Refinancing a Mortgage: Essential Tips You Need to Know
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*.
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We Fools see that savings as an opportunity to invest in the stock market, which has historically provided fantastic long-term returns. But perhaps other financial goals are more important to you, like paying a child's tuition or getting a new business off the ground.
How to refinance a mortgage
We've compiled a number of helpful mortgage tools, articles, and videos to help you refinance your mortgage. Below, you'll find instant access to mortgage rates from highly rated lenders, essential tips on mortgages and improving your credit score, and more.
- Find a Highly Rated Lender and Refinance Your Mortgage
- 3 Things You May Not Know About Refinancing Your Mortgage
- 7 Dumb Mortgage Refinancing Mistakes to Avoid
- How to Get the Best Mortgage Refinance Rates
- 6 Steps to Check Before Refinancing Your Mortgage
- Mortgage Taxes in 2017: What You Need to Know
- The Smartest Way to Cut Mortgage Costs
- Should I Refinance My Mortgage?
- Will Shopping Around for Mortgage Rates Kill My Credit Score?
- 4 Steps to Prepare Your Credit Score Before Getting a Mortgage
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*Average new home purchase of $309,000. Current 30-year fixed mortgage rate of 4.31% versus 5.31%. Mortgage rates as of 3/8/17.The Motley Fool has a disclosure policy.