Well if you haven't taken advantage of the historically low interest rates for morgages, I highly recommend going to your bank to look at refinancing! I went yesterday and realized that if we refinanced our current 30 yr morgage at 5.87% down to a 15 year morgage at 4.5%...we would save $45,000 in interest payments! It did cost just under $1,000 to do the refinancing, but it was well worth the investment!
Plus, we would only be paying $75 more dollars a month over what we are currently paying on our morgage! Our extreme goal is to get the morgage payed off in 3-4 years, which will save us even more in interest payments! Right now though we are doing our part for the economy and putting on a screened-in back porch before inflation hits in a couple of years.
To God be the glory!
Friday, April 17, 2009
Posted by Jeremiah at 9:54 AM