• Home
  • About Us
    • About Us
    • Meet Our Team
    • Mission Statement
    • Our Promise
    • Our Partners
    • Join Our Team
    • Brokerage Services
  • Our Services
    • Individuals and Families
    • Business Owners
    • Retirees/Medicare Eligible
  • Planning
    • Life Insurance
    • College Planning
    • Retirement Planning
    • Build Wealth
    • Disability Insurance
    • Mortgage Protection
    • Business Valuation
    • Long Term Care
    • Final Expense
    • Home + Auto
  • Business
    • Group Plans
    • Business
    • Key Employees
    • Employee Benefits
    • Executive Carve Out
    • Financial Management
    • Protect Your Business
    • Retirement Planning
    • Succession Planning
  • Resources
    • Careers >
      • Careers
      • Careers Sampling
      • Career Training
      • Internships
      • Producers
      • Join Our Team
    • Articles
    • Market Watch
    • Newsletter
    • FAQs
    • Member Access
  • Contact Us
    • Contact Us
    • Request A Quote
    • Schedule An Appointment
Sunshine Financial Solutions | Insurance, Retirement, College Funding and Business Solutions
  • Home
  • About Us
    • About Us
    • Meet Our Team
    • Mission Statement
    • Our Promise
    • Our Partners
    • Join Our Team
    • Brokerage Services
  • Our Services
    • Individuals and Families
    • Business Owners
    • Retirees/Medicare Eligible
  • Planning
    • Life Insurance
    • College Planning
    • Retirement Planning
    • Build Wealth
    • Disability Insurance
    • Mortgage Protection
    • Business Valuation
    • Long Term Care
    • Final Expense
    • Home + Auto
  • Business
    • Group Plans
    • Business
    • Key Employees
    • Employee Benefits
    • Executive Carve Out
    • Financial Management
    • Protect Your Business
    • Retirement Planning
    • Succession Planning
  • Resources
    • Careers >
      • Careers
      • Careers Sampling
      • Career Training
      • Internships
      • Producers
      • Join Our Team
    • Articles
    • Market Watch
    • Newsletter
    • FAQs
    • Member Access
  • Contact Us
    • Contact Us
    • Request A Quote
    • Schedule An Appointment

Newsletter

What Are Some Smart Ways to Refinance?

1/3/2019

0 Comments

 
What Are Some Smart Ways to Refinance?

​Recently, fixed mortgages were near their lowest rates in almost 30 years. And if you are one of the many people who took out mortgages in the few years prior to that, you may be wondering if you should look into refinancing.
If your mortgage was taken out within the past five years, it may be worthwhile to refinance if you can get financing that is at least one to two points lower than your current interest rate. You should plan on staying in the house long enough to pay off the loan transaction charges (points, title insurance, attorney’s fees, etc.).
A fixed-rate mortgage could be your best bet in a rising interest rate environment, if you plan to stay in the house for several years. An adjustable mortgage may suit you if you will be moving within a few years, but you need to ensure that you will be able to handle increasingly higher payments should interest rates rise.
One way to use mortgage refinancing to your advantage is to take out a new mortgage for the same duration as your old mortgage. The lower interest rate will result in lower monthly payments.
For example, if you took out a $150,000 30-year fixed-rate mortgage at 7.5 percent (including transaction charges), your monthly payment is now $1,049. Refinance at 6 percent with a 30-year fixed-rate mortgage of $150,000 (including transaction fees), and your payment will be $899 per month. That’s a savings of $150 per month, which you can then use to invest, add to your retirement fund, or do with it whatever you please.
Another option is to exchange your old mortgage for a shorter-term loan. Your 30-year fixed-rate payment on a $150,000 loan was $1,049 per month. If you refinance with a 15-year fixed mortgage for $150,000 — including transaction costs — at 6 percent, your monthly payment will be $1,266. This payment is only $217 more than your previous mortgage, but your home will be fully paid for several years sooner, for a savings of more than $150,000! And some banks around the country are beginning to offer 10- and 20-year mortgages.
Either way you look at it, it’s an attractive idea.
If you’re considering refinancing your mortgage, consult your financial advisor and determine whether refinancing your home would be a good move for you.


The information in this newsletter is not intended as tax, legal, investment, or retirement advice or recommendations, and it may not be relied on for the ­purpose of ­avoiding any ­federal tax penalties. You are encouraged to seek advice from an independent professional ­advisor. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the ­purchase or sale of any security. This material was written and prepared by Broadridge Advisor Solutions. © 2019 Broadridge Investor Communication Solutions, Inc.
0 Comments



Leave a Reply.

    Archives

    January 2019
    December 2018
    November 2018

    Categories

    All
    College Planning
    Estate Planning
    Retirement
    Risk Management

    RSS Feed

Picture

    Subscribe To Our Newsletter Today!

Submit

Contact Us

Location

1401 N University Dr. Ste 300
​Coral Springs, FL 33071

Phone: 561-609-2251
info@sfsfinancial.org
© 2022 Sunshine Financial Solutions of South Florida, Inc.
Securities offered through OneAmerica Securities, Inc., a Registered Investment Advisor, member FINRA SIPC. Sunshine Financial Solutions of South Florida, Inc. is not an affiliate of OneAmerica Securities or the companies of OneAmerica and is not a broker dealer or Registered Investment Advisor. Provided content is for overview and informational purposes only and is not intended and should not be relied upon as individual tax, legal, fiduciary, or investment advice. Neither OneAmerica Securities, the companies of OneAmerica, or Sunshine Financial Solutions of South Florida, Inc. provide tax or legal advice. For answers to specific questions and before making any decisions, please consult a qualified attorney or tax advisor. Guarantees are subject to the claims paying ability of the issuing insurance company.
  • Home
  • About Us
    • About Us
    • Meet Our Team
    • Mission Statement
    • Our Promise
    • Our Partners
    • Join Our Team
    • Brokerage Services
  • Our Services
    • Individuals and Families
    • Business Owners
    • Retirees/Medicare Eligible
  • Planning
    • Life Insurance
    • College Planning
    • Retirement Planning
    • Build Wealth
    • Disability Insurance
    • Mortgage Protection
    • Business Valuation
    • Long Term Care
    • Final Expense
    • Home + Auto
  • Business
    • Group Plans
    • Business
    • Key Employees
    • Employee Benefits
    • Executive Carve Out
    • Financial Management
    • Protect Your Business
    • Retirement Planning
    • Succession Planning
  • Resources
    • Careers >
      • Careers
      • Careers Sampling
      • Career Training
      • Internships
      • Producers
      • Join Our Team
    • Articles
    • Market Watch
    • Newsletter
    • FAQs
    • Member Access
  • Contact Us
    • Contact Us
    • Request A Quote
    • Schedule An Appointment