If you haven’t refinanced in the last couple of years, then you definitely still have time to refinance and save big.
With current interest rates on a 10-, 15-, 20- and 30-year term mortgage ranging between 3.25% – 4.75%, you stand to save thousands of dollars in interest and possibly lower your term.
Let’s say you financed your $200,000 home for 30 years at 5.25%, and your balance is currently $175,000. You could refinance it for 20 years at 4.25% and reduce your payment by $20.75. The real kicker is that you’ll pay off your home faster and save a whopping $112,507 in interest!
Amazing, isn’t it? All it takes is a phone call in to one of our mortgage experts to find out how much you could save by refinancing while the interest rates remain at an all-time low.
Linda Boe, Mortgage Officer
lboe@louisianafcu.org, 985.652.4990, ext. 1702
