Thursday, November 15, 2007

When to Refinance the Mortgage

We refinanced our mortgage a couple of times so we could get lower mortgage rates. We started out with an building loan at one rate, and we had a certain amount of time after the house was built to convert it to a regular home loan and lock in a rate. We locked it in once, and then the rates went down again, so we refinanced again. Even having to pay some closing costs each time was worth it in the long run, because we will save money on the interest over the course of the loan. Also, I think, at least one of those times we rolled our home equity loan into the mortgage, so that lowered the interest rate on that considerably.

Even though I think we're in pretty good shape now, it's still nice to keep up with what current interest rates are, just in case. This refinance calculator makes it easy to see if it's worth going ahead and refinancing.

brought to you by

1 comment:

I love your comments! Keep them coming.