Is Refinancing Right For You?

Estimate your savings with our refinance calculator and learn about how it works.

Refinance
Calculator.

Use our refi calculator to estimate your savings.

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Refinancing could save you

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New monthly payment $

Refinance fees $

Lifetime Savings $

This tool is for educational purposes for your research in purchasing or refinancing your home.

Mortgage Rates.

View the current mortgage rates for WA.

Please note that rates may be up to 48 hours behind. For up to the minute rates contact us today!

How the calculator works out your refinance savings

Your overall savings when planning to stay in your new home consists of:

  • Cash savings: it’s that cash in your pocket. It’s the difference between existing versus new monthly mortgage payments (minus closing costs- around 3% of the mortgage).

  • The difference in the amount you’ll still owe: the difference between your existing versus new mortgage’s principal amounts

The breakeven period. Explained.

Your break-even period consists of the number of years you’ll need to pay monthly payments before recouping your refinancing costs.

Pro Tip: Are you planning to stay in your property beyond the break-even period? Refinancing your mortgage will be one of your smartest moves.

First things first, how long to you plan on staying in your home?

Before refinancing your home, be sure to determine the number of months or years that you’ll stay in your home. 

Are you planning to move soon? There’s no need to pay expensive closing costs just to enjoy a reduced interest rate.

Also, if you think your stay will be for life, refinancing and extending the mortgage term may still not make sense. Yes, the first few years may see you saving some dollars. But you’ll eventually have to pay more in overall interest rates over your new loan’s life. 

Refinance to meet your goals.

In most cases, refinancing helps you save significant amounts of dollars. For instance, refinancing is your smart move if you think your stay in your home will be more than the new loan’s break-even period, your new mortgage’s interest rates are lower, you want to get rid of private mortgage insurance, or you’re looking to switch off the adjustable-rate mortgage

Here are our top reasons to refinance:

1

Get a reduced interest rate

Reducing your mortgage rate can cut down the amount you pay monthly if the loan term doesn’t change. But remember to consider the refinance fees- they range between 2% to 5% of the loan balance due. It makes sense to refinance down to a lower rate. And the better your credit score, the better the rate can become. So be sure to check your history and credit score before kick-starting the refinancing process.

2

Replace adjustable-rate with fixed mortgage rate

With an adjustable-rate loan, the rate will be steady during the initial period, then reset to a floating rate. It’s sensible to use an ARM to save money if you plan to stay in that home for just a few years.Are you planning to stay for more than a few years? It’s helpful to convert from an ARM to a fixed mortgage.

3

Get rid of private mortgage insurance

Private Mortgage Insurance (PMI) payment is a requirement if you bought a home with 20% or less down. This PMI (costing around 0.5% to 1.5% of the loan annually) covers the lender if you default on your repayments.

Sometimes, you can cancel this insurance if the mortgage balance falls below 80% of the home’s value. But for Federal Housing Administration’s mortgage, you’ll still pay the PMI for the whole life of the mortgage.

Find out more.

Does refinancing make sense to you? Let’s walk you through the whole process, and you’ll meet your goals with confidence.

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