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You would never just throw away thousands of dollars, right? Or pass up the opportunity to put more money in your pocket each month? Believe it or not, this may be happening right under your nose. And even worse—it’s a common problem that many homeowners don’t even know they have. All of this might be easily fixed by refinancing your home.

Even with historically low interest rates (yes, rates are still low), some people remain on the fence on whether refinancing is an option for them. Usually once you start the refinancing process, you’ll find it’s not as difficult or expensive than you originally thought. So don’t let confusion or misleading information get the best of you.

Find out what’s true and what’s false. We’ve busted the top 3 refinancing myths that may be holding you back from getting a better mortgage deal:

1. I can't afford closing costs and fees:

Refinancing is all about saving money! But, it’s true, there are closing costs and fees associated with refinancing. Closing costs for a refinance usually include but aren’t limited to credit fees, appraisal fees, any escrow and title fees required, homeowners’ insurance, taxes, and discount points.

But don’t let that scare you away. You have the option of rolling your closing costs into your loan. This eliminates the need for upfront fees paid on closing day. We can help you decide if this choice makes sense for you and your goals.

2. I've missed the prime time to gain profit:

To put it simply, you’re not too late! Rates continue to remain low, which continues to be some of the lowest interest rates in history. This is a big deal! In addition, home values continue to rise so you can use this to your advantage. Here’s the bottom line—if you’re thinking of refinancing now is still a great time to do so.

A good strategy to have is to go ahead and get your refinance application completed so you can move quickly when you’re ready. Your Home Loan Specialist can work with you to make sure the process is a smooth one, and that your financial goals are met.

3. It can be hard to calculate the financial benefits:

On the surface, it may seem overwhelming to figure out the positive aspects of refinancing. There’s a lot to go over, right? You may have questions like “How do I figure out what my interest savings will be?” and “What is my loan-to-value ratio on my home?” These questions can be answered easily by working with the right lender—one that recognizes that the goal for most is to maximize savings.

Click here to get your free mortgage report that can help you discover your potential savings. This is the best way to find the right loan for your situation and get a clear cost breakdown, so you know exactly what is expected at the closing table.

It’s smart to seek advice, ask questions, and work with a trusted Home Loan Specialist. Pat yourself on the back for taking the first step by researching tips like these. What’s next? We’re here for you when you’re ready to compare interest rates and refinancing options.

Don’t let myths or confusion discourage you from refinancing your home. You can save big bucks on your long-term financial goals which makes it well worth it. You can never start saving too early! So let’s get started.

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With so much of your hard-earned money on the line, seek advice from a trusted home loan expert and have the confidence that you are in qualified hands.

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