The Art of Living Better

Homeowners Simple Trick To Paying Off Mortgage Shocks Banks

UPDATED: Payments could be lowered by as much as $4,264 each year

When homeowners visit the RateMarketplace™ official website, they may be stunned to discover that they are actually wasting thousands of dollars every single year.

Although many sources may tell you that your mortgage rate is already very low, in reality, you are not saving as much as you think. It's time to stop dishing out money that goes straight into the pocket of your bank's CEO. There is a simple trick that can put your tax refund to shame, and it's free and can be processed on your computer right now

Millions of Americans are eligible, but most are not aware of the offering. The Home Affordable Refinance Program (HARP) is a federal government program designed to help middle-class homeowners refinance their mortgages. By refinancing your home at lower interest rates, you could easily reduce your payments by as much as $4,264 each year.

The program is going to expire at the end of 2016, but once you're in, you're in for good. Act now to lower your payments, pay off your mortgage sooner, and even take some cash out.

Saving more than $150,000 over the life of your mortgage is realistic.

But how do you get there?

We spoke with top financial experts and came up with 5 easy tips to help you save time, money, and pay off your mortgage:

1. Refinance. Your mortgage was probably negotiated years ago, and may be as high as 6.75%. Refinancing will help you drop your rates significantly.
2. Shop Around. You have the option to get quotes from multiple lenders (not just your current lender) and compare rates. Understanding what different lenders are willing to offer you will give you a good idea of how much you can save.
3. Find HARP lenders. Not all lenders consider the HARP program when providing quotes. Be sure to check with lenders who will.
4. Shorten your term. With lower interest rates, you can put the amount you save on interest toward your payments, shortening your term and paying even less in the long run. 
5. Don't delay. Like most great government programs, this one is expected to end soon. The good news is that once you're locked in, your savings are permanent. The sooner you make a change, the more you'll save.

How do you get started?

This may seem like a lot of information to take in, so we did some research to find the best tools out there to help you refinance your mortgage. RateMarketplace, one of the country's largest and most respected refinance comparison websites, is one of the few companies with HARP lenders on its network. The best part? It's 100% free. So see below how much you can save!