Did you know that the average savings when you refinance your mortgage is about $8,939 in savings! That’s a lot of money and comes out to about $271 you save per month on a typical 30 year mortgage loan.
Interest rates today are at an all time low, so you probably got locked in at a higher interest rate when you first applied for your mortgage. There are a lot of factors on how you got your current rate such as your credit score along with what the average interest rates were at the time. However today it’s not uncommon to find an interest rate below 3%!
How Much Can You Save Per Month?
Did you know that if you have just a 2% savings on your interest rate it averages to saving you an extra $271 per month? What would you do with an extra $250+ per month if you refinanced?
No one knows for sure just how long interest rates will remain this low, but now might be the time to see how much you might save per month. Depending on what your interest rate is, you could save well over $10,000 over the loan.
Don’t Have a Mortgage?
You could qualify for up to $1,500 in your bank account tomorrow.