Refinancing my mortgage for a lower rate wasn't exactly easy, but it was worth it — I'm going to save $42,000 over the life of the loan
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- My wife and I started shopping to refinance our mortgage when fears about COVID-19 were driving mortgage rates lower, just before the Federal Reserve cut interest rates.
- We didn't know if we could refinance our loan because we'd only closed on our home about two weeks before our refinance application date.
- We managed to refinance our mortgage, got paid almost $2,650 to do so after closing costs, and will save over $42,000 in interest payments if we pay our mortgage off according to the schedule.
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My wife and I recently moved to Indiana and closed on our home in late February 2020. When we locked our rate for our mortgage in January, we were pretty happy. We secured a 30-year, 3.75% fixed-rate mortgage.
Fast forward to the beginning of March. Our 3.75% mortgage no longer looked as good as it once did. On March 2, we looked at mortgage rates after seeing the impact COVID-19 had on the markets. We were shocked to see that interest rates on a 30-year fixed-rate mortgage had sunk to all-time lows. See the rest of the story at Business Insider
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