Compass Mortgage - Should You Refinance Your Home Loan?

Interest Rates Dropped - Should I Refinance?

Refinancing your mortgage loan can save you up to hundreds of dollars per month.
When interest rates drop, it's especially tempting to refinance.

Is it true that refinancing only makes sense if rates drop at least two percentage points below my current rate?

The answer to this question differs for everyone. It depends mostly on how much you owe, how many years you have left on your mortgage and how long you intend to keep your current home.

Example: if you owe $100,000 and have 10 years left on your mortgage, a 2% lower rate would save you $100 per month. You can save the same amount each month with 3/8% rate reduction if you owe $400,000 for 30 years. The more you owe and the longer you plan on paying back the money, the more you will save by refinancing.

We can easily help you determine whether you should refinance... and at what interest rate. We'll need to know:

roughly how much you owe on your current mortgage and
exactly what your current interest rate is

For guidance on whether you should refinance, call Charley Farley at (603) 471-9300 or e-mail charley.farley@weloannh.com.

Compass Mortgage Inc. - 172 Route 101 - Bedford, NH 03110-5416
Office Phone: (603) 471-9300 Fax: (603) 472-8811 Toll Free Phone: (877) 211-5300

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