Get more out of your home
Historically low interest rates make this an especially good time for Kentucky homeowners to consider refinancing their home loan. Refinancing your mortgage at a lower interest rate can save you significant money by lowering your monthly payment or allow you to pay it off sooner.
For example, take a 30-year $200,000 loan at a 4.5% interest rate. Refinancing to a 2.25% fixed interest can save you $35,000 over the life of the loan, while refinancing it to a 15-year loan can save more than $130,000. Even when you factor in loan origination and closing cost fees, it can still be worth it to reduce your monthly mortgage or convert to a shorter loan.
If you have a home renovation in mind or need funds for another major expense, a cash out refinance can be another option to tap into the equity of your home.
Talk to a CVNB about how to take advantage of today’s low interest rates and your home loan refinance options.
Can refinancing your current mortgage save you money? Check out this video with our Mortgage Specialist, Wayne Short.
Q. How much does it cost to refinance my mortgage?
A. Typical closing costs, the amount you pay when you finalize the loan, will range from $2500 to $3500, but every transaction is different. The costs of a refinance will differ on each transaction. It depends on the loan amount, type of loan, appraisal cost, waiver, escrows, and other loan details. Most of the closing costs can usually be included in the loan refinance to make your out-of-pocket expense less.