(800) 360.EASY (3279) CUSTOMER LOGIN More HOME → Refinance Why refinance? Take advantage of today’s historically low rates and reduce your monthly payment. Convert your adjustable rate mortgage into a secure, fixed-rate loan. Consolidate your first and second mortgages into a single low fixed-rate loan. Pay off your other debts and possibly save thousands. Pull out some cash to build a pool or a new kitchen. Reduce your balance faster. With a lower interest rate, you pay more principal with each payment, especially in the first years of the loan. Example: After five years of payments on a 30-year loan of $200,000 at 4%, you would pay $19,706 in principal vs. $17,105 on the same loan at 5%. That’s an extra $2,601 in benefit on top of the $7,052 of interest savings. Total advantage = $9,653 Own Free and Clear, Sooner. There are two ways to make this happen: Pay extra principal. Apply your monthly savings toward principal to shorten your loan term by several years. Example: Using the same loan terms from above, pay your $118/month savings as extra toward principal and cut the loan from 30 to 24.33 years. Refinance for a shorter term. Rates on 15-year loans are typically lower than 30-year loans, so a payment on a shorter term may still be within a comfortable range for you. Maximize Your Rate of Return Through Investments. If you deposit the $118 monthly savings from the example above into a tax deferred account earning 6% over time, it will grow to $81,852 in 25 years. If you use the savings to increase your 401K contribution with a 50% employer match, that figure would equal $122,782. Earning 6% on your money may be tough right now, yet historically, returns on a properly balanced and diversified portfolio are 7% or better. Always consult with a properly licensed financial advisor when making investment decisions. Tap Into Your Equity. If you need to make repairs or improvements, you may be surprised at how much cash you might be able to free up without increasing your monthly payment. The same can be said for financing college educations or purchasing a second home or investment property. Enjoy Peace of Mind. There’s comfort in making a prudent decision and putting a plan into action. We’re looking for talented professionals to join our All-Star Team CONTACT US Loan Types FHA Loan VA Loan ARMs Reverse Mortgage 30 Year Fixed Rate 15 Year Fixed Rate Important Links CUSTOMER LOGIN Terms of Use Privacy Policy Locations Contact Us FEMBi Mortgage 9300 S Dadeland Blvd STE 500 Miami, FL 33156 (800) 360.3279 Copyright © 2021 All Rights Reserved. First Equity Mortgage Bankers, Inc. (FEMBi Mortgage) NMLS#162197, is a fully diversified mortgage bank. We finance the purchase and refinance transactions through Conforming, Non-conforming, FHA, VA, and USDA/Rural loans. DISCLAIMER: FEMBi Mortgage has no affiliation with any government agencies or lenders. If you stop paying your mortgage, it may impact your credit.