Should You Refinance Your Mortgage?

Mortgage interest rates are low again and it may be a great time for you to think about re-financing (maybe again).  I think that Rick Kahler has done an excellent job of summarizing the process below.  If you need the names of some good mortgage brokers, give me a call at 970-682-4875 or send me an email at steve@purposefulfinancialplanning.com .

As always, let me know if you have any comments or questions.

Steve

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Five years ago the government was injecting trillions of dollars into the US economy. Conventional wisdom suggested that rising interest rates were soon to follow. Some even predicted the collapse of the dollar and hyper-inflation. Instead, inflation is down, the dollar is the strongest it’s been in a decade, and interest rates are falling to the lowest rates we’ve seen in decades.

Now would be a great time to dig out your mortgage loan paperwork and consider refinancing. Here’s how to find out whether it’s a good option:

First, check the current interest rate on your mortgage loan. Let’s assume you have a balance of $200,000, with principal and interest (P&I) payments of $1013 at an interest rate of 4.5%.

read the complete article here: Rick Kahler: Should You Refinance Mortgage? | Kahler Financial.