Organize Your Finances and Save Money by Refinancing Your Home
Although the economy has certainly been in the dumps these past few years, all the news is not completely bad. Consider one of the very few consequences of this recession that are actually favorable to a homeowner–the ability to refinance your mortgage. Due to falling interest rates, the simple fact is that refinancing can save you money and help you get a little relief with your finances.
For the past couple of months, interest rates on new mortgages as well as refinancing continue to sink lower and lower. If you’ve been waiting to refinance, or if you had really not considered it yet, now might be a great time to do so. You can run some numbers through a mortgage calculator and figure out just how much money you can save. You’ll probably be surprised to see a couple hundred dollar savings a month or more, depending on your current loan rate and mortgage balance.
Clearly part of organizing your family includes getting your finances in the best shape possible. This obviously includes a detailed budget so you understand exactly where your money goes and how to best allocate your resources in the best way possible for your family. Once you’ve done this, you should definitely lay out where you can save money on either unnecessary expenses or those for which you’re overpaying.
The amount you pay for your home mortgage is likely your largest expense and quite possibly the best place to shave off a big chunk of your monthly expenses. It might take a little effort to get your paperwork together and apply for a refinance, but you’ll probably be happy you did so. Low interest rates like the ones we’re seeing lately won’t last forever. In a few years when rates are much higher you’ll certainly be proud you took the time to lock in a rate that is so low.