If you are paying above 3% and have less than 15 years left on your mortgage or you’re paying above 4% on a longer mortgage, get off your duff and go get a “no-cost” refinance. That’s where you get an above-market rate where the lender takes some of the extra money they make for giving you that higher rate and applies it to your closing costs. As long as you keep the same term you currently have (easy to do just by taking your savings and applying it to principal, i.e. keeping the payment the same) you’ll pay the mortgage off faster and spend less on interest. Continue reading “10 Errors to Avoid When Refinancing A Mortgage”