People ask us, “How much difference can a refi really make?”. Sometimes we fall into our professional jargon, tossing out terms like escrows and points and other bits of mortgagese. But when you get past the rates and balloon-payments you can really improve peoples’ lives.
Recently I got a note from our Home Loan Expert, Amy Clark. She had just closed a home loan refinance for Tom & Lori Smith*, a refi that had been referred to her by a PCCU employee who though we might save them some money. I asked her how much she was able to reduce their mortgage payment.
“$50 a month.”.
“Oh, well that isn’t as much as we had hoped, but that’s still $600 a year back to them.”.
“Plus, we found $17,000 in equity they could use for home improvements.”.
“Hey, now that’s a nice bonus!”.
“Plus, we paid off the second mortgage they had gotten from a bank, and saved them about another $290 a month.”.
“Wow, that really is good. Great work Amy!”.
“And, we cut almost eight years off of their home loan. They’ll pay it off in fifteen years, instead of twenty-three!”.
“So really, you saved them almost $340 a month, and eight years of payments?”.
“Yup, Tom and Lori were pleased. They’ll pay off their home loan in their mid-fifties instead of their mid-sixties! Who knows, they may even be able to retire a bit earlier.”.
“Well done Amy, well done indeed!”
Amy will work just as hard for you as she did the Smiths, and she just may put some money or years back in your pockets**. There’s no obligation, so email or call her today at 765-960-8618 and start the conversation. She’ll take a look at your current home loan and see how much you may be able to save with a refinance from PCCU!
*Not their real names.
**Not all members will save with a refinance.