One of the most popular reasons to refinance is to lower your rate. Plus, if you’ve been making mortgage payments for a while and you have built up equity in your home since you bought it, you may be eligible to refinance and eliminate your mortgage insurance premium payments.
A decision to refinance should be carefully considered and discussed with an Ark Mortgage advisor. Any closing fees are normally added into the cost of the loan, so there’s rarely any upfront cost except for the appraisal. And if you originally financed your property through us, our Lifetime Guarantee ensures your application and commitment fees will be waived and your appraisal cost reimbursed—a savings of up to $2,500!
If you’re paying high interest on revolving debt, such as credit cards, you may be in an endless downward financial spiral that is challenging your monthly cash flow. By refinancing and tapping into the equity in your home, you can pay off these revolving interest loans and reduce your overall monthly payments.
With this handy calculator, you can gauge your potential new monthly mortgage payment in seconds, and ensure you’ll have enough money left to cover the rest of your living expenses. Choose your rate and term—you might be surprised to see how affordable it is to own your home sooner than you thought possible. Note how much interest you’ll pay over the life of the loan, and then enter prepayment amounts to calculate their impact on your overall expenditure.