John M. Dearth Phone: (317) 506-3346 Email: jdearth@spectrummtg.net
When I should refinance?
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.
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© Copyright. All rights reserved. Spectrum Mortgage Services | Address: 9616 Day Dr #110 | Indianapolis, IN 46280
Aaron Campbell: Phone: (317) 506-0886 | Fax: (317) 849-2313 | Email: acampbell@spectrummtg.net
John M. Dearth: Phone: (317) 506-3346 Email: jdearth@spectrummtg.net
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