Why consider a mortgage refinance?
- If interest rates are lower than when you bought your home, you could lower your monthly payment.
- If you have a variable rate mortgage, refinancing to a fixed-rate mortgage can provide you with the security of a stable rate and principal payment that will not change over the life of the loan.
- You may be able to pay off your mortgage faster by shortening your loan term.
Homewise offers personalized, local service to help you determine if a refinance is right for you. Get started today by calling our Santa Fe office at https://homewise.org/attend-a-class/or our Albuquerque office at 505.243.6566. A Homewise Loan Officer will discuss your financial goals, analyze your current mortgage, assess whether you will be able to refinance, and provide you with options that will best address your needs. If you are looking for ways to reduce debt, increase your credit score and become more financially fit, Homewise also offers free financial coaching and workshops to help you take a proactive approach to manage your money and planning for the future. Learn more and sign up for an upcoming class here:
More Information About Today’s Rates
Rates shown are based on the following scenario:
|Loan Purpose||Purchase/limited cash out refinance|
|Property Use||Primary Residence|
|Settlement Charges||$4,968.00 (est)|
|Property Type||Existing Single Family|
|Lock Period||30 Days|
**Please note that the interest rate and fees shown are estimates. The actual interest rate and fees available to you will be based on your credit history, loan-to-value ratio and possible other factors, and may be higher or lower than the rates displayed here. Rates shown assume a minimum FICO score of 740, a one point origination fee and a maximum loan-to-value ratio of 80%. APR – A loan’s Annual Percentage Rate (APR) is a yearly percentage rate that expresses the total finance charge over the loan’s entire term. Since the APR includes the interest rate, fees, points, and mortgage insurance, it is a more complete measure of a loan’s cost than the interest rate alone. The loan’s interest rate, not its APR, is used to calculate the monthly principal and interest payment.