Refinance Your Mortgage to Save Thousands a Year
Source: Informa Research Services
(07/01/2010) How would you like to have an extra $100 put into your pocket each month? For many homeowners, they could save this amount (or more, for many) just by refinancing their current mortgage to one with a significantly lower rate. To help guarantee you are refinancing to the lowest rate available, check online rate tables.
According to recent news reports, mortgage applications rose almost 9% from last week and for good reason (Source: USA Today): this week, the national average rate on a 30-year fixed rate mortgage fell to just 4.82%, according to Informa Research Services. Because this is an average, many lenders offer rates much lower than this. For instance, AimLoan.com offers a 30-year fixed rate mortgage at just 4.500% (with no points).
Whether purchasing a new home or refinancing your existing one, you should always do your research to ensure you are getting the best rate possible. Getting the best rate instead of just an average can directly affect your monthly payment and the amount of money you spend on your home purchase over the entire life of the loan.
Consumers who have a mortgage with a higher rate could save thousands of dollars annually. For example, for a $200,000 property, financing the purchase using AimLoan.com’s 4.5% mortgage versus a 6% mortgage would save a homebuyer $185 a month! This would quickly accumulate to over $2,200 a year.
