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Are you tired of paying out exorbitant amounts of money towards the interest portion of your mortgage? If so, perhaps a mortgage refinance can help you save on interest payments.
With a mortgage, you’re not only paying back the principal amount that you had to borrow in order to buy your home, but you’re also paying an interest portion.
The interest rate you locked in at when you first took out your mortgage plays a direct role in the overall amount you have to repay by the end of your mortgage term. The higher the rate, the more money you have to pay out.
But what if there was a way to pay less in terms of interest, and therefore reduce the overall amount you’re obligated to pay back?
A mortgage refinance can help. If the interest rate you’re currently paying is a lot higher than what the going rates are today, you could refinance to lock in at today’s lower rates, which can save you tens of thousands of dollars over the life of your home loan.
Refinancing a mortgage means paying off an existing mortgage and replacing it with a new one. The process involves taking out a new mortgage at a much lower interest rate, and paying off your current mortgage. What you’ll be left with is a mortgage that has a lower interest rate than what you were being previously charged.
In turn, this can save you quite a bit of money over the long run that you are required to pay in interest.
Interest rates change daily, but right now they’re at historical lows. As the year progresses, interest rates will slowly increase. So right now is the right time to refinance if your current mortgage rate is higher than 3%. Mortgage rates have been well under the 3% mark for months, so you’d be able to snag a very low rate right now by refinancing.
At Sammamish Mortgage, we offer some of the most competitive rates, and we are ready to make your mortgage refinance a quick and hassle-free experience. Everything can be done online, at any time, and from any device.
Serving the Pacific Northwest since 1992, including Washington, Oregon, Idaho, and Colorado. Give us a call today at 1-866-751-1439. Or visit our website at SammamishMortgage.com.
If you’re looking to refinance, you’ll be pleased to know that the refinance fee that was implemented at the start of the pandemic has been dropped. Read on to find out more.
Are you a homebuyer looking to secure a mortgage to finance a home purchase? Or are you in need of a home loan to buy a second home or investment property? Then Sammamish Mortgage can help!