It's generally a good time to refinance when mortgage rates are 2% lower than the current rate on your loan. It may be a viable option even if the interest rate difference is only 1% or less. Any reduction can trim your monthly mortgage payments. Example: Your payment, excluding taxes and insurance, would be about $770 on a $100,000 loan at 8.5%; if the rate were lowered to 7.5%, your payment would then be $700, now you're saving $70 per month. Your savings depends on your income, budget, loan amount, and interest rate changes. Your trusted lender can help you calculate your options.
© 2019 Keystone Funding, Inc. All Rights Reserved. 519 S Red Haven Lane | Dover, DE, 19901. Corporate NMLS#: 144760 (www.nmlsconsumeraccess.org). Keystone Funding Inc. is a mortgage lender licensed by the following states; Delaware, Maryland, Virginia, Pennsylvania, New Jersey, North Carolina, Florida & the District of Columbia.
This is not a commitment to lend. Restrictions may apply. LTV limit is based on current, accurate appraised value. Keystone Funding Inc. reserves the right to amend rates and guidelines. All loans are made in compliance with Federal, State, and Local laws. Keystone Funding Inc. is an equal opportunity lender.