If you already have a mortgage you may be considering whether or not to refinance. You should consider refinancing if one of the following criteria is met. The cost benefit analysis provides you with a payback in a reasonable amount of time. Your current payment will reset at a significantly higher rate with a shorter reset than a fixed rate in a rising rate environment. The interest savings gained from refinancing to a shorter term mortgage are greater than what you could otherwise earn on your money with little or no risk. There is an economic benefit resulting from the equity you access to make a purchase or an improvement. Finally, the asset or improvement has a life expectancy similar to the refinance loan term.
If you are looking to take cash out of equity, start with the Refinance Rate Quotes to give you a loan amount based on your loan profile.
Break Even helps you select a note rate by showing you how many months it will take to recover the points you pay versus the highest note rate for any program. If you plan to stay in your home for less than the time it takes to break even, you may consider a higher note rate. Input a loan amount, payment, and if you wish, term into the "Refinance Calculator" . The calculation will show you how many months it will take to break even on your refinancing and the cost savings for every program Equity Funding Group offers. |
