Home Mortgage Refinance Loan

You probably already know qualifying for a lower rate at the time mortgage refinancing could save you money; however, do you know how much you’ll save? Even if you only qualify for a quarter point lower interest rate you might still save a boatload of cash over the lifetime of your mortgage. Here are several tips to help you qualify for a better interest rate including illustrate the potential savings from mortgage refinancing.

One factor that affects your interest rate at the time mortgage refinancing is the term length you choose. Mortgage refinancing with a shorter term length could obtain you a lower rate than a traditional 30 year mortgage. Loans with 15 year terms are a popular choice at the time mortgage refinancing. You might improve the mortgage rate your lender qualifies you by cleaning up your credit including paying down your debts. Here is a particular example to illustrate the potential savings by qualifying for a lower mortgage rate.

Suppose you qualify for a 6.5% interest rate at the time mortgage refinancing $100,000. Your monthly payment at the rate could be $871 on a 15 year mortgage including $632 on a 30 year mortgage. The total amount of finance charges you could pay for these loans are $56,798 at 15 years including $127,520 at 30 years. You might see how much you save in finance charges at the time mortgage refinancing with a 15 year loan, but what if you qualify for a lower mortgage rate?

Suppose you qualify for a 6.0% mortgage rate on the same loan for $100,000. Your monthly payment amount at the reduced rate will be $844 with a 15 year loan including $600 with a 30 year mortgage. The total finance charges in the case are $51,844 for 15 years including $115,820 for 30 years. the lower .5% on your mortgage rate results in a savings of $11,700 on a 30 year mortgage!

You might now see how choosing a 15 year mortgage including qualifying for the lowest possible mortgage rate could save you thousands of dollars including is well worth your time including effort. To learn more regarding your mortgage refinancing options, including costly mistakes to avoid, register for a free mortgage tutorial.

For more information on Mortgage Refinancing - Lower Interest Rates Mean Bigger Savings:

To obtain your FREE six-part Mortgage Refinancing Video Tutorial, visit RefiAdvisor.com using the link below.

Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes including predatory lenders. For a free copy of Mortgage Refinancing - What You Need to Know, which teaches strategies to find the best mortgage including save thousands of dollars in the process, visit Refiadvisor.com.

Claim your free mortgage refinance information guide today at: http://www.refiadvisor.com

Mortgage Refinancing Information

Written By: Louie_Latour