Refinancing your home loan when mortgage rates drop is the fastest, easiest way to lower your monthly costs. Summit Mortgage can make it simpler for you to take advantage of changing rates and lock in savings.
For instance, say you bought a home last year for $300,000 with a 5% interest rate, and carry a remaining balance of $275,000. Your estimated monthly payment would be around $1,476. If you could refinance at a rate of 4.5%, your monthly payment might be $1,340. That would mean a savings of $136 per month—or up to $8,160 over the next five years.
Check out our mortgage calculator to see if you could save money now by refinancing. Remember that various market swings affect mortgage interest rates, so stay in touch with your loan officer for the latest updates. We’d love the opportunity to help you save thousands of dollars over the life of your loan.
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