If you haven’t refinanced in the last couple of years, then you definitely still have time to refinance and save big. With current interest rates on a 10, 15, 20 and 30 year term mortgage ranging between 3.25% - 4.75% you stand to save thousands of dollars in interest and possibly lower your term.
Let’s say you financed your $200,000 home for 30 years at 5.25%, and your balance is currently $175,000. You could refinance it for 20 years at 4.25% and reduce your payment by $20.75. The real kicker is that you’ll pay off your home faster and save a whopping $112,507 in interest!
Amazing isn’t it? All it takes is a phone call in to one of our mortgage experts to find out how much you could save by refinancing while the interest rates remain at an all time low.
Written by Linda Boe, Mortgage Officer