Streamline Re-Fi: How to Save $$ on your Monthly Mortgage

I want to preface this first by saying I AM NOT an expert in finance or mortgages. I am however a homeowner  and thought I would pass on to you what I learned last week.

Interest rates are at a historical, record LOW. What does that mean for us? HUGE SAVINGS!!

Some mortgage companies are offering what they call a "streamline" refinance.What this means is  they will refinance current customers in good standing at NO COST! That's right a NO COST and NO APPRAISAL refinance!

This isn't a available at all banks so you need to call your and ask if they are offering this service. My current lender is offering it and is able to offer us 3.62% fixed on a 15 year note! Because the interest rate is so low we are able to do it. It's not changing our payment much but cutting our mortgage note in half. They were also able to offer us a good rate for a 30. If you are able to, it's always ideal to finance on the shortest term loan possible.

I thought I would share this with you. I have talked to several financial advisors about this and they have all advised jumping on it quickly. They have all said we're living in times where these types of rates have never been seen. So whether your able to shorten your note or maybe decrease your monthly payment I think it's certainly worth a phone call.

Happy Savings!
Shannon