If you’re looking to save money or invest more, then look into refinancing your home today. Chances are, you will qualify for a better mortgage now (after you’ve had a chance to build your credit and grow your equity) than when you first bought your house. Additionally, refinancing your home can also help with paying for a big investment, making renovations around the house, or just consolidating debt.
Reasons to Refinance
- Change your rate type
- Qualify for a better rate
- Change your loan term
- Change lenders
- Increase the net worth of your house and assets
- Consolidate your debt to pay lower interest rates on different debt
- Get a cash-out and use it cover renovation costs, outstanding debt, or investment opportunities.
- Negotiate better terms
- Use your equity to your advantage
How Much Will Refinancing Cost?
The main costs you should consider are the closing costs. Typically, closing costs are about 2 to 5% of the purchase price of the home. Fortunately for you, at Shop Your Own Mortgage, the application process is completely cost- and risk-free. Because we charge ZERO fees, you will have to pay significantly less in closing costs.
Another smaller cost to consider is the appraisal fee. This is necessary to determine the current value of your home. Appraisals usually cost $300-$500, but may cost more depending on how remote the property is. While buying a home usually involves paying a down payment, this is not necessary for a refinance. Other costs, such as private mortgage insurance, mortgage payments, homeowner’s insurance, property tax, and HOA fees, are things which you should already be used to paying.
How Much Could Refinancing Save Me?
A lower interest rate saves you money on your monthly mortgage payment, and also reduces the amount of interest you will have to pay over time. For a $200,000 loan with a 30-year term and an interest rate of 4.25%, a difference of 0.25% could save you an extra $30 a month and over $10,457 in interest! To get a better idea of how much a lower rate could save you, check out our mortgage calculator.
How We Can Help
Spend less time at the bank, and more time on… well, everything else.
Streamline your experience by allowing our technology to do the work for you. Rather than apply at multiple locations, apply once through our innovative platform and have the lenders come to you. It’s a completely free service that will save you time, not to mention thousands of dollars! Additionally, when you apply for a refinance through Shop Your Own Mortgage, you’ll also get access to other amazing opportunities such as:
- A convenient and user-friendly experience you can do from home
- The ability to shop around for a mortgage and secure the best offer
- No bank fees, origination fees, processing fees or credit report fees
We have already helped thousands of people with their mortgage needs. Apply now and you could be next!