Everyone's talking about refinancing – should you?
Written by:
Own Up Staff
Own Up is a privately held, Boston-based fintech startup that is on a mission to make sure every home buyer receives a fair deal on their mortgage by unconditionally empowering individuals with customized data, personalized advice, and unprecedented access to mortgage lenders to create better financial outcomes and simplify the home financing experience.
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Refinancing has never been hotter than this past year. Record low interest rates have made it possible for homeowners to significantly lower their monthly payments and save thousands over the course of their loan. But just because everyone seems to be jumping to refinance doesn’t mean it’s the best solution for every borrower.
You shouldn’t be rushed into a refinance decision just because you think you should. That’s why we work with borrowers to make sure they should refinance and learn what their refinance goals are.
We’re proud to be featured in a recent USA Today article telling the story of how we helped a borrower evaluate multiple refinance options and the things you should consider before refinancing.
In the article, our co-founder and CEO Patrick Boyaggi shares, “The rate and fees offered on your mortgage can vary widely from lender to lender. The difference between the high end and low end of the range equates to tens of thousands in interest over the life of your loan.”
Shopping around is integral to making sure you’re getting the best deal on your loan, especially to make sure a refinance is worthwhile for you. Rates vary greatly just depending on which lender you’ve decided to go with. Checking multiple lenders and being able to compare rates is the only way you’ll know you’re getting the best deal.
If shopping sounds like too much of a hassle – well, that’s where we come in. As the article suggests, “A digital marketplace, like Own Up, can make it easy for borrowers to navigate a variety of lenders, compare rates and make better home financing decisions, even if they decide to refinance elsewhere.”
Shopping can be overwhelming and confusing at first, but studies have shown that the more you shop, the better your outcome will be. Our marketplace of lenders with pre-negotiated rates plus our expert unbiased Home Advisors make it easy to compare deals – even ones you’re getting from a lender outside our marketplace.
At the end of the day, we want you to choose the best deal for your scenario. Whether refinancing makes sense for you or not, we’re here to help you take control of your mortgage.
