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The Benefits of Lower Rates
Securing a lower mortgage rate has several benefits beyond simply saving money. A lower rate means a lower monthly payment, which can free up cash for other expenses or investments. It also reduces the total interest paid over the life of the loan, allowing you to build equity faster. For example, on a $300,000 mortgage, reducing the interest rate by just 0.5% can save you more than $30,000 over a 30-year term2.