Mortgage rates have fallen again to new lows.
If you can see that refinancing would save you money and you already had a 15 year mortgage, consider asking your lender for a shorter term. The last time we refinanced to take advantage of lower rates, our banker shared that tip with us. We got a 12 year mortgage and happy danced straight out the door of the bank!
Make sure refinancing makes sense for you – you’ll need to consider the cost to do the refinance (if you refinance with the same lender you may save some closing costs) and how long you plan to stay in your home.
Dave Ramsey offers great advice in his article “Is a mortgage refinance right for you?”
Bankrate offers a refinance calculator to help you gauge if refinancing would put some money back in your pocket: Refinancing calculator
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