Refinancing your home loan can save thousands in interest payments
Aug 2011 22

Dan Green, mortgage broker extraordinaire, does the analysis of mortgage rate changes since earlier this year to show how refinancing your home loan could save you thousands of dollars in interest payments.

As a homeowner, your “total cost of homeownership” is tied to your mortgage. The higher your mortgage rate, the more interest you pay over time. And regardless of your mortgage interest tax-deductibility, over 30 years, mortgage interest accrues into something fierce .

Lately, though, with mortgage rates down, those long-term interest costs have plunged.

- April 2011 : Over 30 years, a new $300,000 mortgage accrues $276,000 in interest
- August 2011 : Over 30 years, a new $300,000 mortgage accrues $227,000 in interest

Check out his site for more information and contact your local mortgage lender to learn more.

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