Mortgage rates are super low right now! If you have excellent credit, 30-year rates are down to 2.625%. 20-year rates are as low as 2.5% and 15-year rates can be found for only 2.125%. **
Now is a great time to refinance your home and you can use our Mortgage Home Loan Payment Calculator app to see what your new monthly or biweekly payment will be.
First, find your current mortgage balance. This will be the amount that you will refinance. Second, determine what loan term you want. You probably want something shorter if you have owned your home for a while. For example, you might want to change from a 30-year term to a 20-year term if you have had your mortgage for ten years. Then make an educated guess on what interest rate you can realistically get based on your credit score and loan term.
In our Mortgage Home Loan Payment Calculator app, enter the mortgage balance in the “* Price of House” field. Enter 0 in the Down Payment field unless you plan to pay down the mortgage to get a better interest rate or get under 80% of the value. Enter the new interest rate in the “* Interest Rate %” field (e.g., 2.5). Enter the new term in the “* Term of Loan (in years)” field (e.g., 15). All other fields are optional.
** Source: www.bankrate.com