My advice to anyone who has a current mortgage with an interest rate of 5.85% or higher is to REFINANCE NOW! This seems like such a no brainer to a tight wade like myself, but I always find people who aren't aware of the savings one can atain by doing this simple procedure.
Is it worth it you ask??? If you answer YES to the two questions below refinancing is a smart option to look into that could save you money, not just on your monthly payment, but on the amount of interest you pay to the bank over the life of your mortgage loan. #1 Is my interest on my home 1% or higher than the going rate? (4.75%ish it fluctuates from day to day). #2 Do I plan to live in my house for atleast 5 years from now?
My Monday was made bareable by a phone call from my hubby after he turned in our refinancing loan application this morning. For a 30 year loan a 1% interest drop would shave about $140 off of my monthy house payment!!!! However we went for an even better deal and opted to lock in a 15 year loan to get an even better interest rate. Our payment is still lower than before! Needless to say, I am tickled pink to think that the bank will be getting that much LESS interest from me! What a wonderful feeling for a penny pinching fool like me! We have been blessed to have an affordable house payment to begin with, but hopefully this can offer a little bit of financial relief to those who are strapped to a high house payment and struggling in this gloomy economy!
If you haven't looked into this, call your bank TODAY!!! Do not delay! You could have extra pennies in your pocket too, and after Christmas who couldn't use all the extra pennies they can get???
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6 comments:
We turned our loan app. in last week! Ours will lower 100 bucks! It is sooo worth it!
And dont you LOVE the delightful dots site?? I found it on my friend Kami's (Coles wife) blog. Lots of cute backgrounds! Everyone must like them cause since I changed my backgroung, everyone is fallowing the link and using delightful dots too! It's nice to have another option.
I've been telling Blake this same thing! We are dumb not to jump on this! What Bank did you go through???
Tara
Yes what bank? Our rate is 6.5 so we deffinatly need to refinance. And by the way your Mom's what????
Look on my link to the competition..
It isn't at a rate that would benefit us, yet, but we're going to keep an eye on it. That's great you knocked that much off of your payment each month! Something worth celebrating!!!
What good advice. Mike and I are also in the refinancing process. I have been telling friends at work to consider this opportunity as many of their husbands are out of work. Everyone can use a little extra cash to put away for a rainy day during this yucky economy slump!
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