Interest rates, especially on mortgage loans, have caused quite a stir this year for good reason. They have reached historically low levels and both home buyers and homeowners are wondering how best to benefit from these low rates. Let's face it, buying a home is an exciting and exhausting process, which explains why we might wince a little when we think about going over it all over again for refinancing. It conjures up images of rummaging through old tax returns, trying to find bank statements for accounts we forgot, and signing a million forms as we close before finally getting the keys.
What if there was a better way to refinance and save money? What if you could review your options and set a lower rate in 20 minutes or less? Now you can! Mint is known for being easy to use with automated budgeting tools. They made the tedious process of automatically tracking your expenses a breeze and even fun. Now, through their partnership with Rocket Mortgage, they bring the same expertise to the world of refinancing. Rocket Mortgage® is an online mortgage experience developed by Quicken Loans®, America's largest mortgage lender.
What is refinancing and is it right for me?
When refinancing, a new mortgage loan is taken out to replace your current mortgage loan with hopefully more favorable terms (lower interest rate, reduced payment, disbursement for a larger purchase). It is not always right for all homeowners. It usually makes the most sense if you can cut your interest rate by at least 1% and plan to stay home for at least a few more years. You'll have to pay the closing costs, which means you'll want to stay home long enough to cover those costs with your reduced monthly mortgage payments.
If your current interest rate is high and you think refinancing makes sense for you, you will love the new tool from Mint. You are well on the way to saving money in the shortest possible time.
We will fill out your application in advance and Lock your interest rate. The best part is that you don't have to show any documentation to secure your plan! You will then be directed to QuickenLoans to complete the refinancing process. In fact, you can lock your rate and complete the entire application from your iPhone in just 20 minutes or less.
How to get started
By now, you're probably clicking around your Mint account wondering how to test out this nifty new feature. Mint officially rolled this out to current users earlier this month. You can access it by clicking here.
If you're not a current Mint user, now you have another reason to sign up. A new year is approaching. What could be better than saying hello to 2021 than tackling your budget, refinancing your mortgage to save thousands of dollars and transform your financial life fundamentally.