If you haven’t refinanced your home in 2020, you’re probably paying way too much interest on your mortgage loan — and losing out on massive savings.
Interest rates hit an all-time low — 3.09% — in September 2020, and that can mean huge savings for anyone with an existing mortgage loan.
Lower interest rates can reduce your monthly mortgage payments and save you tens of thousands of dollars over the lifetime of your loan.
For example, if your 30-year mortgage balance is $200,000 with a 6% interest rate and you refinance to a 30-year fixed-rate mortgage with 4% interest, your mortgage payments drop from $2,000 to $1,500 per month.
The catch is, to get the best rates, you’ve got to shop around because interest rates vary from one lender to the next. Unfortunately…
Traditional mortgage refinancing can be a nightmare.
If you try to refinance your mortgage the traditional way, it can be like opening the front door to your home and inviting stress and anxiety to walk right in.
Traditional mortgage refinancing means you communicate directly with several lenders to compare rates and find the best offers.
Traditional rate comparisons mean you have to fill out a different set of forms for every lender — and each one requires a bucketful of personal information before you can get a quote.
On top of security concerns over sharing all that personal information with several businesses, you’ve got to find the free time (probably a couple of afternoons) to fill out a ton of forms.
Here’s the worst part of traditional mortgage refinancing.
If you don’t know what you’re doing, you can end up lowering your credit score by comparing mortgage refinancing quotes.
Remember when your friend’s mom’s aunt’s friend mentioned something about multiple credit checks lowering your credit score?
That’s a real thing.
If you’re not careful, you can end up lowering your credit score by comparing interest rates for a mortgage refinance loan.
A lower credit score may negatively affect your final interest rates and make it more difficult to get the loan.
If you’re like most people, the time, security issues, and credit score warnings mean you’ll procrastinate on refinancing your mortgage.
Before you know it, interest rates will spike back up, and you’ll find yourself wishing you had refinanced sooner.
Traditional mortgage refinancing can be an overwhelming process that many people would rather avoid.
Credible is a non-traditional, free online service that lets you instantly compare personalized quotes from multiple lenders without affecting your credit score.
Unlike most rate comparison sites, Credible gives you actual rates from vetted lenders.
Credible uses a “soft” credit check inquiry that doesn’t affect your credit score. Plus, it doesn’t share any information with lenders unless you decide to proceed with a loan.
Hate paperwork and dreadful forms? You’ll love Credible’s pain-free approach to refinancing.
- Compare rates from several lenders and prequalify for a loan and in just 3 minutes.
- If you decide to process one of your loan offers, Credible uses an automated document collection system to keep it simple. They even share updates on your loan status as it moves through the system.
- Got questions along the way? You can talk to one of Credible’s licensed loan officers for free (by phone, chat, or email) anytime.
Credible’s entire team is non-commissioned, so the agents’ only goal is to help you find the best possible loan for your situation.
You can probably save a small fortune by refinancing your mortgage while interest rates are at an all-time low.
Fortunately, you don’t have to wonder how much refinancing can save you because Credible can provide accurate quotes in minutes.
To keep your private information secure and compare legitimate, personalized quotes from several vetted lenders, visit Credible.com for hassle-free mortgage refinancing.