If you owe less than $822,375 on your home, doing one of these three things could save you a life-changing amount of money.
Mortgage rates have fallen to near-historic lows. To help the FreeConferenceCall.com community take advantage, we’ve partnered with Quicken Loans® because they are as committed to their community as we are to ours.
Here are three things we urge you to consider if you’d like to take advantage of today’s incredibly low rates.
Switch To A 15-Year Fixed
Homeowners who switch to a 15-year fixed can save up to $71,7001 over the life of their loans and eliminate years of mortgage payments. That’s because you pay much less in interest with a 15-year fixed. Traditionally, the drawback to a 15-year fixed has been higher monthly payments, but because of how low rates currently are, your monthly payment may not change by all that much if you switch.
If you’d like to calculate what your monthly payment would be with a 15-year fixed and find out how much you could save by switching, tap here, try Quicken Loans radically simple online mortgage experience and speak with an expert to get a quote.
See If You Could Save By Switching
Consider A Cash-Out Refinance
If you have could use some extra cash, you might want to consider a cash-out refi. With a cash-out refi, you’ll refinance and be able to tap into your home’s equity. For example, let’s say you owe $200,000 on your home, and your home is worth $400,000. You could do a cash-out refi for $250,000 and use that extra $50,000 for home improvements, to pay off other bills, etc…
See If You Qualify For A Cash-Out Refi
Simply Lock Today’s Near-Historically Low Rate
If you haven’t refinanced recently, you may simply want to refi and lock an incredibly low rate that will never rise. With rates being near-historic lows, you can probably save a meaningful amount of money every month by refinancing. Quicken Loans has done a great job of streamlining the refi process to make it as easy as possible for homeowners to lock in years of savings. Even if you refinanced last year and feel like you’re in a good place, rates are still lower now than they were back then so you could still benefit and lower your monthly payments.
Free Conference Call is a partner of Quicken Loans. Free Conference Call does not provide mortgage services. All mortgage lending and related services provided by Quicken Loans, LLC. Equal Housing Lender, NMLS #3030.
1https://www.quickenloans.com/learn/should-i-refinance-to-a-15-year-loan
