Refinancing a Mortgage: Essential Tips You Need to Know

By Motley Fool Staff Markets Fool.com

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.

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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

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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.

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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.