Interest rates, especially on mortgage loans, have gotten a lot of buzz this year and with good reason. They’ve reached historically low levels leaving homebuyers and homeowners alike wondering the best way to capitalize on these low rates. Let’s face it, buying a home is an exciting and draining process which explains why we might cringe a little when we think of going through it all again to refinance. It conjures up images of digging through old tax returns, trying to find statements for accounts we forgot we had, and signing a million forms at closing before we’re finally handed the keys.
What if there was a better way to refinance and save money? What if you could review your options and lock in a lower rate in 8 minutes or less? Now you can! Mint is known for it’s easy to use automatic budgeting tools. They’ve made the tedious process of tracking your spending automatic and even fun. Now they are bringing that same know-how to the world of refinancing through their partnership with Rocket Mortgage. Rocket Mortgage® is an online mortgage experience developed by Quicken Loans®, America’s largest mortgage lender.
What is refinancing & is it right for me?
Refinancing is the process of taking out a new mortgage loan to replace your current mortgage loan with hopefully more favorable terms (lower interest rate, reduced payment, taking cash out for a major purchase). It isn’t always right for all homeowners. It usually makes the most sense when you can reduce your interest rate by at least 1%, and you plan to stay in the home for at least a few more years. You’ll have to pay closing costs which means you want to stay in the home long enough to recover those costs through your reduced monthly mortgage payments.
If your current interest rate is high and you think refinancing makes sense for you, then you’ll love Mint’s new tool. It’ll have you on your way to saving money in no time.
We will pre-fill your application and lock in your interest rate. The best part is that you don’t have to provide any documentation to lock in your rate! You’ll then be directed to QuickenLoans to complete the refinancing process. In fact, you can lock in your rate and complete the entire application in as little as 8 minutes or less all from your iPhone.
How to Get Started
By now, you’re probably clicking around your Mint Account wondering how to test out this snazzy new feature. Mint officially rolled this out for current users on earlier this month and you’ll be able to access it by going here.
If you aren’t a current Mint user, now you have one more reason to sign up. A new year is fast approaching. What better way to welcome 2021 then by tackling your budget, refinancing your mortgage so you save thousands of dollars, and basically transforming your financial life.