Mortgage

What to know about refinancing a mortgage

What to know about refinancing a mortgage
Written by Publishing Team

Refinancing can be financially beneficial, but there are a few things homeowners should know before contacting their lenders. Valley News / Image Courtesy

Temecula – Historically low interest rates have now made it a good time to be a homeowner. According to the Federal Mortgage Corporation, also known as Freddie Mac, the average 30-year fixed-rate mortgage rate in mid-September 2021 was 2.86. Just 10 years ago, the average rate was 4.09. This is a significant dip, which saves homeowners today tens of thousands of dollars over the life of their mortgage loan. Interest rates fell during the pandemic and have remained low ever since. This is unlikely to last forever, which has given many homeowners a sense of urgency regarding refinancing. Refinancing can be financially beneficial, but there are a few things homeowners should know before contacting their lenders. Refinancing does not always save


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