Reasons Why You Need To Refinance Your Home Now

Your home is your safe haven for you and your family, right? So why would you not want to protect that with every means possible including saving money on your mortgage loan.

It’s so easy to see if the current refinance rates are rising or dipping by just doing a search online.  You can see results in an instant and compare multiple companies against each other.

Let us use an usual example of a typical home loan. The average loan is around $325,00 with an interest rate of around 5.5% on a 30 year fixed loan.  On paper that seems like a good deal, but if you use a mortgage calculator you will soon see that the interest paid alone is more than the actual loan.

So, in a sense you are paying more than double for that home.  Not a great investment when you think about it, especially if you yearly property taxes are high and your homeowners insurance is high due to living in a high risk zone.

If you can lower that interest rate by 1 or even 2 percent it can cut tens of thousands of dollars in the overall total payments paid of the loan.  Combine that with dropping the 30 year loan and going for a 15 year mortgage at a lower interest rate.  The monthly payment may be more on a 15 yr loan, but not by much averaging around a few hundred extra per month.

When you look at the bottom line numbers, it all adds up fast. The longer the loan is, the more you pay in interest.  Just simple math using the commodity of time.

So how can you find the best mortgage rates?  There are plenty of third party websites that offer comparison shopping on refinance mortgage loans. But what you really want is the find a site that will let you compare several companies and see who is offering the lowest refinance rates and has a mortgage calculator where you can input your own data to see if it is worth it for you to go ahead and refinance now.

The one we like to use is as they have the calculator and are able to compare several mortgage companies all in one go.  They do not provide loans, just provide you unbiased info so you can make the best decision for you and your family. A home is your investment, make smart decisions to save yourself money wherever you can.

Typical refinancing mortgage rates as of right now are still low, so take advantage of them while you still can because as soon as homes start selling more frequently the mortgage loan rates will rise as well as the mortgage refinance rates as they piggy back off each other.