Most lenders charge fees to refinance a loan. So, if you plan to only stay in the property for a couple of years, your monthly savings may not accumulate to recoup these costs. Example: A lender charged $1,000 to refinance your loan that resulted in saving you $50 each month; it would take 20-months to recoup your initial costs. Some lenders will charge a slightly higher than average interest rate on refinance loans, but will waive all costs associated with the loan. This will depend on the interest rate on your current loan.
We have been helping customers afford the home of their dreams for 39 years with over $ 1.4 billion dollars in closed residential loans and we love what we do!
Illinois Mortgagee License # MB 6761275
Florida Mortgage License # MB 4398
Company NMLS: 1656794
Regulated by: Illinois IDFPR-Director Rehwinkel 122 S. Michigan Avenue Chicago, IL 60603 217-785-0820
President and Managing Partner
840 S. Northwest Highway Suite #202
BARRINGTON, Illinois 60010
Phone: (847) 717-9005
Fax: (800) 466-8091