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Refinance today and Lock in your savings! Port Orange, Ormond Beach, Daytona, Flagler & more!

Updated: Jun 15, 2021

Happy Monday Mortgage enthusiasts!

Mortgage Rates. Are. Low.

Now could be the perfect time to refinance your mortgage! Today we wanted to go over a few options and demonstrate with some examples the positive impact a refinance could have on your finances.

Today’s mortgage interest rate is probably lower (maybe even MUCH lower) than your current rate.

A higher interest rate means you pay more each month in interest - essentially the money "costs" more to borrow. With a refinance you can reduce your rate and reduce monthly payment. You get to keep more of your hard earned income each month to save, invest, or pay off debt. You could also put the savings toward your principal each month and cut years off your mortgage!

How much could I save with a lower mortgage interest rate?

Let’s say you currently have a 30 year, $200K loan. If you refinance and decrease your interest rate by 1% you could save over $100 per month, which could equate to $30K in interest over the life of the loan. If you want to accelerate the numbers, you could put that $100 of savings each month toward the principal. This would save you an additional $16K in interest and take 4.5 years off the life of your loan! The most exciting part is that all of this savings doesn’t require any extra money! Only the amount that you are already spending each month to your current mortgage payment.

Should I refinance to a 15 year mortgage interest rate?

Another refinance option is reducing your loan term – to perhaps a 20 or 15 year mortgage. These interest rates are usually a bit lower than the 30 year rates. The monthly payment will most likely be higher than your current payment (due to the shorter loan term) but the interest savings over the life of the loan are dramatic! Refinancing for a shorter loan term is an excellent option for people who are already putting additional money toward the principal each month.

Let’s say you currently have a 30 year, $200K loan. You refinance to a 15 year mortgage, with a rate that is 1% less than your current rate. Your monthly payment may increase by $300-$400; however, you could save $90K in interest over the life of the loan AND your mortgage will be paid off in half the time! If you are already paying extra each month to pay down your principal more quickly refinancing to a shorter term will accelerate your goals and savings.

Are you ready to lock in your Amazing Savings?

Give the local mortgage experts at Simplicity a call today 386-401-3000 to discuss your refinance options!


Simplicity Mortgage is a local mortgage brokerate located on 411 Dunlawton Avenue in Port Orange, Florida.

We serve borrowers looking for loans in the central Florida area to include Volusia and Flagler counties, Palm Coast, Ormond Beach, Ormond by the Sea, Deland, Daytona Beach, Daytona Beach Shores, Port Orange, Ponce Inlet, New Smyrna Beach and all surrounding areas.

Our mission is to provide a simple and smooth customer experience coupled with an excellent rate and low fees. We are your accessible, single point of contact throughout the process. 

We offer a full suite of loan products: Conventional, VA loan, FHA loan, USDA, Jumbo, Non Qualified Mortgage (non-QM), Self Employed, 1099, first time home buyer, investment, and secondary property purchases. 

Give us a call today to discuss current mortgage rates.


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