With mortgage rates currently at – or near – the lowest of the year, many homeowners think to refinancing. Here are some benefits to refinancing:
- Build equity more quickly – if you’re able to swing a 15-year loan, you’ll save many many thousands of dollars in interest costs over the course of your loan
- Eliminate mortgage insurance – lower monthly payments by eliminating this added expense
- Lower consumer debt – take the money you save by lowering monthly mortgage payments and pay down those high-interest credit cards
- Move to a fixed mortgage rate – move away from stress-inducing adjustable rates
These are just a few reasons why refinancing often makes sense – and save you cents.