The largest payment you have is your mortgage. So you need to constantly be aware of the interest rate you pay on your loan and that which is available in the market – for refinancing opportunities. The best advice is to have a constant dialogue with a Mortgage consultant, financial adviser or lender. Let the adviser know that you are open to refinancing and at what level.
But, you should stay aware and not just depend on the financial advisor.
Currently the rates are low. A friend of ours refinanced a few months ago and received an interest rate of 4.85%. We are currently are in the process of refinancing. The rates are constantly changing and the variables are many, i.e., the dollar amount you wish to refinance, points or no points, the number of years you want to refinance for, and your credit rating to name a few.
The money saving tip here is “stay aware.” Weekly you should check the local and national mortgage interest rates. It takes just 10 seconds each week. Check in your local Sunday paper where rates are posted in the Real Estate, Home or Business section. There are many websites with this information also. For a quick reference go to http://articles.moneycentral.msn.com/Banking/Loan/Mortgage.aspx to see the national / local rates for refinancing.
Program savings will vary depending on the difference in current and new rate. We hope to save $400 per month; $4,800 annually.
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