Please ensure Javascript is enabled for purposes of website accessibility

Refinancing a Mortgage: Essential Tips You Need to Know

By Motley Fool Staff - Apr 8, 2017 at 10:04PM

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Uncover some helpful tips and tricks for refinancing your mortgage.

Refinancing a mortgage can be a savvy financial move, as a mortgage payment is typically a homeowner's biggest monthly expense. Simply put, your mortgage payment is the largest lever you can pull to increase your savings and reach long-term financial goals.

Why to refinance a mortgage

Many homeowners could realistically cut their mortgage rate by 1 percentage point or more, given that rates have sharply declined over the past decade. Homeowners securing a 1-percentage-point haircut could save $67,320 over the life of a typical 30-year $309,000 mortgage*.

Piggy bank in front of a home

Image source: Getty Images.

We Fools see that savings as an opportunity to invest in the stock market, which has historically provided fantastic long-term returns. But perhaps other financial goals are more important to you, like paying a child's tuition or getting a new business off the ground.

How to refinance a mortgage

We've compiled a number of helpful mortgage tools, articles, and videos to help you refinance your mortgage. Below, you'll find instant access to mortgage rates from highly rated lenders, essential tips on mortgages and improving your credit score, and more.

Invest Smarter with The Motley Fool

Join Over 1 Million Premium Members Receiving…

  • New Stock Picks Each Month
  • Detailed Analysis of Companies
  • Model Portfolios
  • Live Streaming During Market Hours
  • And Much More
Get Started Now

Related Articles

Motley Fool Returns

Motley Fool Stock Advisor

Market-beating stocks from our award-winning service.

Stock Advisor Returns
330%
 
S&P 500 Returns
115%

Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. Returns as of 05/22/2022.

Discounted offers are only available to new members. Stock Advisor list price is $199 per year.

Premium Investing Services

Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.