Portland Refinance

Portland refinance options a quite varied. Whether you are looking to lower your monthly payments, convert an adjustable rate mortgage (ARM) to a fixed rate mortgage, shorten the term of your mortgage to pay it off faster, or tap into your homes equity to gain some extra cash there are choices available in Portland. Refinance options are nearly as great as the number of reasons there are for refinancing.

A Portland refinance should allows start with an assessment of your current situation and an understanding of your current goals. Basically, when you shop for a Portland refinance you should know what you currently have and what you are looking to get.

Perhaps the most common Portland refinance choice is lowering your monthly payment by obtaining a 30 year loan at a reduced interest rate. For example, If you owe $100,000 on your current loan at 6% with 25 years left your monthly payment would be $644.30. Be obtaining a Portland refinance for 30 years with a rate of 5% your monthly payment would be reduced to $536.82 providing you with more than $100 per month in extra cash flow by obtaining a Portland refinance.

A second common Portland refinance option is to obtain a mortgage with a reduced rate and term to pay the mortgage off faster. Assume the same homeowner with a $100,000 mortgage at 6% for 25 years decides to accept a 20 year mortgage at 5%. The monthly payment would go up to $659.96, for less than a $16 increase, but the home would be paid off 5 years faster saving the homeowner $34,902.30 in interest payments over the life of the loan. There are not many $16 per month investments that can net those kinds of returns. In this case the homeowner could save serious cash with a Portland refinance.