We've all heard it by now, interest rates are among the lowest our country has recorded -- ever. But what’s less clear is how to make the most of the moment.
The answer depends on what you’re looking for. For you, it might make sense to reduce your monthly payments drastically, or instead you might be considering shaving years off of the length of your loan. Regardless of your situation: if you haven't refinanced this year, you're missing out on potentially saving thousands of dollars.
Lower Payments or Faster Payoff: The Choice Is Yours
Refinancing essentially presents two paths. And right now, both paths are seriously lucrative. The first path is for those looking for monthly savings. By refinancing a traditional 30-year mortgage at a lower rate, you could reduce your monthly payments by hundreds of dollars, and thousands of dollars over the course of your loan. The other path is for the ambitious. By refinancing a 30-year mortgage into a 20- or even 15-year loan, you might pay a few more dollars per month, but you’ll free up years of mortgage-free living and thousands of dollars in interest savings. Right now, both paths are certainly worth considering.
Behold The Lesser-Known Benefits of Refinancing
Regardless of how you choose to benefit, refinancing this month of this year is a no-brainer for most homeowners who purchased more than 12 months or so ago. Whether you opt for a lower monthly payment or a shorter term, the refinancing process will likely present other benefits as well. These could include a refund of your escrow balance from your current lender, and even a skipped mortgage payment during the handoff from one lender to another. That's a relief we could all use this year.
Refinancing Has Never Been Easier
Quicken Loans is first in the country in mortgage originations by volume, according to the Mortgage Bankers Association (MBA). What does that mean in plain, simple English? They are the largest mortgage lender in the US!
Their effortless mortgage application process can be completed through its Rocket Mortgage online service or with any of their representatives over the phone. What really sets Quicken apart from other mortgage lenders is its industry-leading customer service. In J.D. Power’s yearly Mortgage Origination Satisfaction Study, Quicken Loans has taken the top spot for an unprecedented 10 years in a row.