Monday, May 17, 2010

It's time to talk to your banker

By Dan Danford
Family Investment Center

So when was the last time you refinanced your home?

If you plan to stay in your home a few more years, and if it's been a while since you refinanced, it's time to talk to your banker. Interest rates are dropping on traditional mortgages and you may find that you can save a significant amount of money or lower your monthly payment by refinancing.

Talk to more than one financial institution and see what they have to offer. Don't get stuck on one bank, either, because many sell their mortgages anyway and it won't make much difference who you originate the loan with.

Here's the latest from Bloomberg News on the interest rate drop.

http://www.bloomberg.com/apps/news?pid=20601214&sid=arOOSO1.2Wu4

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