How to Use Record Low Rates to Save Money...

If you’ve been struggling through the last few months—or years!—trying to keep up with high mortgage payments and snowballing credit card bills, there’s finally some relief in sight. Mortgage rates have been falling dramatically and are now at record lows. In fact they’re so low, in many cases homeowners can refinance their mortgage at a reduced rate, pay greatly reduced monthly payments AND pay off credit card debt at the same time.


To see if refinancing is right for you, the first step is talking to your mortgage adviser. I’ll do a free analysis of your mortgage to see how much equity is available and what your refinancing options are. Even if you have to pay a penalty to break out of your existing mortgage, that cost is usually more than covered by the interest savings.


Here’s an example of how much a typical homeowner can save by refinancing today. This example is based on a $400,000 mortgage taken out 5 years ago with a 30 year amortization and interest rate of 5.8%. The mortgage was refinanced at 3.95%, and $20,000 was extracted to pay off credit card debt which had an interest rate of 18%.