I admit to raising my eyebrows a couple of times when I've received a PR request for someone who has already refinanced within this past year. But this article (Click here to read it!) helps put it into perspective and shows how people can save money (cha-ching!) by refinancing again.
I really like their example; it says if someone secured a 5% mortgage rate on a 30-year fixed-rate mortgage on a $200,000 loan, then refinanced at 4.25%, that's a savings of $100 dollars a month! That's four boxes of diapers, that's 100 $1 DI shirts (maybe a couple less for sales tax), or 100 more dollars in your savings account (which would be 36,000 bucks by the end of the loan, more with interest!) $36,000?! That's a 2011 Chevrolet Camaro! Or that money could go toward your children's education... or to a Camaro! I'm just sayin'.
My mind was just blown, what if you haven't refinanced yet and your interest rate is more than 5%... You'd save even more! You could get TWO Camaros! See? Mind blown.
Talk to your local lender (if you don't have one, we're more than happy to supply you with the best in Utah County) and see what your options are!
Brittany, Receptionist Extraordinaire and mild Chevy Camaro Enthusiast.
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