Many homeowners rarely think about their mortgage. They make their payment each month, the house stays in their name, everything is fine. However, something really worth taking the time to consider on a regular basis is the benefit of refinancing your mortgage. If you haven’t refinanced your mortgage in the last few years, you could be missing out on some serious cost savings.
Strike When Rates Are Low
In 2012, interest rates dropped to an all-time low. This would have been the perfect time to refinance, yet many homeowners ignored this trend. This failure to contact the bank or mortgage company about a refinance and a reduction in interest payments cost millions of homeowners in the area of tens of thousands of dollars each, over the life of their loans. Some estimates say that a $200,000 home can cost an extra $50,000 in interest over the life of the loan if not refinanced. You can get free rate quotes within seconds on boxhomeloans.com with out having to give up any of your personal information! Check today’s rates right from our home page.
Keep Credit Scores High
Good credit scores are essential to qualifying for a great interest rate when refinancing. Many consumers let their credit score slip once they obtain a car loan or mortgage loan since they don’t plan to apply for credit any time soon. They already have a new house and a new car – what’s the point? Don’t let this slip you up. You never know when the market will be right for a refinance, new home purchase or new car purchase. Keep your credit file squeaky clean and your credit score high. This will ensure that you can take advantage of low interest rates when they come around again.
Refinancing doesn’t have to be a hassle either. The mortgage professionals at Republic Mortgage Home Loans have decades of experience and teams of experts to help guide borrowers through the financing process. They know that your time is valuable and helping you save money via a refinance as smoothly as possible. A few hours of time and some faxes and emails can save you tens of thousands of dollars over the life of your loan. That is definitely worth the effort.