Most lenders charge fees to refinance a loan. So, if you plan to only stay in the property for a couple of years, your monthly savings may not accumulate to recoup these costs. Example: A lender charged $1,000 to refinance your loan that resulted in saving you $50 each month; it would take 20-months to recoup your initial costs. Some lenders will charge a slightly higher than average interest rate on refinance loans, but will waive all costs associated with the loan. This will depend on the interest rate on your current loan.
LendLink Financial, Inc.
Mortgage Banking MB License MB.6761027
Company NMLS 1162430
Illinois Residential Mortgage Licensee
Illinois Dept. Financial & Professional Regulation
555 West Monroe Street, 5th Floor
Chicago, IL 60661
All Inquiries: 1-888-473-4858
TYY: 1-866-325-4949
Florida Mortgage Lender MLD1640
Florida Mortgage Broker MBR2730
For licensing information, go to:
www.nmlsconsumeraccess.org
Phone: (773) 304-3400
Fax : (773) 283-2788
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