Interest rates are below 5 percent.  Many home owners are jumping at the opportunity to refinance their mortgage.  This is a process to save money but the reality is that most people follow people.  If you refinance your current mortgage you have to pay closing cost just as you did when you bought the home.  Either you pay the closing cost at the close of escrow or you roll the money into the new loan.  The money that it cost you to refinance needs to be divided by the money you save on your monthly payment.  This will show you how many months it will take you to recover your money that you spent to refinance.  Often it takes two years just to break even with the money you spent refinancing.

I list and sell homes for people ever week that have refinanced their home only to find they are upside down in their payoff when they want to sell.  Most people don't realize that by just paying one additional mortgae payment a year will pay off a 30 year fixed mortgage in 21 years.  Not trying to take anything away from mortgage companies but If you have remotely considered selling your home, now is the time.  Interest rates are at a 56 year low.  Call me direct with any questions concerning selling or refinancing homes in Mandeville, Covington and Madisonville Louisiana. . . Wayne Turner 985-789-9243