Series – Refinance or Modify?

Interest rates have people drooling at the prospect of lower mortgage payments, but before you rush out so you have bragging rights at Friday’s after work social on lowest APR, there are some things you want to think about. 

Question #1:  Is this going to save you money? 

Costs associated with any type of loan are generally forgotten about until the paperwork is sitting in front of you waiting for your signature, when you make a mental note to self to not be so stupid next time.  Of course you sign and get the loan because you don’t want to be beligerent (and dense) in front of the loan officer.

If the answer to question #1 is “no,” be happy.  You’re not currently spending too much on your mortgage.

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