Sonoma County Mortgages

All financing provided by New American Funding

(707) 217-4000 | Prequalify Now
  • Home
  • Purchase
    • How Much Down Payment To Buy A Home?
    • How Much Income You Need To Buy A Home
    • How Much Should I Save For Buying A Home?
      • How Rates Affect Payment
    • No PMI Mortgages
    • FHA Loans
    • Sonoma County Disaster Loans
    • Jumbo Loans
  • Refinance
    • Mortgage Rates
    • Does It Make Sense To Refinance?
      • Get Your Refi Paperwork In Order
    • How To Pay Off Your Loan Faster
    • How To Remove PMI
    • How Lenders Price & Quote Loans
  • Loan Programs
  • Payment Calculator
    • Mortgage Affordability Calculator
  • Blog
  • Videos
  • Scott Sheldon
    • Scott Sheldon
      Senior Loan Officer
      NMLS ID# 287389
      Direct: 707 217-4000
      Scott.Sheldon@nafinc.com
      Specializing in Residential Home Loans for Primary Residences, Second Homes, Investment Properties, Single Family Homes, Condos, PUDs, 1-4 Units.

Get Your Latest Rate Quote Now!

Refinance Without Starting Over At 30 years

September 21, 2011 by Scott Sheldon

Share on Facebook
Facebook
Tweet about this on Twitter
Twitter
Share on LinkedIn
Linkedin
Pin on Pinterest
Pinterest
Email this to someone
email
Print this page
Print
Refinancing? What To Expect If You’re Rusty On The Financials

Yes you can actually refinance your mortgage loan without starting over the 30 year term. As mortgage rates in Sonoma County have dropped this year, so have the actual costs of home ownership. It’s a fantastic time to purchase a home right now.

It’s an even better time to refinance.

This is a fact. Mortgage rates are in the low 4’s for fixed rate money. As a homeowner, you need to be aware of your “total cost of of your mortgage.” The higher your mortgage interest rate, the more interest you will pay overtime. Yes, mortgage interest is deductible, however, over a 30 year term, mortgage interest compounds making it costlier for you.

Take a look at your Truth In Lending (TILA) statement that was in your closing papers on your last mortgage loan you took out. You’ll notice the total interest over the term of 30 years was likely three times the amount of money you initially borrowed. Right there in big letters it reads “This is how much mortgage loan will cost you.” This is the total cost of your mortgage.

If you have a mortgage at 4.5% or higher you should call mortgage lender right away. You owe it to yourself to at least make the phone call. That could easily amount to $150,000 phone call or more if you can benefit by refinancing.

I’ve been originating mortgage loans for over six years now and each time I talk with clients about the benefits of today’s low refinancing rates they tell me they are “worried about starting over with a new 30 year term.” I hear the same thing all the time.

It all boils down to simple mathematical equation. I show them the math.

Here’s the secret, by making the same mortgage payment you always have on that mortgage you are saving a dramatic amount of “interest” over time and you can actually pay your “house” off faster by refinancing with a lower interest rate. It is all about the lowest possible interest rate on a refinance transaction. If you can refinance today you can improve your equity in your home, reduce your long-term interest expense and pay off your mortgage balance faster. How? Its now not secret anymore, on the new refinance simply make the same mortgage payment you always have.

Try a refinance without starting over 30 years.

By refinancing with today’s rates, you are actually doing the reverse. You are shortening your loan-term, building equity in your property and reducing your total interest expense over time. Additionally, you will get to own your home “mortgage free” much, much sooner.

Mortgage interest rates are presently the lowest they’ve been in US history. It is possible these low rates could be with us for a long time to come, but why take that chance? Wouldn’t it make more sense to have a five-minute conversation with a lender, and lock in that net tangible benefit now? Go get a mortgage rate quote. Call a mortgage lender today so you can refinance without starting over 30 years.

Related Mortgage Advice from Scott Sheldon

  • Home Mortgage Loans That Won't Turn Back The Clock

    Refinancing can be less appealing for many homeowners because the clock resets each time. In…

  • Mortgage Refinancing: Is Now The Right Time?

    If you are considering refinancing a mortgage loan, you need to make sure the net…

  • Unconventional way to pay off your home faster
    Here's An Unconventional Way To Pay Off Your Home Faster Without Changing Terms

    Most strategies to pay off your home involve making radical principal prepayments or moving to…

  • refinancing adjustable rate mortgage
    5 Important Things To Consider When Refinancing To A Fixed Rate Mortgage

    If you have an adjustable rate mortgage on your home, here the 5 prudent factors…

Filed Under: Invesment Properties/Second Homes, Mortgage Shopping, Mortgage Tips & Advice

Latest Video Tips

sonomacountymortgage

We are looking for an experienced, energetic, fun ...

Feb 6

Open
We are looking for an experienced, energetic, fun and dynamic individual to join our Santa Rosa Branch for New American Funding.

This person would be have specific recent mortgage experience, know the loan business including guidelines and be willing to go the explore mile. If you know someone like that please feel free to message me.

@nafmidpacificregion
@stylemyheart @newamericanfunding #talent #hiring #fun #talent #looking #team #crew #building #family #santarosa #sonomacounty

We are looking for an experienced, energetic, fun and dynamic individual to join our Santa Rosa Branch for New American Funding.

This person would be have specific recent mortgage experience, know the loan business including guidelines and be willing to go the explore mile. If you know someone like that please feel free to message me.

@nafmidpacificregion
@stylemyheart @newamericanfunding #talent #hiring #fun #talent #looking #team #crew #building #family #santarosa #sonomacounty
...

sonomacountymortgage

Every family we meet with gets this super handy ...

Jan 30

Open
Every family we meet with gets this super handy packet. We like families to have something tangible when it comes to financing a home. You won't find this type of service with a Rock Loan company or an internet lender...🤔 @nafmidpacificregion @nikki___perfectly_imperfect83_ @_gorjessxo #family #team #value #rates #mortgage #goals #homes #realestate

Every family we meet with gets this super handy packet. We like families to have something tangible when it comes to financing a home. You won't find this type of service with a Rock Loan company or an internet lender...🤔 @nafmidpacificregion @nikki___perfectly_imperfect83_ @_gorjessxo #family #team #value #rates #mortgage #goals #homes #realestate ...

sonomacountymortgage

My little sweet pea loved the award dad earned for...

Jan 18

Open
My little sweet pea loved the award dad earned for having a record year. #families 
#mortgage #kids #family #team #goals #success #year #2019 
@nikki___perfectly_imperfect83_ @_gorjessxo @nafmidpacificregion @nafsantarosa @tinalsheldon

My little sweet pea loved the award dad earned for having a record year. #families
#mortgage #kids #family #team #goals #success #year #2019
@nikki___perfectly_imperfect83_ @_gorjessxo @nafmidpacificregion @nafsantarosa @tinalsheldon
...

Popular Posts

Why your income is your lifeline to finance a home

Why your income is your lifeline to finance a home

Filed Under: Credit Score Questions and Answers, Economic News, First Time Home Buyers, Jumbo Loans, Loan Programs, Loan Qualifying, Mortgage Shopping, Mortgage Tips & Advice, Popular

2020 Conforming Loan Limits Increaase

New loan limits for 2020 makes getting a mortgage easier

Filed Under: Economic News, First Time Home Buyers, Interest Rates, Mortgage Shopping, Mortgage Tips & Advice, Popular, Pre-Approval

Why the purchase price in a real estate transaction should not be the single most important factor

Why the purchase price should not be the single most important factor

Filed Under: Credit Score Info, Economic News, First Time Home Buyers, Interest Rates, Invesment Properties/Second Homes, Jumbo Loans, Loan Programs, Loan Qualifying, Mortgage Shopping, Mortgage Tips & Advice

How to avoid getting a jumbo loan due to Coronavirus

Here are 2 mortgage process problems you will want to avoid

Filed Under: Credit Score Questions and Answers, Interest Rates, Loan Programs, Loan Qualifying, Mortgage Shopping, Mortgage Tips & Advice, Popular, Pre-Approval, Purchase Mortgage Loans Questions and Answers

Self Employed Borrowers

Here is a legit non-traditional income program for self-employed mortgage borrowers

Filed Under: Credit Score Info, Economic News, First Time Home Buyers, Interest Rates, Loan Programs, Loan Qualifying, Mortgage Shopping, Mortgage Tips & Advice

How to use seller carry financing to purchase a house with less cash down

Should you buy & build or buy a single family home?

Filed Under: First Time Home Buyers, Interest Rates, Loan Programs, Loan Qualifying, Mortgage Shopping, Mortgage Tips & Advice, Pre-Approval

SCM on Zillow

Zillow Reviews for Scott Sheldon, New American Funding

SCM on Facebook

SonomaCountyMortgages.com

Location & Contact

Scott Sheldon, Senior Loan Officer
NMLS ID# 287389
1450 Neotomas Ave Suite 115
Santa Rosa, CA 95405
1-707-217-4000
Email Us!

Copyright 2021 SonomaCountyMortgages.com · About Us · Sonoma County Loans · Privacy Policy · Terms Of Use · Legal · Site Map

NMLS Consumer Access © New American Funding. All rights Reserved. NMLS ID#6606.
Corporate Office 14511 Myford Road, Suite 100, Tustin, CA 92780. We at New American Funding take great pride in our customer service and make it our number one priority. We encourage you to contact us for complaint resolution or any post-closing questions you may have regarding the servicing of your loan. We strive to have your experience with New American Funding a stellar one. In the rare case that our service did not meet your expectations, please call our customer care hotline at 1-800- 450-2010, ext. 7100 or you may contact us by email customerservice@nafinc.com. Please leave a detailed message and we will follow up with you no later than the end of the next business day. If you are using a screen reader or other auxiliary aid and are having problems using this website, please call 800-450-2010 Ext. 7100 for assistance.

State Licensing | Privacy | Terms of Use | Electronic Consent Agreement

Connect With Scott In Your Inbox

Looking for a home? Real estate insider? Get connected with Senior Loan Officer Scott Sheldon. Scott stays updated on the latest in the mortgage industry, so you can stay updated with him!