You can if you’re like a lot of people with a fixed rate that’s higher than what you can get today. With rates holding steady at record lows, many buyers are getting some of the best long-term value that’s been available since Eisenhower was president. For those already in a home, the question is, “Is it worth it to refinance now?” There’s not a simple answer to this question. It depends on a variety of factors: how long you’ll stay in the house; what your current rate is; what your long-term goals are. But consider this illustration: For a $100,000 loan, at 6.5% interest, you’ll pay $227,542 over 30 years in principal and interest. For the same loan at 4.0%, you’ll pay $171,867. That a savings of more than $55,000. On a $200,000 loan, those savings come in at $111,346. There’s a lot that could be done with that money–college education for the kids, retirement planning, even travel.

So, while it doesn’t always make time to refinance or buy, it’s true that now is a unique time in the history of home lending. If you want to run some numbers to see for yourself, click here for our online calculator.  Or to contact us directly, click here.

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Better Business Bureau - Accredited Business

Equal Housing Opportunity logo