It's generally a good time to refinance when mortgage rates are 2% lower than the current rate on your loan. It may be a viable option even if the interest rate difference is only 1% or less. Any reduction can trim your monthly mortgage payments. Example: Your payment, excluding taxes and insurance, would be about $770 on a $100,000 loan at 8.5%; if the rate were lowered to 7.5%, your payment would then be $700, now you're saving $70 per month. Your savings depends on your income, budget, loan amount, and interest rate changes. Your trusted lender can help you calculate your options.
We have been helping customers afford the home of their dreams for 42 years with over $ 1.5 billion dollars in closed residential loans and we love what we do!
Illinois Mortgagee License # MB 6761275
Florida Mortgage License # MB 4398
Company NMLS: 1656794
Regulated by: Illinois IDFPR-Director Rehwinkel 1 555 West Monroe St, 5th Floor, Chicago, IL 60661
888-473-4858
Gary DiCicco
President and Managing Partner
1890 S 14th St Suite # 140
Fernandina Beach, Florida 32034
840 S. Northwest Highway Suite #202
Barrington, Illinois 60010
Phone: (847) 717-9005
Fax: (800) 466-8091
gdicicco@p1mc.com
NMLS: 218864
IL 031-0049845
FL LO84443
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