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Real-World Savings from Refinancing
Refinancing can lead to substantial savings. For example, if you refinance a $300,000 mortgage from a 4.5% interest rate to a 3.5% rate, you could save approximately $167 per month, totaling over $60,000 in interest over 30 years2. These savings can be further enhanced by opting for a shorter loan term, such as switching from a 30-year to a 15-year mortgage, which typically offers even lower rates.