The Johnson family, who bought their home in 2016 with a 30-year mortgage at a 5.25% interest rate, decided to refinance their mortgage to save $400 a month.
After researching options, they applied for a refinance with a new interest rate of 3.75% and a 30-year term for lower payments. The result was a monthly savings of $400, and an annual savings of $4,800.
The Johnsons also used part of their savings to pay down credit card debt, improving their overall financial health. Mortgage refinancing is not just about numbers on paper; it's a practical way for families to save money, reduce stress, and free up cash for other goals.
Many homeowners can benefit from comparing rates and acting at the right time to make the right decision.
