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There Are Tons Of Programs

There are tons of programs which can save you quite a bit of money off of your monthly payment nowadays, even with only a small rate reduction from your current interest rate. An old myth used to be that you should only refinance if you can lower your rate by at least 2%. With interest only loans, 40 year amortization loans, pay option arm’s, and debt consolidation and cash out loans you can refinance your home and still realize immediate benefit with only a small reduction in interest rate. Consult your mortgage broker to see what mortgage programs you can qualify for and which ones will provide you with the best deal for your unique situation.

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