For example, refinancing from a 4.25 percent rate to a 3.25 percent rate would save $150 per month.
Palm Beach, FL (PRWEB) September 12, 2012
In fact, using a service such as Consumer Daily's mortgage comparison tool, consumers can often find interest rates that are even better than the average because this website lists about twice as many rates as others. For example, a recent search using the Consumer Daily found rates as low as 3.25 percent on a 30 year fixed rate mortgage. Homeowners simply need to answer four questions to view rates from many lenders and banks online at:
A small change of 0.3 percentage points can make a big difference on monthly payments. Consider a mortgage of $300,000. Getting a 3.25 percent rate instead of a 3.55 percent rate saves nearly $50 a month. That adds up to savings of $600 per year that can be put towards other investments or expenses. For homeowners looking to refinance, finding the lowest rate possible can result in even greater savings. For example, refinancing from a 4.25 percent rate to a 3.25 percent rate would save $150 per month.
In terms of monthly payments, a homeowner could expect to pay approximately:
- $1310 per month on a $300,000 mortgage
- $873 per month on a $200,000 mortgage
- $436 per month on a $100,000 mortgage
It may seem surprising that a website can find better rates than advertised, but many banks and lenders do not give out their best rates. Consumer Daily is able to find the most competitive rates available by searching through two comprehensive databases of banks and lenders and aggregating the results in a user friendly manner. In fact, users only need to provide their zip code, home value, and mortgage amount to instantly receive rates from numerous banks and lenders.
By carefully researching interest rates from different lenders, homeowners can place themselves in a great position to save money every month through refinancing. While it is uncertain how long these low 30 year fixed rate mortgages will be available, interested homeowners can begin their search instantly by using Consumer Daily’s mortgage comparison tool.