1) Refinance Loans
Mortgage
If you have an existing mortgage, you’ll likely save significantly by refinancing.
10 years ago, a 30-Year Fixed Mortgage was averaging 5%. Fast forward to today, mortgage rates are hovering at roughly 2.8%.
If you had a $200,000 30-year fixed mortgage at 5% and managed to reduce it to a 2.8% rate, you would be saving $90,668 or ~23.5% over the life of your mortgage. That comes out to a $252 savings on each monthly payment!
Student Loans
The average student loan debt is ~$33,000 with the figure increasing each year. If you have student debt, refinancing your loan under a private lender during low interest rates could be well worth the effort as it will allow you to dramatically reduce your monthly payments.
