We had the opportunity to lend our expertise to the folks over at GetRichSlowly.org (GRS) as they prepared their latest post: “Does It Still Make Sense to Refinance in Today’s Market?“.

GRS author J.D. refinanced his mortgage last winter, effectively cutting the interest rate on his loan from 6.25% to 4.96%. Over the years, J.D. has done a lot on research of refinancing — both for his own purposes, as well as for a book he has written — but allowed us to share some of the basics with his readers: Read the rest of this entry »

With this week’s big rate drop — the conforming 30-year FRM dropped to 5.77% yesterday from 6.06% on Monday, the largest single-day drop since September 8 — now is a great time to run the numbers and see whether refinancing is for you. Be sure to use our Refinance Calculator, because it’s important to know the real costs — and potential savings — before making a move.

With this easy-to-use, interactive refinancing worksheet, consumers can see how their existing mortgage payments might change if they were to refinance, and, just as important, how long it would take to recover any closing costs associated with refinancing.

Read the rest of this entry »