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PRECISE Tips

The Facts About Our Mortgage Refinance Comparison

If you have equity in your home, a refinance home mortgage loan comparison can have significant benefits. You can reduce your interest rate, change the terms of your loan, or consolidate your debt. Rather than use your home as collateral, a home loan refinance allows you to incorporate your debt into the amount owed. One monthly payment, one low interest rate!


Calculating Mortgage Payments 

Monthly Payments for each $1000
Principal and Interest Combined

 

15 Year Term
Interest
Rate %
Monthly
Payment
Total
Amount
3.00 6.91 1243.08
3.25 7.03 1264.80
3.50 7.15 1286.79
3.75 7.27 1309.00
 
4.00 7.40 1331.44
4.25 7.52 1354.10
4.50 7.65 1376.99
4.75 7.78 1400.01
 
5.00 7.91 1423.43
5.25 8.04 1446.98
5.50 8.18 1470.75
5.75 8.31 1494.74
 
6.00 8.44 1518.90
6.25 8.58 1543.40
6.50 8.72 1568.00
6.75 8.85 1592.80
 
7.00 8.99 1618.20
7.25 9.13 1643.40
7.50 9.27 1668.60
7.75 9.41 1693.80
 
8.00 9.56 1720.80
8.25 9.70 1746.00
8.50 9.85 1773.00
8.75 9.99 1798.20
 
9.00 10.14 1825.20
9.25 10.29 1852.20
9.50 10.44 1879.20
9.75 10.59 1906.20
 
10.00 10.75 1935.00
10.25 10.90 1962.00
10.50 11.06 1990.80
10.75 11.21 2017.80
30 Year Term
Monthly
Payment
Total
Amount
4.22 1517.77
4.35 1566.74
4.49 1616.56
4.63 1667.21
 
4.77 1718.70
4.92 1770.98
5.07 1824.07
5.52 1877.91
 
5.37 1932.56
5.53 1987.93
5.68 2044.04
5.84 2100.86
 
6.00 2158.80
6.16 2121.70
6.33 2127.50
6.49 2133.50
 
6.65 2394.00
6.82 2455.20
6.99 2516.40
7.16 2577.60
 
7.34 2642.40
7.51 2703.60
7.69 2768.40
7.87 2833.20
 
8.05 2898.00
8.23 2962.80
8.41 3027.60
8.59 3092.40
 
8.78 3160.80
8.97 3229.20
9.15 3294.00
9.34 3362.40

Mortgage Refinance

Precise Mortgage Lending wants to help you refinance to allow you to make the necessary life changes you're wanting to accomplish.

Why Refinance?

People refinance for a lot of reasons, basically there are four basic reasons.

1.  Reduce Monthly Payments
2.  Consolidate Outstanding Debit
3.  Take Advantage of Equity
4.  Change Mortgage Type

1.  Reduce Monthly Payments
Let's face it, monthly payments are what we feel hitting our pocket book every month.  Reducing your monthly payments can make life a little easier allowing us to channel those funds towards something else in our lives. 

Precise Mortgage Lending is ready to help you get your monthly payments under control maybe by refinancing.

2.  Consolidate Outstanding Debit
Debit can build up rather quickly if we don't pay strick attention to it.  Being able to consolidate debit at a fixed precentage rate can sometimes save consumers hundreds of dollars in interest. 

Precise Mortgage Lending helps people to consolidate debit in a financially smart way that saves you money in the long term.

3.  Take Advantage of Equity
Our homes build equity as value of property and homes increase.  Being able to tap into that equity might be the answer you've been waiting for to make that much needed home repair or addition that brings more value to your home. 

Precise Mortgage Lending is here to help you cash in on that built up equity for that much needed project.

4.  Change Mortgage Type
Researching and comparing the various types of mortgages available may save you money in the long run.  Your current mortgage type is costing you too much so going from an ARM to a Fixed Rate Mortgage may save you money in the long term.

Precise Mortgage Lending has various types of mortgages available for you to choose from and is ready to help you save money.

Whatever your intention is under refinancing the important rule to follow is to turn to an expert professional that can help you make the best decision for you and your family.  Decisions you make now have long lasting financial effects so making the right decision is critical and could end up costing more money in the future.

Precise Mortgage Lending can help you with your refinancing needs and help you make the right decision for you and your family. 


Example:  4 Year Cost Analysis of 1 Year ARM vs. 30 Year Fixed
$1000,000 Original Mortgage Amount

1 Year ARM with 2% Per-Adjustment Cap and 6% Life Caps vs. 30 Year Fixed Rate Mortgage at 9.50%

1 Yr. ARM   Mo. Payment Yr. Total
Year 1 6.5% $632.07 $7,584.84
Year 2 8.5% $761.19 $9,134.28
Year 3 10.5% $903.69 $10,837.44
Year 4 12.5% $1054.11 $12,649,33
Grand Totals: $40,205.89
30 Yr. Fixed   Mo. Payment Yr. Total
Year 1 9.5% $840.85 $10,090.25
Year 2 9.5% $840.85 $10,090.25
Year 3 9.5% $840.85 $10,090.25
Year 4 9.5% $840.85 $10,090.25
Grand Total: $40,361.00

As you can see, even at a worst case, your 30 year fixed rate would still have cost you slightly more over the four year period. In addition, it's very possible that your ARM wouldn't have gone up the full 2% every year. In that event, if your rate didn't go up the full 2%, year, you would have saved money -- perhaps even enough to pay for your next refinance.

Precise Mortgage Lending is ready to assist you with your refinancing needs. Call us today ... we can help and save you money.