Should You Refinance Your Home?

Did you know that you could possibly save money each month on your mortgage loan?

Currently, interest rates are at an all-time low for fixed-rate products. Refinancing could save you significant money on your mortgage payments.

Check out Today’s Current Rates:

• 15 YEAR RATE: 3.25%   3.361% APR*
• 20 YEAR RATE: 3.875%   3.963% APR**
• 30 YEAR RATE: 4.00%   4.064% APR***

There are plenty of homeowners taking advantage of the low interest rates currently offered to refinance their homes. Is it something you should consider?

You should always compare advertised rates at any bank. If you can lower your mortgage by at least half a point, it may be time to refinance your home mortgage. If you can reduce it by two points, then it is almost assuredly time. Also, if you currently have an adjustable mortgage interest rate that is a half to two points above the fixed current rates, the time might be right to refinance your home mortgage into a fixed rate. has an easy-to-use calculator on its website www.pyramaxbank.com that may help you decide what to do.

Make sure you speak to a loan officer who can confirm the lender’s advertised rate. Ask to have the advertised loan rate mailed or emailed to you for your records.

Randy Reese, a mortgage loan officer at PyraMax Bank, says you should also take a look at your unpaid balance. Do you have enough money to close? If the closing costs are going to cost more than what you can pay back in a year, maybe re-financing now isn’t the right time. The typical closing cost is $1,200 and some larger banks charge at much as $1,650. If you can save as much as $1,500 a year in mortgage payments by refinancing, maybe now is the time.

And lastly, consider how long you plan to be in your home. If you think you will be living there a long time and your interest rates are a little high, you may want to refinance. One of the biggest advantages to coming to a community bank like PyraMax is that you can typically get answers to your questions right away, the fees are lower, and you get local servicing. And even if the bank is local, banks like PyraMax can broker mortgages to larger banks or financing companies, which gives you more flexibility with lenders.

It’s quick & easy to start saving today. We would be happy to help you find the right refinancing option for you.

*15 year rate: "Today's Current Rate" is subject to credit approval and is subject to change without notice. Your rate and corresponding APR (annual percentage rate) may be higher than "Today's Current Rate" and is determined by your credit history and LTV. As an example your payment based on 3.250% (3.361% APR) for a 15 year $175,000.00 fixed loan would be $1229.67 per month for 180 months not including any applicable taxes and/or insurance. Taxes and/or insurance may increase your monthly payment. Other restrictions may apply. 

**20 year: "Today's Current Rate" is subject to credit approval and is subject to change without notice. Your rate and corresponding APR (annual percentage rate) may be higher than "Today's Current Rate" and is determined by your credit history and LTV. As an example your payment based on 3.875% (3.963% APR) for a 20 year $175,000.00 fixed loan would be $1048.97 per month for 240 months not including any applicable taxes and/or insurance. Taxes and/or insurance may increase your monthly payment. Other restrictions may apply.

***30 year: "Today's Current Rate" is subject to credit approval and is subject to change without notice. Your rate and corresponding APR (annual percentage rate) may be higher than "Today's Current Rate" and is determined by your credit history and LTV. As an example your payment based on 4.000% (4.064% APR) for a 30 year $175,000.00 fixed loan would be $835.48 per month for 360 months not including any applicable taxes and/or insurance. Taxes and/or insurance may increase your monthly payment. Other restrictions may apply. 

All rates are accurate as of 03/05/2012 and are subject to change without notice. Equal Housing Lender