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Flex Term on a Refinance

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Flex Term provides borrowers with flexible options to select their amortization term.

Example:  In 2009 you  purchase/refinance home with a $200,000 loan at a rate of 4.875% on a 30 year fixed loan with a P&I payment of $1,058.42.

Now, in 2013, your balance is just about $187,000 without adding any extra principal to the mortgage over the previous 4 years (26 years left).

Based off where interest rates are today (4.375% for example), you can refinance (with closing costs of $5000 rolled into the loan) to a 24 fixed year loan with a P&I payment of $1,077.93 ($19.49 payment increase).

The net savings in interest after closing costs even with paying the extra $20 per month is $24,790.

Also, you  can save an additional 2 years of payments ($1,058.42 X 24 months) going from 26 years left to 24 which adds up to $25,402 in savings.



Flex Option- We now give you the ability to choose the amortization on your loans that include terms of 26-29, 21-24, 16-19, 11-14, and 8 or 9 years. This is a solid refinance product and is great for borrowers who do not want to add years to the maturity of their loan. You can now amortize their loan on their own terms, not just standard 15 or 30 year programs.

Contact us for more information. Email us or call us at (800)842-2910.

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