Everyone’s situation is different, but here’s a quick example. Let's say you have a $500,000 mortgage. If you refinanced from 3.5% to 3%, you would save $5,000 in ONE YEAR on the interest alone.
What Are The Current Mortgage Refinancing Rates?
The available rate depends on your qualifications, but there are currently refinance rates out there well below 3%. If you’re currently between 3% and 4%, you could stand to save a significant amount of money by refinancing.
How Do I Refinance My Mortgage?
It's pretty simple! First, find a mortgage lender that you trust. We suggest finding someone local, with excellent customer reviews. After providing them with your most recent mortgage statements and some basic financial details, they'll let you know what kind of mortgage refinance rates you qualify for.
Should I Refinance With A Big Bank?
Most big banks do offer refinancing, but each bank you speak to will only give you one rate — theirs. Some big banks can take 60-90 days to close that new mortgage. Smaller mortgage lenders can close in as little as 30-45 days, meaning you start saving even sooner.
Want to Ask Some More Questions? Speak to An Expert Today.
Don Anfuso is a local New Jersey mortgage and refinance expert. Feel free to call anytime -- no obligation, just information!