Happy Monday to everyone. Today’s topic to consider is refinancing a loan since the fed cut rates recently. Whether refinancing is worth it depends on a lot of factors but my intention today is to make you think about it and if it is right for your situation.
For homes, the rule of thumb starts with if you can save a full 1% or more. Other factors include how much time you have left on the loan, closing costs, your credit score, etc. But if you have a mortgage specialist run your numbers and you find you can save, for example, $100-$200 a month on your mortgage over a 20 or 30 year period….probably go for it. You will literally save thousands over the coarse of the loan.
https://yourhome.fanniemae.com/calculators-tools/mortgage-refinance-calculator
Here is a free mortgage refinance calculator for you to play around with if you want. Maybe worth a look…and then take your savings and INVEST them!
