You could save money by refinancing your mortgage when it is right for you.

You could save money by refinancing your mortgage when it is right for you. Your monthly payment will decrease if you refinance to lower interest rates. These savings can be used to cover other expenses or applied towards your principal balance. This will allow you to repay your loan faster.

Your loan should be paid off sooner

While a 30-year term might have been the best financial decision at the time of your mortgage, it may not be the best. However, if you are in a better financial position, a shorter-term loan such as a 15-year mortgage will enable you to build equity quicker and own your home sooner.

Total interest savings

Together, the interest rate and the term of the mortgage will determine the amount of interest you’ll be paying over the loan’s life. You could save a lot of interest by reducing either one or both of these variables.

Change mortgage types

Fixed-rate mortgages lock in your interest rate for the entire term of the loan. This ensures that you will have consistent monthly payments and no increases. If the interest rate on your today’s low mortgage interest rates