How long have you had your loan? If you got your mortgage more than a few years ago, you might want to think about refinancing it. As home prices keep going up, you might be able to get a much better deal. Your mortgage rate will depend on a lot of things, like how much your home is worth, how much money you make, how good your credit is, and what interest rates are like in the economy as a whole.
Most people's situations have changed in many of these ways since they got their mortgage. House prices have kept going up at a good rate all over the country. Most people's homes are worth more now than when they bought them. Add to that the fact that your income may have gone up a lot in the last few years. It's not guaranteed for anyone, but if your income has gone up a lot in the last few years, that could change the terms of your mortgage. If you pay back loans and other debts on time, have a steady job, and have lived at the same address for a long time, your credit score will also keep getting better. And the biggest factor of all, the interest rates that are currently in place, will help a lot of people.
Rates
If you have a mortgage with a variable rate, it will go up and down as interest rates do. But if your interest rate is fixed, it's possible that the rate at which it was set is higher than the rates that are available now. The interest rates that are available now are still very good, and there are a lot of mortgages out there that were fixed at rates that are much higher than what lenders are offering now.
If any of these sound like your situation, you might want to think about refinancing your home. This means that you get a new mortgage with better terms and use the money from that to pay off the old one. There will be a price to pay. The person who is helping you re-finance will charge you a fee for setting up the loan. There may also be fees for paying off your current mortgage early, so you should look into these things before you move forward. But the money you can save can be much more than these fees. Many people can save more than a full percentage point on their mortgage, which can save them hundreds of dollars a month. The fees for refinancing can be paid for with savings from just a couple of months. The only thing you'll have left is a smaller mortgage payment. It's certainly something to think about.
