Some days I feel like a home refinancing expert. Ive refinanced my home twice in the last three years to take advantage of attractive interest rates. Although interest rates have been rising lately, refinancing may still be an attractive option if youre paying a high interest rate on a mortgage. When my husband and I built a new home in 2000, we felt interest rates were a little high so we opted for a three year mortgage with an 8 percent mortgage rate instead of locking into a 15 or 30 year mortgage with a slightly higher rate.
We were counting on interest rates going down before our mortgage was up for renewal and they did. When the rates went down to 5.5 percent two years later we refinanced. To find the best rate I could, I called my local banks, credit unions, and savings and loan companies. I also checked interest rates on the Internet.
One year later, while checking on the Internet I found a rate of 4.375 percent. (I looked up interest rates because someone told me they had just gotten their mortgage refinanced at 4.5 percent). I ended up refinancing again but not before calculating how much I was going to save in interest versus how much the additional...
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