Today's mortgage refinance can save you thousands instantly
Potential Savings and Costs
The potential savings from refinancing can be substantial. For instance, reducing your interest rate by 1% on a $300,000 mortgage could save you over $2,700 annually2. However, it's essential to consider the costs associated with refinancing, which typically range from 2% to 5% of the loan amount3. These costs include appraisal fees, closing costs, and other expenses. Calculating the break-even point, or how long it will take to recoup these costs, is a critical step in determining if refinancing is right for you.