At ESL, we work hard to make the mortgage and refinancing process as easy as possible for you.
That’s why we provide straightforward information and answers, outstanding personal service, and a helpful guide to the five key steps involved:
- Evaluate Solutions
- Closing Process
- After Closing Support
For all the details, read Steps to get an ESL Mortgage.
Costs & Benefits
Refinancing is a popular option for homeowners today, thanks to the potential financial benefits. Before you make your decision about refinancing, it’s important to understand the costs and financial benefits involved. Then you can clearly see whether or not a refinanced mortgage makes sense for you.
Consider These Costs:
- Closing costs on your new mortgage loan. You may be able to include closing costs in your mortgage. Ask your ESL mortgage expert how this will impact your payments and overall loan amount.
- How the term of your mortgage impacts your monthly cost. If you choose a longer term for your new mortgage, you may be able to lower your monthly payments. But that also means you’ll be paying off your loan over a longer time frame which can add to the total cost of your refinanced mortgage. Your ESL mortgage expert can help you determine what’s right for you.
Assess the Financial Benefits:
- Savings from a lower mortgage interest rate. If you get a lower rate with your refinanced mortgage, you may be able to save a substantial amount over the life of your refinanced mortgage.
- Savings from a shorter mortgage term. If you pay off your refinanced mortgage sooner than you would have paid off your original mortgage, you will be able to eliminate mortgage payments from your monthly budget at an earlier date. And that can be a smart financial move to make before retirement or other major life changes.
Find your “break-even point”
To find out whether it makes sense to refinance your mortgage, it’s important to calculate all the costs and benefits involved. Then you can determine your break-even point.
That’s the point in time when you will begin to benefit financially from a refinanced mortgage.
Let us help you make a sound decision
Setting clear goals. Understanding all the costs and expenses. Calculating the financial benefits. Determining your break-even point…
It’s all part of the process of making a well-informed financial decision about refinancing.
And we can help you every step of the way. So contact our Mortgage Team today. We’ll answer your questions, help you find the right mortgage option, and go out of our way to streamline the process from beginning to end.