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Could You Save Money by Refinancing Right Now?

July 18, 2025 by Katrina Moyer

Understanding the Real Benefits
The most common reason to refinance is to lower your monthly payment by getting a better interest rate. But refinancing can also help you pay off your loan faster, switch from an adjustable to a fixed rate, or tap into your home equity for important expenses. If your credit score has improved, or if your home has gained value, you may qualify for better loan terms now than when you originally purchased.

Lower Monthly Payments or Faster Payoff
Even a small drop in your interest rate can make a big difference over the life of your loan. For example, reducing your rate by half a percent could save thousands over the years. On the other hand, if your goal is to be mortgage-free sooner, you could refinance into a shorter term and build equity faster, sometimes with only a slight increase in your monthly payment.

Accessing Home Equity Wisely
Refinancing can also allow you to access the equity in your home through a cash-out refinance. This can be a smart option for major renovations, debt consolidation, or even funding education. However, it is important to treat home equity with care and work with a mortgage professional who can walk you through the pros and cons based on your long-term goals.

Is Now the Right Time for You
Refinancing is not one-size-fits-all. Your decision should depend on your current interest rate, how long you plan to stay in your home, closing costs, and your financial goals. Even with rates higher than they were a few years ago, refinancing may still offer financial advantages depending on your situation.

Let’s Run the Numbers Together
Before you decide, it helps to see the numbers clearly. I can review your current mortgage, compare options, and show you exactly what refinancing could mean for you. There is no pressure, just real information to help you make the best choice for your future.

Filed Under: Financial Reports Tagged With: Mortgage Tips, Refinance Reports, Save Money

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Kay Monigold

Katrina Moyer
Call (863) 296-7181
katrina@mortgagesandmore.me

 

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