Mortgage Rates!

There is a way to glean something good from our crazy economy. Mortgage rates are so low right now, fixed 30 year rates are around 5%. But you have to be smart about how you choose to take advantage of this. By only refinancing what you currently owe on your house (leaving your equity in tact) you can reduce your house payment by reducing your interest paid. Adam figured that if we refinanced and kept paying our current house payment for the next six years, and then at that time paid an additonal $150 per month, we would have the house paid off in 15 years. If you just need a smaller house payment, refinancing would be great too. Each person's situation is different, and you'd have to check it out for yourself. Beware of cashing out your equity, it will only lead to more debt. Talk to your mortgage broker and see if this is a good deal for you.