Don't Let Your Mortgage Gobble Up Your Paycheck
Source: Informa Research Services
(11/12/2010) This Thanksgiving, can you be thankful for being a smart homeowner and properly incorporating housing costs into your budget? If your mortgage payments are becoming difficult to make, instead of hustling out to the Black Friday sales next week, get your finances in order for 2011 by shopping online rate tables to find the best mortgage rates!
Since rates have continued to decline and remain at record low levels, now may be a great opportunity to refinance your current home loan. The current national average on 30 year fixed rate mortgages fell to 4.43% this week according to data from Informa Research Services' Interest Rate Review. Historically, these rates are incredibly low, and online rate tables may be the easiest and fastest way to locate the best rates in your neighborhood.
Furthermore, because the aforementioned figure is a national average, this means there are a number of lenders who offer even lower rates. For instance, AimLoan.com currently offers a 30 year fixed rate mortgage at just 4% (with no points).
By refinancing a higher interest mortgage loan with a low rate one, homeowners can save hundreds of dollars a year by lowering their monthly mortgage payments. This saved money can go toward paying down other debt or building your savings, for which you can be thankful all year long.
