The last time rates were this low, a Coke cost a nickel and Eisenhower was president. So, should you refinance? If your rate is anywhere above 5%, you can probably reap some substantial savings. Of course, there are costs with any refinance–attorney fees, title insurance, and more. But in most cases you an recoup that money in a year or less.  According to a recent study by Freddie Mac, homeowners who refinanced in the third quarter of 2011 reduced their interest rate by 22%.

Those numbers add up to huge savings over 30 years. On a $200,000 loan, the difference between a 4.0% rate and a 7.0% rate (a typical rate even 5 years ago) is a whoopping $135,000. On a $300,000 loan, it’s $202,000 in savings.

To see what your savings would be, check out our online calculator–and let us know if we can help run some numbers. We’ll give you several scenarios to consider, with all the pertinent information included on the front end. That way you can make the best decision for you and your family.

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Better Business Bureau - Accredited Business

Equal Housing Opportunity logo