When I started this blog and started getting serious about paying off debt, one of the first things I did was work to refinance my mortgages. After months of working with multiple banks and credit unions, I knocked about 2.5% off each of them. Sure, 2.5% may not seem like much, but considering that each mortgage is for hundreds of thousands of dollars, my annual savings on interest charges is well over $5,000.
Every little bit counts!
That money saved goes straight to paying down student loan debt.
Refinancing could be good for all kinds of people
If you’re a property owner, there’s a pretty good chance you’re locked into a rate higher than what would be available to you right now.
There’s plenty of reasons why that might be; maybe you bought a home when all interest rates were higher. Maybe you got an adjustable rate mortgage with a low, fixed teaser rate that has since reset. Maybe you just couldn’t get a great rate since you were just starting out and hadn’t yet built up much of a credit history.
Got any other tips for saving on housing payments?