Thursday, September 19, 2013

It’s Not Too Late to Refinance

With mortgage interest rates hovering right around 4% it is not too late to refinance your mortgage loan. Many people have not yet refinanced their home loans, and with mortgage interest rates still near historic lows, but slowly rising, home owners should do so before it’s too late.

By lowering your overall interest rate you will lower your monthly payments. While it may not seem like much on a month to month basis, by refinancing your mortgage you have the potential to save thousands over the life of your loan.

If you can afford to do so, it can also save you a lot of money to refinance to a shorter term mortgage loan. If you go from a 30-year fixed rate mortgage to a 15-year fixed rate mortgage it can benefit you in many ways. Shorter term mortgages typically have lower interest rates. Having a shorter term mortgage loan also means that you will be paying interest for a shorter period of time; which means paying less interest overall.

If you have not refinanced your mortgage loan yet, it is not too late to do so. Give United Home Loans a call today at (708) 531-8388 for current mortgage interest rates and any other questions you may have.

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