Ever since the Federal Reserve dropped interest rates in 2020, there’s been a new wave of hype around getting your mortgage refinanced. And for good reason too.
Last year, the annual average mortgage rate was between 2.61–3.11%—an all-time low. With the Fed saying it won’t raise interest rates until 2023, even more folks are wondering, “Should I refinance my mortgage?”
This is a question you should be asking yourself as well.
Lower interest rates are great and all, but what do they really mean for you? And what does a lower interest rate mean for your wallet?
Saving with a Home Refi
What would you do with an extra $300 each month? Treat yourself to some new clothes? A fancy dinner? Or maybe pay off some bills?
Right now, more than 15 million Americans are in the “sweet spot” to refinance their mortgage and save an average of $300 per month. That adds up to more than $4.5 billion (with a “B”) that homeowners could save.
You could be one of them. And you won’t be alone.
Nearly two-thirds of all mortgage applications this year are for home refinances. Some of that has to do with a strong real estate market and low inventory of home listings to purchase. But it’s also because Americans are taking advantage of historic low rates and refinancing their homes.
So, how much could you save? That answer is different for everyone, but you can find your savings by using La Cap’s mortgage calculator.
Enter your current mortgage information, your cash-out and points options, your tax and savings rates, and what interest rate you think you can achieve with a refinance.
Bam! You’ll see how much you could save each month and throughout the entire loan.
Start Your Refinance Today
Like what you see? Have more questions? Or do you want to get started? Contact us today!
We can show you how to refinance your home and help secure a competitive mortgage rate you’ll love.