EAST HADDAM, Conn. (WTNH) — Uncertain economic times have driven down mortgage rates and attracted homeowners to the idea of refinancing.
Some are looking to reduce their 30-year monthly mortgage payment while others are choosing to pay roughly the same and go to a 15-year mortgage instead.
“All depends on circumstances and factors,” said Eric Bogdan, branch manager of Envision Bank and Mortgage. “We’re talking credit score, appraised value, purpose of loan; whether it’s a purchase, rate term refinance or a cash-out refinance.”
Bogdan said the typical savings his customers are seeing are between $100-300 per month.