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Clark Howard: Refinance your mortgage

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Updated: 5/28/2013 8:59 am
JACKSONVILLE, Fla. -- There has never been a better time to refinance your mortgage. Current interest rates are about as low as they are going to be and are likely only going to creep higher in the upcoming months. 

Add in the recent spike in home prices and that means more equity, which gives you better chance to lock in the lowest rate. That is unless you don't like saving thousands of dollars.

Even if you're locked into a lower rate, dropping your interest by just half a percent can mean big savings. There are also programs for people who are underwater on their mortgage, meaning the value of the home dropped, and they owe more than what the house is worth. 

Programs like FHA and Harp will help lower interest rates regardless of how much is owed on the loan.  Even if you are only a couple of years into your loan, that doesn't mean you have to reset and get back into another 30 year loan.



Three places you should shop for mortgages are : the mortgage company you're already with, a local credit union, and with a mortgage broker who can shop multiple sources for your loan.

If you are already in a loan a few years, look at a 15 year loan, instead of a 30.  You're going to get almost a whole interest point lower and you're going to save ten's of thousands of dollars. 

For more info on refinancing go to clarkhoward.com.

Watch Clark Howard weekday mornings on Action News This Morning on FOX30 beginning at 7 a.m.
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