Have you thought about re-financing? I know you hear everywhere that now is the time to consider re-financing your home loan. Interest rates are at record lows making it a great time to consider your home loan. If you think you won't save money, it may be worth your while to call around and get some estimates. We just refinanced our loan into a smaller term loan and our payment are less than what we had been paying. Here are some of the other benefits we will be experiencing with our loan re-finance:
- Shaved multiple years off our home loan.
- More of our monthly payment goes directly to payoff the principal.
- Enjoying an APR more than 2% less than our old APR.
You also get to skip a house payment while the loans transfer, so this could be a great way to free up some extra cash to pay down consumer debt!
Our personal goal is to have a mortgage completely paid for before our oldest son goes to college, so it is time to buckle down and get serious!