Refinancing a mortgage can be a savvy financial move, as a mortgage payment is typically a homeowner’s biggest monthly expense. Simply put, your mortgage payment is the largest lever you can pull to increase your savings and reach long-term financial goals.
Why to refinance a mortgage
Many homeowners could realistically cut their mortgage rate by 1 percentage point or more, given that rates have sharply declined over the past decade. Homeowners securing a 1-percentage-point haircut could save $67,320 over the life of a typical 30-year $309,000 mortgage*.