Flex- Term Program
One of the most common reasons why people dont want to refinance is because they feel like they are going backwards. Who wants to restart another 30 year loan that you been paying towards for 10 long years already. With the Flex-Term Program we can customize the perfect loan for you without resetting your mortgage clock! Flex-Term provides borrowers flexible options to select their amortization term. Terms are available from 8-30 years on all conventional loans.
If you want to refinance your home that you have already paid 10 years on your 30 year loan and dont want to restart over, with the Flex- Term program we can refinance you into a lower rate with out changing your loan term, that way you can refinance and still benefit with the lower rate and the lower payment but with the same term. Heres how it works; You started off with a 30 year fixed rate loan that was $407,500 at a 4.75% interest rate. Your monthly principal and interest payment is $2,125.71. After 25 payments, you now only owe $395,055.05 and have 335 months remaining. If we refinance you with our Flex-Term Program at todays 3.75% interest rate, keeping you still at 335 months left and refinancing the same amount owed $395,055.05, the new montly payment is $1899.19. You are now saving $226 monthly and your loan term is unchanged.
Or if you see yourself retiring in the next 12 years and want to get your mortgage paid off before, then choose a 12 year loan and pay it off just in time for your retirement!