Banner
Banner
Print this pageAdd this page to your favoritesSelect a font sizeSmall fontMedium fontLarge font
 

Refinance

The interest rate today may be at the best in sevearl months, if you have multiple debts you can consolidate them with a home equity loan, which could be helpful in your tax depositions, please check with your tax professional. At Washington Financial, we listen to our clients, and provide them with solutions that address their specific financial needs.

By refinancing your mortgage when interest rates are lower, you trade a higher interest rate for a lower one, which, in turn, lowers your monthly payment.

Benefits of refinancing

A sound advantage of home refinancing is that you can shorten the term of your mortgage. For instance, your original 30-year mortgage which you have been paying for ten years, can be switched to a shorter term of either 10 or 15 years. This can save you thousands of dollars of interest. If the refinance rate is lower, but you maintain the same monthly payment, you will build up equity in your home more quickly, because more of your payment will be going towards principal.

Current Rates

You can refinance your home at very favorable rates to as low as 5.75% for a 30 year fixed loan to as low as 5.5% for a 15 year fixed loan. Please understand that your credit score (commonly referred to as your FICO score) plays a considerably role in what rate you eventually pay. Other important factors include the amount of equity you have in your property and your current debt. Please give us a call at 916.675.1177 or leave us and e-mail at info@washingtonreal.com and one of our loan professionals will contact you within 24 hours.