Tuesday, June 28, 2011

Are You Paying too Much Interest?

Now is a great time to look into refinancing your home loan. Interest rates are really low right now. According to our bank, a 30-day fixed rate mortgage is at 4.625% right now. Rates are even lower for 20-year and 15-year loans.  If you're paying more, it's definitely time to check into refinancing that loan.  It's amazing how much interest you can save just by lowering your interest rate.  It's so much more satisfying when more of your payments go toward paying down the principle!

We need to go into the bank and sign some papers, but we're definitely planning on refinancing soon.  Since we're staying with the same bank, it should be really simple, kind of like this Streamline Refinance.  It's called streamlined, because the process is quick and easy, and it uses your original paper work from your original loan, so there's no extra paperwork. They already have all our information at the bank, so it's easy for everyone, and we can start saving money on interest.

With the money we save, we can have more to help put Cory through college, or maybe we can do some home improvements like they show on HGTV, or finally go on that 25th anniversary trip.