With today’s low interest rates, the average homeowner may save hundreds a month or tens of thousands of dollars over the lifetime of a loan just by refinancing. It sounds too good to be true, but it’s totally true. In fact, refinancing your mortgage to a lower rate is a NO-BRAINER.
“Households that fail to refinance when interest rates decline can lose out on tens of thousands of dollars in savings. For example, a household with a 30-year, fixed-rate mortgage of $200,000 at an interest rate of 6.5 percent that refinances when rates fall to 4.5 percent will save over $80,000 in interest payments over the life of the loan, even after accounting for typical refinancing costs. With long-term mortgage rates at roughly 3.35 percent, this same household would save roughly $130,000 over the life of the loan by refinancing. But in spite of these potential savings, many households do not refinance when interest rates decline.”
National Bureau of Economic Research
Why don’t homeowners refinance?
- They just don’t know it’s an option. Call us and we’ll let you know what you are qualified to save.
- Refinancing is a hassle. Well, it’s our job at CFS Mortgage to take the hassle out of home loans. We’ll walk you through the process to refinance your mortgage.
- They like to pay money to banks for no reason.
Seriously, you wouldn’t send in some paperwork and sign some papers to save tens of thousands of dollars?
It’s a no-brainer.
Want to turn some of the equity you’ve built up in your home to cash? Click here to learn more.