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Answer the questions below to help you determine
if refinancing would be advantageous for you right
now. To ensure an accurate comparison, ask all
lenders for the same type and length of loan,
and call for all rates on the same day.
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Please Print
For Your Convenience ——— |
| Your
Current Situation |
What is the
balance on your mortgage?
Example: $100,000 |
What
is the current interest rate?
Example: 10 percent |
In how many
years will the loan be paid?
Example: 22 years on a 30-year loan |
What
is your current monthly principal and interest
payment?
Example: $877.57 |
| Your Goal |
How much do you want
to refinance?
Example: $80,000 |
At what rate?
Example: 8 percent |
How long will
the term be?
Example: 15 years |
What
will be your monthly payment?
Example: $733.76 |
How much will
you save per month?
Example: $143.81 |
How
much will it cost to refinance?
(include closing costs of 3%)
Example: $3,600 |
When will your
savings equal your costs?
(divide cost by savings) |
If you plan to be in your home for more than that
period of time, refinancing may make sense! To help
you get organized, refer to the Refinancing:
Step-By-Step checklist.
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Selling A Home
Selling A Home
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