If you are paying above 3% and have less than 15 years left on your mortgage or you're paying above 4% on a longer mortgage, get off your duff and go get a “no-cost” refinance. That's where you get an above-market rate where the lender takes some of the extra money they make for giving you that higher rate and applies it to your closing costs. As long as you keep the same term you currently have (easy to do just by taking your savings and applying it to principal, i.e. keeping the payment the same) you'll pay the mortgage off faster and spend less on interest. The lender makes a few bucks, the appraiser gets a few bucks, the title insurance/closing agent earns a commission, and you save some money. It's a win-win for everyone but your current mortgage holder, but don't feel too badly, especially if you gave them a chance to have your refinance business.

In the past, I've had three different mortgages, refinanced three separate times, and had a home equity loan. I've made plenty of mistakes but learned something new every time. Let me share some of the lessons learned.

# 1 Shorten the Term on the Mortgage

If personal loan Mississippi you have been paying on a 30-year mortgage for a couple of years, and now you refinance to a new 30-year mortgage, you'll end up paying for your house for 32 years instead of 30, and you might just pay more in interest than you would have if you hadn't refinanced. Read more