 TITLE: 4 Ways to Save Money on Your Mortgage CONTENT: 1\\. Refinance Your Mortgage\n---------------------------\nRefinancing your mortgage involves taking out a new loan to pay off your outstanding balance. You'll then have a new monthly payment that may be lower than what you were paying before. Refinancing can also be an opportunity to change the terms of your loan or lock in a lower interest rate. Both ways could help you save a significant amount of money on your mortgage. At the time of this writing, the average rate for a 30-year fixed mortgage is 2.87% (2.15% for a 15-year fixed mortgage).\nLet's say you owe $150,000 on a fixed mortgage that has 15 years left in its repayment term. Assuming an interest rate of 3.25%, here's how the savings would shake out if you were to refinance to a lower rate.\nIn this example, refinancing would shave over $14,000 off the amount of interest you'd pay over the life of the loan while also reducing your monthly payment. However, it's worth noting that refinancing typically comes with fees that can cut into your savings. Lenders set their own refinance loan fees, so it's wise to shop around for the best deal. Your credit score is also an important consideration when deciding whether to refinance. You'll likely need a minimum FICO® Score☉ of 620, though a higher score puts you in the best position to land a lower rate. END