We’re all about making real estate easier at every stage of the process — even after our clients have left the closing table. That’s why we’re always thinking of ways to help homeowners manage the financial responsibilities of owning a home.
One of the biggest ways homeowners can save a lot of money while paying off their mortgage is by refinancing. Mortgage interest rates just dropped recently, and that means it’s the perfect time to consider looking into refinancing options. According to Key Mortgage president Steve DiMarco, “We haven’t seen rates like this for years, and they won’t stay this way for long.” In an ever-changing market, it’s important to take action.
Refinancing your loan might seem like a complicated process, but the right loan officer will walk you through the options to find what works for you and helps you save the most money. When it comes to refinancing, there’s no one-size-fits-all solution — shortening the term of your loan, reducing your monthly payment, or eliminating private mortgage insurance (PMI) are all possible options. And, they can all save you tens or hundreds of dollars a month. Savings like that could add up to tens of thousands of dollars over the life of your loan — giving you the flexibility to tackle some of your other financial goals.
“I have clients who refinanced and will save nearly $40,000 over the life of their loan. And all it took was a quick loan review to see what options would work best for them,” says Key Mortgage senior vice president Esther Phillips. “Anyone looking to save money should know that now is the perfect time to take advantage of the market.”