10 Ways to Save Money This Summer #4
Refinance Your Mortgage
Let this be the last summer you pay on a 5.5% mortgage. Historically, the rates for borrowing to own a home haven’t been lower in two generations. For perspective, in the 1980s folks with great credit were paying in the teens! So, especially if you have equity in your home (own 20% or more of your home's value), steady income, great credit, cash in the bank, and plan on staying put for five years or more, don't delay for even a day. A 4.5% rate on a $200,000, 30-year mortgage means paying around $135 less a month. Yes, refis take a lot more time and paperwork these days but patience and diligence can save you a bundle over decades! Shop around at Bankrate.com.