If you're reading this, I'm earning money. Thanks for helping to feed my family. Please see our disclosure for more information. Also, any advice provided is for informational purposes only. I'm not a CPA, lawyer, or doctor, although my parents wanted me to be all three. So, talk to a professional before acting on anything you read below.
Hey RTM fans, thanks for stopping by today. I wanted to share this post with you below from the good folks at MyFinance. Going about the process to refinance your home is a big decision for anyone. My wife and I did it twice at our previous house and there so many things to consider. I wanted to make sure everything was covered, so I want to share this post with you today. I believe you all will benefit tremendously from it. Let me know if you have any questions! Email me at RunTheMoneyBlog@gmail.com.
Millions of Americans are refinancing their homes, but what are the reasons why? Hint: It's actually less complicated than you'd think.
More and more people are refinancing their homes to solve their financial woes...but why? One reason is that refinancing saves homeowners an average of $4,264/year.In fact, just last year almost 2,000,000 people refinanced their homes to the tune of $749 billion. While many have already taken advantage of historically low rates, there are still 6.7 million homeowners that have yet to cash in on the potential savings.
You see, this opportunity was born out of the 2008 Housing Crisis. The Fed dropped rates to historical lows to fight off the recession and opened a window where many Americans could refinance and save. But recently the Fed has signaled interest rates are about to rise.
That’s why it’s important to see if you could benefit from refinancing, before it’s too late.
So, what should you do if you still haven’t refinanced?
You can start by checking out LendingTree Refinance a free calculator that lets you see how much money you can save every month.
Considering LendingTree Refinance has already helped fund over $60 billion in mortgage loans in just the last five years...it’s no wonder that they are one of the largest and most trusted players in the space.
Give it a go yourself to see how much you could save…and remember there are absolutely no obligations, and it's 100% free.
Need more convincing on why refinancing is right for you? Well just keep reading for the top five reasons, and you'll quickly discover that refinancing is the biggest financial “no-brainer” of 2017!
As we mentioned above, borrowing rates have dropped to historical lows and they can’t stay this low for much longer. In fact, the Fed has already taken steps towards the next rate hike. That’s why it’s so important you take advantage of this opportunity now.
And we’ll make it easy for you…
Use the calculator below to estimate your new payment and potential savings - chances are, you'll like what you see.
Not bad! You could save a total of $156,795 off your entire mortgage or $436 per month!
While this estimate is pretty accurate and based on average rates, it only takes a few moments to find your exact savings. Just hit the orange "calculate your payment" button above to lock-in your rate today.
Life is always changing, we know that. You might have taken a new job that pays more… or you might have new expenses that stretch your money further and further every month.
So another loan type might make more sense for you today.
You might be able to cut your 30-year mortgage down by years and still repay the same amount of money. For example, say you took out a 30-year loan at 6% in 2007. You could’ve refinanced that in 2014 at 3.55% and paid off your house 9 years earlier (saving $118,058!).
Or if you’re looking for an extra $250 per month, you might be able to refinance your 30-year mortgage at a lower rate and make smaller monthly payments.
Another option is if you have an adjustable rate mortgage, you could refinance to a fixed-rate mortgage. You'll lock-in one of the lowest rates ever to protect yourself against the likelihood of rates rising in the future. And it'll be much easier to plan and budget for the long term.
Of course, you could do a lot of things, but to find out what’s best for you, answer a few questions about your unique situation to find out how much you can save, and then speak to an expert for free if you like what you see.
You might have other debt… credit cards, auto-loans, personal loans.
And with average rates for these sitting at 4.77% to anywhere north of 15.96%, it makes sense to consolidate your debt through the lower rates of your mortgage loan.
All you need to do is refinance with a cash-out option or pick up a home equity loan. You’ll be getting a much better rate - and cutting your monthly payments down.
Another lesser-known bonus that most people don’t think about, is that mortgage interest is tax-deductible. So you can cut down on your tax bill too (if this seems like a good fix, make sure to consult with a tax advisor too). Even better!
But should you refinance or take out a home equity loan? The best way to find out is to enter your home info into the free LendingTree Refinance calculator. You’ll discover which is best for you and can set up a free consultation for answers to any other questions you might have.
In the aftermath of the Housing Crisis, the Government created the Home Affordable Refinance Program (or HARP). It helps help people with little or no equity refinance their homes at a much better rate. And they’ve already helped 3.3 million people save money!
We all get squeezed financially…
So when it comes to big money expenses like a new car or wedding, refinancing is better than taking out another loan at a much higher rate.
The same goes for going back into education to boost your long-term income...And for any investments in your own home (like a renovation that increases the property value, but you can also enjoy), a business, or a rental property!
If you’ve ever wanted to make a special purchase, you should find out the best option available to you.
Whether your financial situation has changed, you need to consolidate other types of debt, or you need to make a purchase you’ve been thinking about for a while.
You should refinance your home to take advantage of historically low interest rates. You could go to the bank and be given their so-called ‘best-rate’... Of course, they won’t tell you about the better deals on the market. Or you could use LendingTree Refinance free online free calculator to find out right now!
Remember, this a free service. No-strings-attached. But you need to act now - rates won’t stay this low for long.
Click on your state below to get started now and let us know what you think...good luck!
When you go to refinance your home, yes, it can be stressful at first. But, I always believe that the more you educate yourself, the more confident you'll be in your decision. Take what you learned here today and apply it to your situation.
Don't be afraid to ask for help. And understand what you're doing. Don't jump in head first without reading and knowing what you're agreeing to.
So, have any of you ever had to refinance your home? What was the process like? Would you do it again? Please share your experience with us and share this article with on social media!