If you are not in the real estate business or you are not watching the news regularly, you are missing out on a great opportunity to refinance your mortgage to the lowest rates available in years.  As of today (December 9th, 2008) 30 year fixed rates are quoted as low as 4.875%.  That is not a mis-print.

That puts mortgage rates within .25% of the all time 40 year lows reached in June of 2003.  No one should refinance just because it is the popular thing to do.  But, rates are so good that depending on what your current rate is, you might be able to refinance to a 15 year fixed rate and end up with the same or similar payment.  That is powerful!

Knocking 10 or 15 years off of your term will save 10′s of thousands of dollars over the life of the loan, and that savings could be going to fund your retirement instead of lining the mortgage companies pockets.

At the very least, you owe it to yourself to get a consultation to see if it is justifiable to refinance.  As a rule, you want to refi if you are saving at least 1% on your rate.  But, there is more to it than that.  If you can lower your term and keep the same payment, or if the monthly savings offsets the cost of the refinance in 15 months or less, it is worth looking at.

If you would like to check under the hood of your mortgage, call me at 850-221-8334 or and I would be happy to discuss your options.