Mortgage information

Mortgage Rates – Low Enough to Refinance Now!

moneyYou would think I ‘d know better.  I am in real estate after all.  But I got too caught up in the mortgage/real estate/job market/Wall Street mess, and the whirlwind of media negativity, to see that mortgage rates had dropped SOOOOO LOW that I could have saved a lot of money EACH month, if I had refinanced.  Luckily I wasn’t too late to miss the boat in its entirety.  I had grown complacent with my 5.75% interest rate since I had refinanced it several years ago when rates were at “historic lows”.  I saved on my monthly mortgage from when I originally purchased my home, so thought I was okay.  I did the calculations last week and, based on a rate of 4.625% for a 15 year loan, realized I would save $544.77 each month and that in less than a year that savings would pay for the closing costs associated with refinancing.

If I were to take a portion of my monthly savings and use it to pay down the principal balance on my loan and another portion to invest in my retirement fund, I would still have a little extra spending money!  Needless to say, I filled out the paperwork today.  What are you waiting for?