Benefits of Refinance

 

– When does your Mortgage mature
– What is the interest rate on your Mortgage
– Do you have outstanding high intertest debt
– There are ways I may be able to lower your interest cost, increase your cash flow and
payout your mortgage sooner

 

Please see an example below, these numbers are just for the illustration purposes, your
numbers will be different.

 

Mortgage Amount $250,000 5 year rate of 4.50% monthly payment $1576.00 over
20 year amortization

Credit card $10,000 rate of 20% monthly payment $167.00
Credit Card $8000 rate of 12.5% monthly payment $84.00
Line of Credit $10,000 rate of 8% monthly payment of $67.00
Vehicle Loan $35,000 rate of 6.5% monthly payment of $685.00
Total high interest debt $63,000
Total high intertest debt monthly payments $1003
Existing monthly mortgage payments $1576.00 plus $1003 = $2579 current total monthly
payments

Consolidation option
Existing mortgage $250,000 + $63,000 = $313,000 new mortgage

New mortgage amortized over 18 years( 2 years shorter) than current 20 years
For this calculation we are using the same 4.5% rate
Current mortgage and debt payments $2579 per month
With the new shorter 18 year amortization and the new mortgage of $313,000 payments would
be $2110 per month

Cash flow increased by approximately $498 per month.
Payout mortgage 2 years sooner which saves you Approximately $14,000 in interest costs

This option
– Increases cash flow which can go into savings, investments, insurance etc
– Saves interest over long term
– Pays out mortgage sooner

Please contact me to discuss if there are options for me to help you save money