If you have a mortgage, it is likely your mortgage is one of the largest components of your monthly budget. The average household pays $16,000/year for their home. A large percentage of this amount is their mortgage payment. Interest rates have plummeted recently and it may be time to consider refinancing your mortgage to get a lower rate. Mortgage rates have never been as low as they are right now in the last 40+ years. If a person who had taken out a 30 year mortgage in 2006 when then were 25 for $255,000 refinanced this mortgage at today’s low rates, they could save nearly $450/month. If they invested this savings, this would be worth nearly $3.5 million. Use the tools below to see how you could save on your mortgage costs.
- http://www.bankrate.com/mortgage.aspx this calculator allows you to find the best possible refinancing rates available in your area.
- http://www.bankrate.com/brm/news/cheap/331ways/Home/mortgage.asp provides a listing of great tips that will help you reduce your mortgage payments. Some of these tips even apply to those who don’t want to refinance their home.