Rate & Term RefinanceLower Your Paramus Mortgage Payment
Reduce your interest rate or change your loan term without taking cash out. Paramus homeowners save an average of $385/month with rate & term refinancing.
Today's Paramus Refinance Rates
*Rates shown for example purposes. Your rate depends on credit, LTV, and other factors.
Benefits of Rate & Term Refinancing
Lower Monthly Payments
Reducing your rate by just 0.75% on a $600,000 Paramus mortgage saves $281/month. That's $3,372 annually - enough to cover 23% of average property taxes.
Example Savings:
$600K loan: 6.5% → 5.75% = $281/mo saved
Build Equity Faster
Switch from 30 to 15 years and own your Paramus home outright before retirement. Pay off your mortgage 15 years sooner and save $385,000 in total interest.
15-Year Advantages:
Lower rates + faster payoff = massive savings
Predictable Payments
Convert your adjustable-rate mortgage to fixed before rates rise further. Lock in today's rates for 30 years and budget with confidence.
ARM to Fixed:
Eliminate rate adjustment uncertainty
Remove PMI
If your Paramus home has appreciated to 80% LTV, eliminate PMI and save $200-500 monthly without changing your loan amount.
PMI Removal:
20% equity = no more PMI payments
Compare Your Refinance Options
| Loan Type | Rate | Monthly Payment | Total Interest | Payoff Time |
|---|---|---|---|---|
| Current Loan | 7.25% | $4,092 | $673,120 | 30 years |
| 30-Year Refi | 5.99% | $3,597 | $494,920 | 30 years |
| 15-Year Refi | 5.49% | $4,903 | $282,540 | 15 years |
*Based on $600,000 loan amount. Actual rates vary by credit score, LTV, and market conditions.
Is Now the Right Time to Refinance?
For Paramus homeowners, timing your refinance correctly can mean the difference between saving tens of thousands or missing the opportunity entirely. Here's how to know if rate & term refinancing makes sense for you.
The 0.75% Rule
Generally, refinancing makes financial sense when you can reduce your rate by at least 0.75%. For Bergen County's higher property values, even a 0.5% reduction can generate significant savings. On a $700,000 mortgage, 0.5% saves $218 monthly.
Break-Even Analysis
Calculate your break-even point by dividing closing costs by monthly savings. Most Paramus refinances break even in 18-24 months. If you plan to stay in your home longer than your break-even point, refinancing likely makes sense.
Example Break-Even Calculation:
- • Closing costs: $6,500
- • Monthly savings: $385
- • Break-even: 17 months
- • 30-year savings: $132,100
Perfect Refinance Scenarios
- Your current rate is 1%+ higher than today's rates
- You have an adjustable-rate mortgage approaching adjustment
- Your credit score improved 50+ points since original loan
- You're paying PMI but now have 20% equity
- You want to pay off your mortgage before retirement
Streamlined Paramus Refinance Process
Rate Quote (Same Day)
Get personalized rate quotes based on your credit, LTV, and loan amount. Compare options and potential savings instantly.
Application (Day 1-2)
Complete online application with document upload. We'll pull your credit and verify income to issue pre-approval.
Appraisal (Day 5-10)
Local Bergen County appraiser evaluates your property. Many Paramus homes qualify for appraisal waivers, saving time and money.
Underwriting (Day 10-18)
Final loan approval with all conditions cleared. Title search and insurance ordered for your Paramus property.
Closing (Day 21)
Sign final documents at a local Paramus title company. New loan pays off old mortgage and you start saving immediately.
Start Saving on Your Paramus Mortgage Today
Free rate quote with no obligation. See your savings in minutes.
NMLS #1577754 | Equal Housing Lender