Mortgage rates have fallen to unbelievably low levels, and many borrowers are landing 30-year home loans at under 3%.
If you’re a homeowner with an existing mortgage, you might want to consider refinancing — even if your current loan is only a year old. More than 16 million mortgage holders are ripe for a refi, according to one recent study.
Refinancing at today’s record-low rates could save you a few thousand dollars a year in interest, and tens of thousands of dollars over the course of your loan.
If you think it might be time to replace your mortgage with a new one, here are four tips to make sure you get the most out of your refinance.
1. Be certain a refi is the right move
Before you commit to a refinance, there are a few important things you need to consider. Today’s basement-dwelling mortgage rates may look good