F$ makes it EZ!! (972) 644-8244


	It's like giving yourself a raise! Lower your monthly payments and save thousands of dollars over the life of the loan.

HOW DO I DECIDE WHETHER TO REFI OR NOT?

Conventional wisdom says if you drop your interest rate 2% and stay in your home for 2 more years then you should refi.

But many other combinations will work also!
For example: If you intend to stay in your property for 10-30 years then a .125% interest drop would work.

WHY/HOW did I come up with these figures?
The basic premise is that you need to stay in your property long enough that your new reduced payment savings will recover the costs involved in the refinance and make you a profit.

HOW MUCH CAN BE SAVED BY REFINANCING?
Below is a table you may use to compare what you are paying now in principal & interest to what you could be paying if you were to refinance your current mortgage.
(These figures are based on a 30 year amortization.)

To use this chart, find the loan amount and interest rate closest to your present loan level and compare the payment to current rates. This will give you the new Principle and Interest figure. DO NOT COMPARE THIS TO YOUR PRESENT PITI PAYMENT! Only compare it to the P&I PORTION of your payment. You will still need to pay the same Taxes and Insurance.

You TOTAL payment might drop even further than just the drop in P & I because the increase in value of your property might also allow you to get rid of your Mortgage Insurance.

Your interest rate or loan amount not listed? That's OK, you can make a good guess by looking at the payment drop for a similar loan amount and interest rate differential - or just call us and we'll figure it exactly. (972) 644-8244 or (817) 204-0028

Loan Amount	12%	11%	10%	9%	8.5%	8%	7.5%	7%
$ 75,000	$ 772	$ 714	$ 658	$ 603	$ 577	$ 551	$ 524	$ 499
$100,000	$1,028	$ 952	$ 878	$ 805	$ 769	$ 734	$ 699	$ 665
$125,000	$1,286	$1,190	$1,097	$1,006	$ 961	$ 917	$ 874	$ 831
$150,000	$1,543	$1,428	$1,316	$1,207	$1,153	$1,101	$1,049	$ 997
$175,000	$1,800	$1,666	$1,536	$1,408	$1,346	$1,284	$1,223	$1,164
$200,000	$2,057	$1,905	$1,755	$1,610	$1,538	$1,467	$1,398	$1,330
$225,000	$2,315	$2,143	$1,975	$1,810	$1,730	$1,651	$1,573	$1,497
$250,000	$2,572	$2,381	$2,194	$2,011	$1,922	$1,834	$1,748	$1,663
$300,000	$3,086	$2,857	$2,632	$2,414	$2,307	$2,201	$2,097	$1,996
$400,000	$4,115	$3,810	$3,510	$3,218	$3,076	$2,935	$2,797	$2,661
$500,000	$5,143	$4,762	$4,388	$4,023	$3,844	$3,669	$3,496	$3,326

Next Question: How much will it cost me?

A refinance is a new loan and therefore you have almost the same costs as for a new loan.

Still have your old survey?
If you haven't made any changes you don't need a new one.

If you have been in your house for less than 7 years you will get a break on the cost of a new title policy also. Call us and we can figure accurate costs for you in a matter of minutes.

The rules for refinancing your home are simple (except for VA).

You have 3 choices.

1) You may hide the costs in the new interest rate.

2) You may roll the costs into the loan.

3) You may pay the closing costs in cash.

There is no such thing as a NO COST refi.
I know you have heard ads that imply there is, but they are just being less than honest with you and using option #1. This usually builds in a larger profit for the mortgage company. We'll give you a choice. (BTW, option #2 is usually the cheapest.) see Closing Costs for more details.

We offer all 3 choices!

Since a refinance is a new loan and not just an adjustment of your old loan, we will need to develop a complete new loan package. Processing is usually faster than on a new loan, but we still have to process a new loan.