30-YEAR REFINANCE

The 30-year refinance is a great option for those looking for the lowest possible monthly payment possible. You’ll also be able to make extra payments to pay it off faster.

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WHY 30-YEAR MORTGAGE REFINANCE?

30-Year Refinance For Low Monthly Payments

While the interest paid on a 30-year mortgage refinance is far greater than a 15-year mortgage, you enjoy a more manageable monthly payment. This frees up funds for you to pay off other debts, grow your savings and more.

SAMPLE CALCULATION

30-YEAR MORTGAGE VS. 15-YEAR

30-YEAR LOAN FOR $200,000

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SAMPLE INTEREST RATE

MONTHLY PAYMENT

15-YEAR LOAN FOR $200,000

%

SAMPLE INTEREST RATE

MONTHLY PAYMENT

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Pros of 30-Year Refi

  • Extra money to invest
  • More funds to pay off other debt
  • Lowest monthly payment
  • More money to save for vacations and family events
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Cons of 30-Year Refi

  • More interest paid
  • Slower principal pay down
  • More money paid in interest
  • More interest owed when selling
  • Longer time to pay off
  • Higher monthly payment
  • Slightly higher mortgage insurance

THE REFINANCE EXPERIENCE

WHAT CLIENTS SAY ABOUT OMEGA REFINANCING