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Refinance your mortgage to collect $300 per month

Many Americans have decided to refinance their mortgages since the pandemic began.

People do it for different reasons like saving money or finding a lower interest rate.

47% of individuals last month that refinanced their homes saved an average of $300 per month with their new loan, according to Zillow.

In January, the interest rate on 30-year fixed mortgages hit record lows at just 2.65%.

In June they were back up to 2.93%.

The study released by Zillow stated that there were a good amount of people saving more that $300 and some even saved over $500 per month.

Many people chose not to take advantage of the offers.

What is refinancing and when should a homeowner do it?

When choosing to refinance your home, it’s best to shop around and not make the plunge unless you find a rate that’s lower by at least 1%.

When refinancing, you go through the same motions as when applying for a mortgage to begin with, but the new loan goes toward paying off the old one and replaces it.

Related: Is purchasing a home a wise investment at the moment?

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