Is now a good time to refinance my mortgage?
- Where do you stand today?
- Current rate
- Credit Score
- Income
- How seasoned is your loan?
- Amort example $500k loan year 3 vs year 15
- Year 3 P&I 5% $2,684.00
- P=698 I=1986
- Year 15
- P=1270 I=1414
- What are new rates? 3.625% Typically .5% reduction or more is worth a look
- What will the new rate do for cashflow?
- $485k 3.625 $2,212
- Saves 472 per month or $5,600 per year
- How much are closing costs? Expect $3 - 4k in SoCal How long to payback?
- What will you do with the cash?
- Get the best rate you can
- Play lenders off one another
- Don’t accept the first rate - Go back and forth to get the best rates you can
LET'S CONNECT!
James
Scott
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