MORTGAGE REFINANCE 101
Though the term “fixed rate” means your home loan interest will never inflate with changing market conditions, that doesn’t mean it can’t be lowered. Mortgage refinancing is a popular way to make your loan more affordable.
When should you refinance? If, for example, you’ve signed on for a 30-year loan, and you intend on living in your current residence for several years, mortgage refinancing is something you should consider.
Why should you refinance? For significant savings. Generally speaking, on a $100,000 loan, every percentage point lowered on your interest rate may conserve approximately $100 on a monthly mortgage payment – that’s $1,200 a year.
Giving Tree Lending offers a wide array of loan refinancing programs. If you’re interested in finding out if refinancing is right for you, contact one of our loan officers today.