Portage residents spend thousands to get rid of water in basementsMLive.com, MI -8 minutes agoBut they were forced to take out a second loan to cover the $14000 cost of waterproofing their basement. They also lost about $20000 worth of music ... Low rates in turn lead to bigger savings from your monthly payments. And with a refinance mortgage loan, you can take advantage of this basic financing concept and reduce your monthly repayments while at the same time, increase your monthly savings.