Homeowners are becoming increasingly savvy, and many are surprised to learn how much they’e able to save on their mortgage while refinancing with lending finder services. For example, the average reduction was a savings of about 33% last year. On a $200,000 loan, that translates to an average savings of $3,600 in their first year. And with the low rates, 39% of homeowners were actually able to shorten their loan terms as well.
Visiting any number of these services, such as LendingTree, has consistently surprised homeowners how low the rates have become. Historic lows are still prevalent, but economists believe rates are gradually moving up throughout the year. In mere moments, homeowners are finding out just how much they can save by refinancing. Most importantly, homeowners can compare rates from multiple lenders who they’re matched up with based on their specific needs and limitations.