Cut Your Mortgage in Half with These Tips
Refinancing Your Mortgage
One of the most effective ways to cut your mortgage in half is through refinancing. By securing a lower interest rate, you can reduce your monthly payments and the overall interest paid over the life of the loan. According to Freddie Mac, the average interest rate for a 30-year fixed mortgage has fluctuated significantly over the years, offering opportunities for homeowners to refinance at more favorable terms1. When refinancing, consider the closing costs and ensure the new rate justifies these expenses.