A tip that may Save you Thousands of Dollars of Interest!

With interest rates at all time lows, it may be time to review your current mortgage situation. If you are locked into a closed mortgage, there is no need to wait until the end of your term to start saving money. In addition to a lower rate, in many cases the penalty can also be paid for you through a special "Cash Back Program".

Refinancing can be worthwhile, but it does not make good financial sense for everyone. A general rule of thumb is that if the current interest rate on your mortgage is at least 2 percentage points higher than the current market rate it may be worth while. However, with Cash Back Program the interest difference can be much less than this and you could still save thousands of dollars on your mortgage.

With current Cash Back Programs in the marketplace many mortgage clients are able to rewrite their mortgage to a lower rate, have a lower monthly payment and even cash left over to pay off other higher interest rate debts. Many other clients simply re-write their mortgage to a lower rate and keep their payments at the same level they had previously. This is an effective way to lower their amortization and build up equity in their home more quickly.

This may be a great opportunity to take advantage of lower interest rates, lower your monthly payments and consolidate other bills. If you would like more information regarding refinancing you personal mortgage please call or email me and I would be happy to direct you to the appropriate Mortgage Specialist that can answer any of your questions.