From saving their homes to keeping an extra $1,000 per month in their pockets, these homeowners are now believers in the power of refinancing.
by Lee Nelson
An Extra $767 a Month? Don’t Mind if I Do.
The new mortgage payment for Anthony VanDyke’s client won’t be going down that much with his new cash out refinance loan. His payment was $1,200 and will go down to $1,140.
“However, we are taking $21,000 cash out to pay off his auto loan, a small home equity line of credit and two credit cards. The savings of $767 per month equals 26 percent of his take home pay after payroll deductions or 20 percent of his gross pay,” says VanDyke, president of ALV Mortgage in Salt Lake City.
“This borrower makes $46,000 per year or $3,800 a month. The refinance equals a significant amount of monthly savings for this borrower,” he says.
It’s true that these four cases are extraordinary. But ordinary homeowners everywhere can save a significant amount of money by refinancing. Contact us to get started on your home refinance to see how much you can save.
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