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| All Western Mortgage |
• Rate and Term Refinance: The most common reasons for which people refinance is to either shorten their loan term or reduce their rate of interest.
• Cash-out Refinance: Cash-out refinance means taking a new mortgage amounting to more than you are currently owed. You can take the difference as cash for any major expenditure like paying off existing debts, wedding etc.
• Changing the type of loan: The other reason, for which people refinance, is to change their loan type. It can be for converting an Adjustable Rate mortgage to a Fixed-Rate one, vice versa, for eliminating the insurance of an FHA loan etc.
In order to figure out whether it is a good time to refinance, you can use All Western Mortgage’s home refinance calculator.
Refinancing basically means replacing your existing mortgage with a new one and that requires you to pay the closing costs all over again. The closing costs can amount to thousands of dollars and thus, the savings from refinancing must be greater than the costs. To decide whether a mortgage refinance makes sense or not, calculate the breakeven point (time taken by the refinance to pay for itself) by using All Western Mortgage’s loan refinance calculator. If you plan on keeping the house for less than the break-even time, refinancing doesn’t make sense.
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All Western Mortgage’s mortgage refinance calculator accurately tells you the amount of your new monthly installment, monthly savings, the difference between the overall amount of interest that you’ll pay under current and new mortgage plans, amount of interest you’ll save, number of months it’d take to break even the closing costs, and net refinance savings.
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