Even a slight decrease in your mortgage rate (as little as one half to three quarters of a percentage point) can result in thousands of dollars in savings over time. Due to current market conditions, today’s mortgage rates are at their lowest levels in decades. At Paramount Equity Mortgage, we’ll help you take advantage of these low rates now before they go up, lowering your monthly payments and maximizing your savings over time.

Savings in the short run

• By lowering your interest rate, you will see an instant savings in your monthly payment.
• You can also save in your monthly expenses by lengthening the term of your loan. Changing a 15-year mortgage to a 30-year mortgage, for example, will spread out your payments and decrease the amount due each month.
• Using an interest-only home loan will allow you the flexibility of paying only the interest due in certain months, while paying as much towards the principal as you would like along the way.

Savings in the long run

• By changing the length of your mortgage from a 30-year loan to a 15-year loan, your monthly payment will be higher but you will save thousands of dollars over the long run.

For more information on lowering your payment with a home refinance, contact a Financial Specialist today for a free quote! We can help you review your situation and determine the best option for your future.