Mortgage interest rates are still near record lows, despite economists’ predictions that rates would go up. Now is as good a time as it’s ever been to refinance your home mortgage. If you’re in a 15 or 30 year mortgage and your rate is over 4%, it’s worth exploring your refinancing options.
In addition to the standard 15 and 30 year fixed rate mortgages, some lenders offer shorter term (10 or 20 years) and some even offer longer term products. It costs nothing to find out if your eligible to refinance and how much you can save annually. Many people also pull money out of their home when they refinance, using the home equity they’ve built up.
Start with an online search. Mortgage lenders are very competitive and you may be able to find refinancing options where the appraisal fees and closing costs are waived completely, saving you hundreds or thousands of dollars.