest you never entered! This sounds too good to be true because it’s a scam. This con fools you into thinking you’ve won a prize or lottery jackpot, but you need to pay upfront fees to receive it. No matter how much you [...]

Financial Topics

Viewpoints - August 2017

Monday, July 24, 2017

Latest updates from our friends at Northern Trust. Viewpoints August, 2017

More

Business Pulse - Cybersecurity has emerged as a major issue for CEOs

Monday, July 27, 2015

CEOs Express Concern about the Cybersecurity of their Business. Read the full report here. Business Pulse – JUNE 2015 EXECUTIVE SUMMARY CYBERSECURITY  

Nicolet Bankshares, Inc. 2nd Quarter 2015 Earnings Release

Tuesday, July 21, 2015

Nicolet Bankshares, Inc. (OTCQB: NCBS) earnings release for 2nd quarter 2015. 2Q15 Earnings Release

How to Ensure a Good Credit Score

Wednesday, July 8, 2015

First, let’s understand how your credit score is determined. Your credit score is broken down into five categories weighted accordingly: Payment history = 35% Total amount owed = 30% Length of credit history = 15% New credit = 10% Type of credit in use = 10% MAKE YOUR PAYMENTS ON TIME. This is the most [...]

Tools

Font Size
Contrast