Montana Refinance Loans

People refinance their houses for mainly two reasons.

One is to get a better interest rate whereby they save thousands of dollars over the life of the loan and pay it off quicker.  If current market interest rate trends indicate that you could lower your rate by 1% or more you should look into seeing what an Integrity Mortgage refinance could do for you. We can find the most competitive rates and give you all of the options for your situation.

Number two reason to refinance would be to get rid of your current high interest rate credit card debt with a low interest rate mortgage loan. This allows you to pay off your debt much quicker now that you have a much lower interest rate that is tax deductible. Here is an example of a before and after example of what we can do for you.

Lets say John let his credit cards get out of control and now he is paying high interest rates:


What is owed                                                    Interest rate                 Monthly payment
He owes on his first mortgage $125,000.00             6.25%                       $932.00
                        1st Credit Card    $8,000.00             18.49%                      $200.00
                         2nd Credit Card  $5,500.00             23.99%                      $165.00
                         Car Loan             $7500.00                6.89%                      $179.21
Total Debt                               $146,000.00   Total Monthly Payments $1476.21

John is clearly looking for a way to pay off his debt faster rather than slowly pay it off with such a high interest rate! His solution is a new loan for $150,000.00 at a 5.25% rate.
His new monthly payment is $828.00!!

He will save $648.00 a month and can either pay down his mortgage quickly, or start putting some money away each month for retirement!

John knows that the promise of Social Security will probably not be around by the time he retires, and so opts to start paying $400 into his retirement and put the other $248 dollars toward paying off his mortgage early. With this extra $248 a month going to the principle of his loan he will have his house paid off in eighteen years instead of thirty!

 Let us also conclude that John puts his $400 into an eight percent return retirement investment. After eighteen years his retirement would be at $180,000.00 That after taxes and adjusted for inflation!

Maybe you are like John and want a simple way to achieve financial goals, or you need to find ways to save more money because the price of everything for your basic living has gone up beyond what you make!

Bottom line, you need ways to save in order to survive! Refinancing can be used as a frugal living option or a powerful financial planning tool. Call Integrity Mortgage today to see what your options are. 406-375-8733
 

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