Special article brought to you by Econ Mortgage
They say it’s better to give than to receive. That certainly is true, but sometimes it’s nice to get a little something for yourself, too. It’s especially nice if you can give yourself a gift that doesn’t cost you anything–in fact, it could potentially save you thousands of dollars! The gift you deserve this year is a lower rate on your home mortgage loan. Refinancing your loan could save you a ton of cash.
INTEREST RATES ARE LOW
Interest rates have been pretty low for a few years. Many experts thought the rates couldn’t get any lower, but interest rates have continued to drop this year and are now hovering around the all-time low. The lower rates make it a great time to refinance.
LOWER MONTHLY PAYMENT
By refinancing at a lower interest rate, your monthly mortgage payment will be lower than what you’re currently paying. The exact amount will vary depending on your loan amount and the type of loan, but people often see savings of hundreds of dollars per month after refinancing. That adds up to thousands of dollars in savings over the life of your loan.
SKIP A PAYMENT (OR TWO)
Another nice perk of refinancing is that you are often able to skip a mortgage payment. If you time it right, you may even be able to skip two payments. Talk to a loan officer to explore your options and to see if you can skip one or more payments. It’s a great way to keep more cash in your pocket during the holiday season.
IT’S EASIER THAN YOU THINK
It can be tempting to put off refinancing until the new year to avoid adding one more thing to your plate this month. But nobody knows what interest rates will look like over the next few months, so the surest way to lock in a great rate is to start the process now. Use a tech-enabled broker like Econ Mortgage and the process can be quick and smooth, with most of the paperwork handled electronically.
IT DOESN’T HURT TO ASK
The best way to know how much you can save is to talk to a mortgage expert to get a quote for your specific circumstances. Then you can weigh your options and decide whether it’s the right time to refinance or not.
WHO IS ECON MORTGAGE?
At Econ Mortgage we keep our overhead low and use technology to streamline the mortgage process. We make less profit on each loan, so we can pass the savings on to our clients. Our clients keep coming back because they know we’ll take care of them and get them the best possible rate at a competitive price. Call us at (385) 258-3588 or visit EconMortgage.com.