By The Money Staff
November 11, 2020
White house with grey roof surrounded by greenery
Getty Images

We earn a commission when you click links on our site. Compensation and in-depth research determine where and how companies appear on the page. Learn more about how we make money.

If you purchased a home in the last decade, you probably have some well-deserved pride about the interest rate you snagged. At the time, it was likely among the lowest rates anyone had encountered in decades. But if you haven’t refinanced in the last year, you may be in for a shock. Today’s interest rates are among the lowest ever recorded. What does that mean for you? Thousands of dollars in savings up for grabs by those willing to do a bit of paperwork.

Lower Payments or Faster Payoff: The Choice Is Yours

Refinancing essentially presents two paths. And right now, both paths are incredibly 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. Talk about a win-win decision.

Behold The Lesser-Known Benefits of Refinancing

Regardless of the path you choose, 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 is a relief we could all use this year.

Ads by Money. We may be compensated if you click this ad.Ad
You may be able to reduce your monthly payment or pay off your loan faster.
Click your state to get started and see your refinance rate today.
HawaiiAlaskaFloridaSouth CarolinaGeorgiaAlabamaNorth CarolinaTennesseeRIRhode IslandCTConnecticutMAMassachusettsMaineNHNew HampshireVTVermontNew YorkNJNew JerseyDEDelawareMDMarylandWest VirginiaOhioMichiganArizonaNevadaUtahColoradoNew MexicoSouth DakotaIowaIndianaIllinoisMinnesotaWisconsinMissouriLouisianaVirginiaDCWashington DCIdahoCaliforniaNorth DakotaWashingtonOregonMontanaWyomingNebraskaKansasOklahomaPennsylvaniaKentuckyMississippiArkansasTexas
Calculate Your Payment

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. And because everyone knows that buying a home is a feat, why not choose superb customer service to make your life easier?

Ads by Money. We may be compensated if you click this ad.Ad