So you’ve lived in your home for some time now and have been content mailing off your mortgage payment every month. Yet when you turn on the nightly news you see that mortgage rates are 1% lower than what you locked into 10 or 15 years ago and realize quickly that you may be paying more money than you have to in interest rates on your mortgage. For millions of people every year, refinancing is an option they take to give their mortgage a “health check” of sorts and to help them lock in lower rates or take advantage of increased property values to make some improvements to their homes.
Nobody likes to pay more than their neighbor did for something – especially their house! Refinancing is an activity that is as much a part of the mortgage process nowadays as taking out a mortgage is to buy a new home. A smart homeowner knows that interest rates will rise and fall and that by keeping track of where they are currently they can save a lot of money over the life of their mortgage note by locking in a lower mortgage rate now, even if it means paying a little money up front. Refinancing helps millions of homeowners get lower rates on their...