About refinancing

Yesterday, I mentioned that I recently refinanced our house.  As most of you are aware, the mortgage interest rates are at an all-time low (in my lifetime and, no, I'm not going to say how long that is . . . but it's 'PLENTY' to quote my friend, Madelene).  Anyway, I thought, "We just bought our house 2 1/2 years ago, so refinancing will probably not pay for us . . ." 

But at the urging of a friend, I called a reputable mortgage provider and spoke with a really nice person who answered all my questions and assured me that, YES, it would be a very wise thing to do.  She made it painless and the end result is: 

1.  Our percentage rate will be just shy of 2% lower
2.  Our required payment will be $200 per month lower
3.  OR we can choose to pay exactly what we pay now and pay our house off 10 years earlier and save $70,000 in interest!!
4.  Our original mortgage was 'sold off' to a company that was next to impossible to contact so an unexpected bonus is getting to have a new company that has been a dream to work with!!

We will choose to do #3 since we had such a late start on paying for this house and we are afraid we might not live long enough to get it paid off the other way!!  I'm sure our children would rather inherit a 'paid-off' house!!  (Your welcome, children!)

To sum it up, I am quite happy that I searched out the option - because I LOVE saving money!!  If it is feasible for you, I highly recommend it!!

Talk again soon,
Karol