Refinance Info
Refinance Info
Hi, I got a 30 year mortgage in 2001 for $54,000.00 at 6.25% Interest rates dropped to an all time low in 2002 to 4%. I would like to know if I would have refinanced my mortgage in 2002 at 4% how much money would I have saved to date and how many years would I have reduced my mortgage by. I called my bank to see if they could give me a report reflecking this info and they said they could not.. Any info in helping me to answer this question would be very helpful. Thank You.
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for every 100k you would save 1k a year for each percent - since you have 54k lets use half
so 500 a year for each percent (your balance should be less so I just used 50k)
soYou would be saving close to 1000 a year or about 85 amonth
Hope this helps
Brian Barnes
Nationwide Mortgage Loans
Berian@AimWithFocus.com