Take advantage of lower rates
Interest rates are now at a 30 year low, if current interest rates have dropped since you secured your mortgage, you may be able to get a new loan (or 'refinance') with a lower interest rate. Refinancing would then reduce your interest costs (unless you plan on increasing the term of the loan) and possibly your monthly payment costs.

Get a shorter term loan
By moving into a new mortgage with a shorter term, you can sometimes reduce interest costs (even if interest rates haven't declined) By simply reducing the term of the loan, you would typically save thousands in interest costs.

For example, if you now have a 30 year fixed interest mortgage, you can often reduce your interest costs over several years by switching to a 15-year mortgage. This type of mortgage generally has a lower interest rate.

Get a new ARM
If you have an adjustable rate mortgage (also known as an ARM), and it has adjusted up, you may be able to save money by refinancing with another ARM.

Since ARMs usually have a low interest rate until the first adjustment, you can reduce your interest rate for that introductory period.


1 . Reduce Interest Costs.

2 . Reduce Monthly Payments.

3 . Reduce Your Risk.

4 . Payoff Your Mortgage Faster.

5 . Use Your Home's Equity to Borrow More.
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