Make Back The Cost Of Your Refinance More Than 16 Times Over

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By now, you had to have heard about mortgage rates. They're low. Really low. Lower-than-they've-ever-been-in-history low.  So, what to do about it?

A Refinance Can Be Extra Money, Every Month

It's a Refi Boom. The biggest one we've seen in a while. Homeowners are finally pulling the trigger on new mortgages and lowering their respective monthly payments.

The press is all over the story, too. Check out some of these headlines from the last 24 hours:

• Mortgage rates set new lows for the 6th straight week (Reuters)
• Mortgage rates fall again; 30-year fixed at 4.54% (Wall Street Journal)
• Mortgage rates hit another low : 4.54% (NPR)

As compared to the start of the year, fixed mortgage rates are down over 0.500%; versus last July, they're down 0.750%. The plunge has dramatically improved home affordability for people taking advantage of the market and has also pushed home affordability into new echelons

From a payment perspective, a conforming, 30-year fixed rate mortgage is cheaper today by $41.94 per month per $100,000 borrowed versus 12 months ago.

Make Back The Cost Of A Refinance 16 Times Over

A homeowner with a $300,000 mortgage from July 2009 will save $45,295.20 over 30 years. That's more than 16 times the average cost of a refinance nationwide, according to Bankrate.com's 2009 state-by-state closing cost survey.

The return is even bigger if your mortgage is more than 12 months old.

The return on investment is huge. And, for homeowners taking the "zero cost"-mortgage route, the returns are even better. They approach infinity. .

But, the thing is, like most good things, low rates must come to an end. And rates appear to have troughed.

After a big downhill between April and July, mortgage rates are flat since 3 weeks ago. It could mean that rates are gearing up for another drop lower, or, more likely, that rates have finished falling.  If you haven't talked to your loan officer about refinancing, it's time to make that call.

Want To Refinance Your Mortgage? Start With An Email.

If you don't have a loan officer, call or. I work in most states. I can help you figure out for what rate you're eligible, and just how much your monthly savings will be.

I answer all my own calls and emails so reach out today. When rates start rising, they're going to rise quickly.

(This post licensed and based on original content from Bring the Blog)