Refinance A Home

Housing costs are one of the largest components of most household budgets. With interest rates changing so frequently, you should periodically determine whether refinancing at current interest rates would save you money.

To determine whether you should refinance, you should know what to expect and consider what the costs of obtaining a new mortgage will be compared to the savings you will enjoy with a reduced interest rate.

40-year mortgages
When most people think of a typical mortgage, they think of the 30 year fixed mortgage. Times have changed and so have home prices. Now, for many of today’s home and home buyers, a 40 year mortgage is necessary to keep monthly payments at a workable level and to simply buy more home.

Talk with a First Tech home loan professional. Stop by any branch, call 800.637.0852 x4531 or use our online home loan selector. Either way, you’re just a few steps away from the right loan for your dream home.

A recent APR for the 40 year mortgage was 6.014% and assumes a 20% downpayment on a loan amount of $100,000. The principal and interest payment for this example would be $541.53. The results assume a total point of 1%. Loan amounts with less than a 20 % require private mortgage insurance which could increase the payment and APR. The rate set forth in this example is subject to change without notice.