Money Green Life

I bought my house back in August 2006. Back then my mortgage rate was at 6.75%. It was absolutely the worst timing I could possibly be in. The rates had just started to go up and the housing boom peaked in late 2006 to early 2007. Fortunately, the rates started to come down again and I was able to refinance at 5.5% in January 2008. This lowered my monthly mortgage payment from $2250 to $2020, about 10%. I recouped all the fees in less than 18 months from the money I was saving. Now, the mortgage rates are down to new record lows once again and I didn’t hesitate to jump in to refinance again. Once again, I should be able to recoup the fees in about 18 months. It might even help me increase my credit score. Read the rest of this entry »