Take a look at the refinance rates now!
During the past few weeks, I have been doing some research on refinancing my home as mortgage rates have dropped sharply. Our current mortgage is a 30 year fixed at 6.25%. I also make an extra payment to principal each month and we have about 25 years left on the mortgage. Rates are looking so good, I am hoping to drop down to a 15 year mortgage at under 5% and end up with slightly lower overall payments. That way we will pay off our mortage 10 years earlier, save lots of money on interest and keep a little extra each month.
Everywhere I look it says you have to do your research and ask around to find the lowest rates. Several friends have given me some good information, but if anyone knows of a good place to find low refinance rates, please let me know! If I find any good references, I will update this post.
I think it is a good idea to always look for ways to make your investments more profitable. Now is a good time to see if you can save some money on your mortgage payments.
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