15-YEAR REFINANCE

Given today’s interest rates, refinancing from a traditional 30-year fixed rate mortgage to a 15-year could result in massive savings.

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WHY 15-YEAR REFINANCE?

15-Year Refinance Rates Near Historic Lows

As a result of the impact of the COVID-19 pandemic, interest rates have been cut by the federal government. This has led to a huge influx of people trying to refinance to a lower rate. The 15-year refinance rate is near historic lows and many currently in a 30-year fixed rate mortgage could benefit in a major way by refinancing to a 15-year mortgage.

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SAMPLE CALCULATION

30-YEAR MORTGAGE VS. 15-YEAR

30-YEAR LOAN FOR $200,000

%

SAMPLE INTEREST RATE

MONTHLY PAYMENT

TOTAL INTERESTED PAID

15-YEAR LOAN FOR $200,000

%

SAMPLE INTEREST RATE

MONTHLY PAYMENT

TOTAL INTERESTED PAID

P

Pros of 15-Year Refi

  • Own your home sooner
  • Save a ton on interest
  • Larger portion of payments go towards principal
O

Cons of 15-Year Refi

  • Higher monthly payment
  • Less money for other things
  • Loss of tax breaks due to paying less interest
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THE REFINANCE EXPERIENCE

WHAT CLIENTS SAY ABOUT OMEGA REFINANCING