Remember those sky-high mortgage rates from last year? They might have put your dream of a comfy STL home on hold, but guess what? Rates are dropping, and now’s the perfect time to rethink your mortgage and snag some serious savings!

Why Refinance Now?

• Rates are falling: Remember those 8% monsters? They’re gone, replaced by rates closer to 7%. If you snagged a house when rates were high, refinancing to a lower rate could shave hundreds off your monthly payment.
• Saving potential is HUGE: Say you refinanced your 8% mortgage to a 6% one on a $500,000 loan. That’s a whopping $671 extra in your pocket every month! That’s like an extra Cardinals game a month, or a sweet new BBQ grill for the backyard.
• It’s easier than ever: Forget the paperwork nightmares of the past. Refinancing today is smooth and streamlined. Plus, with rates dropping, lenders are practically begging you to refinance!

Example: Total interest paid during 30-year loan term on that $500,000 loan:

3% rate: $258,887.20
4% rate: $359,348.80
5% rate: $466,279.60
6% rate: $579,190.00
7% rate: $697,543.60
8% rate: $820,775.20

But My Rate Isn’t Bad, You Say?

Even if your rate isn’t a total monster, there’s still money to be saved. Every percentage point you drop adds up over the life of your loan. Plus, the lower your rate, the faster you build equity in your St. Louis haven.

Thinking About Refinancing? Here’s the St. Louis Lowdown:

• High-rate mortgages like 8% offer the biggest savings potential. Dropping even a single percentage point can mean big bucks back in your pocket.
• Low-rate mortgages still offer some savings, especially if you are able to lower or get rid of your PMI (mortgage insurance), but the numbers aren’t as dramatic. Every little bit counts, though!
• There’s no magic “refinance rule” like the 1% rule. What works for your neighbor might not work for you. Talk to a local St. Louis lender or a mortgage broker to figure out your personalized savings plan.
• Don’t wait! Rates are still falling, but who knows how long it will last? Seize the moment and lock in those sweet, sweet savings.

Refinancing: It’s not just for out-of-towners. St. Louis homeowners, this is your chance to turn your mortgage into a money-saving machine! Contact us today and start enjoying the financial freedom of a lower rate. Remember, a refinanced mortgage means more money for Cardinals tickets, BBQ ribs, and all the other things that make St. Louis living so great!

Bonus Tip: Instead of going to your bank, check out a local St. Louis mortgage broker (like us!) who may offer special programs or incentives for refinancing. You might score extra savings just for being a STL homeowner!

Written by: Carlson Mortgage – a top-rated St. Louis mortgage broker providing home loans in the state of Missouri. We are routinely ranked as a #1 mortgage broker in Missouri on Yelp, Google and Zillow. We can be reached at (314) 329-7314 seven days a week.

Our loan application can be found here or you can call us at 314-329-7314 to speak with one of our mortgage loan officers. Also, here is our pre-approval page, if you are looking to buy a home or need a referral to a top real estate agent.

Let us be your source for some of the lowest mortgage interest rates in St. Louis on first-time home buyer, conventional, FHA, Veterans (VA), Jumbo and condominium (condo/town home) financing. Since 2004, our loan officers have been providing home loans and mortgage services in St. Louis that are tailored individually to your unique needs and to your financial situation.  Call us today to inquire about home loan interest rates, to get pre-approved for a purchase or a refinance mortgage, or if you have any general mortgage lending questions.