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Refinancing Your Home Mortgage

Posted by Mike | February 19, 2008 .

I’ve been keeping a close eye on interest rates as they fluctuate up and down in the hopes that I could refinance my current Home Mortgage and lower my monthly payment.  The problem is my current rate is already very favorable.  I need current rates to drop a bit more to make refinancing worth the cost and trouble.

My buddy Jim on the other hand just refinanced the mortgage on his condo and was able to cut his rate by just over half a point.  His payment will actually remain about the same though because he rolled some of his credit card debt into the new mortgage.

Jim used Countrywide to refinance his mortgage.  He did a lot of shopping around and couldn’t find a rate better than what they were offering.  If you check out their site you can use their calculators and tools to figure out exactly how much you can borrow and what your monthly payment will be. 

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