Connecticut Mortgage Refinancing Saves Money

Posted by  on Apr 16, 2009
Qualifying for a lower interest rate with a good credit score when Connecticut mortgage refinancing will save you money. Even if you only qualify for a Connecticut mortgage refinancing interest rate that is a quarter of a point lower you can still save a lot of money over the lifetime of your Connecticut mortgage. Here are some tips that can help you to qualify for a better Connecticut mortgage refinance interest rate:

One factor that affects your Connecticut mortgage refinancing interest rate is the Connecticut mortgage refinance home loan term length that you choose. Connecticut mortgage refinancing with a shorter term length will get you a lower interest rate than a traditional 30 year Connecticut mortgage term. Connecticut mortgage refinancing loans with 15 year terms are a popular choice when Connecticut mortgage refinancing. You can improve the mortgage rate of your Connecticut mortgage refinance by cleaning up your credit and paying down your debts. Here is an example of how much you could save when you qualify for a lower Connecticut mortgage interest rate:

If you qualified for a 6.5% interest rate for your $100,000 Connecticut mortgage refinance, your monthly payment at that interest rate would be $871 on a 15 year Connecticut mortgage and $632 on a 30 year Connecticut mortgage. The total amount of finance charges you will pay for these Connecticut mortgage loans are $56,798 at 15 years and $127,520 at 30 years. So you would definitely save a lot of money in finance charges when Connecticut mortgage refinancing with a 15 year loan, but what if you qualified for a lower Connecticut mortgage rate?

If you qualified for a 6.0% Connecticut mortgage rate on the same Connecticut mortgage refinancing loan for $100,000, your monthly Connecticut mortgage refinancing payment amount at this reduced rate would be $844 with a 15 year loan and $600 with a 30 year mortgage. The total finance charges in this case are $51,844 for 15 years and $115,820 for 30 years. This lower .5% on your Connecticut mortgage interest rate results in a savings of $11,700 on a 30 year Connecticut mortgage!

You can now see how choosing a Connecticut mortgage refinancing loan and qualifying for the lowest possible Connecticut mortgage interest rate will save you thousands of dollars and is well worth your time and effort.


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