How Refinancing Today Could Help You Tomorrow

Record-low mortgage rates are helping homeowners save during these uncertain times

As we continue to face the current crisis, finding new ways in which to save money are quickly rising to the top of our to-do lists.  As a homeowner, refinancing your current mortgage could be a great option as the economic issues that came with coronavirus, also brought lower mortgage rates.  If you are looking to cut costs, refinancing could be just the thing to do.

Mortgage rates have dropped nearly one whole percentage point from where they were just one year ago, meaning that even if your home loan is from early 2019, it is not too soon to look into refinancing.  The average savings nationwide are $60 a month for every $100,000 borrowed, according to a recent report from LendingTree and the average 30-year mortgage rate in New Jersey is 3.86%.  These savings will change based on the length of your mortgage and the amount of money that you owe.

Check out average mortgage rates in your state here and how much you could save by refinancing now:

https://www.valuepenguin.com/mortgages/average-mortgage-rates

If you are looking for a way to cut costs on your monthly payments for that house that has protected you and your family for the last month and has, quite possibly, become your office, then make sure that your current mortgage will allow you to pay off your loan early with no penalties and contact your local bank or your local Foundation Title representative today!  We are here to help you during these times and we will work to get your settlement completed quickly!