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- This would include financing a property that you already own. It could be a refinance due to having a construction loan or land contract. You may want to refinance to lower your interest rate, take cash out or do a combination of both.
- Some of the options for refinancing may include: fixed rate, arm, interest only.
- The lender may require a percentage of equity be left in the home at the time the refinance is completed.
- This is a comparison of monthly payments between a Fixed Rate, 3/1 Arm, and Interest Only mortgage.
|
Loan Amount |
Fixed Rate |
3/1 Arm |
Interest Only |
|
$150.000 |
5.625 %
(APR 5.75 %) |
4.75 %
(APR 5.232 %) |
3.75 %
(APR 5.828 %) |
|
Principle & Interest Monthly Payment |
$863.96 |
$782.47 |
$468.75 |
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