Jumbo Mortgage Refinance… DO IT NOW!
If you have a jumbo mortgage loan, now may be the best time to refinance.
Here is an example:
Current Mortgage
$900,000 @ 6.5% with P&I Payment of $5688 a month.New Mortgage
$900,000 @ 5.5% with I/O Payment of $4125 a month.That is a difference of $1,563 a month - almost $20,000 a year!
The average mortgage loan has a life of 4.5 years. With this example, in just 4.5 years, the savings could easily surpass $80,000!
MORTGAGE RATES ARE LOW.
If you are a home owner in the Charlotte area, you may want to consider refinancing your current mortgage. Right now rates are extremely low and it could prove to be the best move you could make. Even if you don’t have a $900,000 home, you could still save hundreds of dollars each month if your mortgage is updated.
What could you do with the extra cash? Well, that is up to you. Many people save it for a rainy day, pay off debts, go on vacation. It can fill the need you may have in your budget. Either way, consider exploring this option as it could save you thousands of dollars!