refinance my home

listening to WGN morning news TV, was getting ready for work & caught part of your refinancing info. need more.
13 April 2016. please forward any info.
thank you, pk

Terry Says:  I was just pointing out that 30 year fixed rate mortgages are now down around 3.5% and if you take out a 15 year fixed rate you could pay as low as a 3% fixed rate.  So it pays to refinance if you have good credit and equity in your home.  The one thing you don’t want to do is stretch out your mortgage for a longer period by refinancing.  So if you have been paying on it for six or seven years, try doing a refi to a 15 year mortgage.  Your payment won’t drop much but you will save a small fortune in interest by paying off your home sooner.

Also, I pointed out the dangers of home equity loans and lines of credit (HELOCs) which are being promoted by the banks again. Check the column on TerrySavage.com for details.