BenefitThe benefit of comparing different refinance offers properly is that you know what different refinance opions and offers will mean to your future. You can take out more cash at a lower payment with one refinance option instead of another.How It WorksRefinance offers can be very different from each other, including:ratesloan sizeloan termA longer loan term, such as a 40 year loan or a 50 year loan, will allow you to have a lowre monthly payment than a regular 30 year loan.This allows you to take the same amount of cash out and have a lower monthly payment.There are different loan programs offered for 30, 40, 45, and 50 years.ExampleLoan FactorsLoan 1Loan Amount390,000Loan Note Rate6.00%Loan Length (Years)30Regular Monthly Payment2,338Interest Only Payment1,950Loan FactorsLoan 2Loan Amount351,000Loan Note Rate6.50%Loan Length (Years)30Regular Monthly Payment2,219Interest Only Payment1,901Loan FactorsLoan 3Loan Amount429,000Loan Note Rate7.00%Loan Length (Years)40Regular Monthly Payment2,666Interest Only Payment2,503Loan FactorsLoan 4Loan Amount487,500Loan Note Rate7.50%Loan Length (Years)30Regular Monthly Payment3,409Interest Only Payment3,047This example demonstrates how different loan factors can change the size of the monthly payment. Interest only payments are also an option on some loans.Visit our website to use a refinance mortgage calculator.Get Mortgage Rates, 25+ Free Mortgage Calculators, Mortgage Quick Tips and Much More Subscribe to our free Mortgage and Real Estate RSS Feed - Great Free Content For Your Website
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