Want to save money each month? If you haven’t refinanced your mortgage in the last couple of years, now may be a great time to take advantage of historically low rates to create monthly savings.

Rich and Lynne came to me with a goal of saving money each month.  Rich and Lynne had purchased their home in 2010 for $700,000, putting 20% down in 2010. At that time mortgage options for jumbo loans were limited, so ended up a combination of a first and second lien instead of a single loan. They paid a bit extra on both loans each month to pay off the loans a bit faster, and their current combined loan balance was around $495,000. While the rate on the first lien was quite good at 3.5%, they believed there was a better option for the second lien which was at 6%.

To determine which new mortgage option was best for Rich and Lynne, I started with a mortgage scenario analysis.

We gathered information on their current mortgage: original and current loan balances, interest rate, and term. I then looked at current rates for 20, 25 and 30 year mortgages and determined what their new monthly payments would look like.


Rich and Lynne were pleasantly surprised by the monthly savings they could generate by refinancing. Given that they had owned their home for 5 years already, they chose to move forward with a 25 year refinance and used their new found savings to pay for a beach vacation.

Interested in a refinance? Contact me for a complimentary scenario analysis to help you choose the best option for your needs.


All loans subject to credit approval. Rates and fees subject to change. Mortgage financing provided by PrimeLending, a PlainsCapital Company. Equal Housing Lender. © 2016 PrimeLending, a PlainsCapital Company. PrimeLending, a PlainsCapital Company (NMLS: 13649) is a wholly owned subsidiary of a state-chartered bank and is an exempt lender in TX. V010116.