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Save Money Each Month: Refinance Your House

You might be one of roughly 6.5 million Americans who could benefit from refinancing your home according to the Mortgage Monitor Report from Black Knight Financial Services.

About three million borrowers could save at least $200 a month by refinancing. By refinancing and locking in a better rate on your loan, you could reduce your monthly payment and save thousands of dollars in interest on the life of your mortgage. A lower interest rate also could allow you to build equity in your home more quickly.

When you refinance, you close your existing mortgage and create a new one. The approval process to refinance is similar to the process of obtaining your original loan. The specialists at SRP Federal Credit Union will consider your income and debt, credit score, and other factors affecting your financial situation.

Your new interest rate will be based primarily on your down payment and credit score. When considering a refinance, you also want to understand your break-even point: Weigh the costs of refinancing against how much you’ll save each month to know when you will recoup costs over the length of your new loan.

Inquire about a mortgage online or call our friendly mortgage lenders at 803-202-4387 to get started!

Copyright 2016 Credit Union National Association Inc. Information subject to change without notice. For use with members of a single credit union. All other rights reserved.