It’s pretty easy to calculate, really. First figure out how much you will save on your monthly payment. Then figure out what your closing costs will be, with hone inspections, appraisals and fees. Let’s say for example that it will cost you $5,000 to refinance and you will save $100 a month. It will take you a little over 4 years to break even. How long do you think you will stay in your house? Obviously it you are going to be there less that 4 years, it wouldn’t make sense to refinance.

What about a 15 year mortgage? If you refinance, and you can afford to go with a 15 year mortgage. This could have a major effect on your long term retirement strategy. I know if you’re under 40, you may not be focused on retirement. But retirement will be here before you realize it, and your retirement years can if the best years of your life, if you plan properly.

Are the advertised rates real? That’s one thing to watch out for. There is one way to find 0ut – submit an application. There’s another way. Call Ruth Schoenheer and have a consultation.

Ruth Schoenherr is a mortgage broker who will help you find home loans in the Clearwater, Palm Harbor, Largo, Safety Harbor, St Petersburg and Tampa Bay area. For more information, go to her web site at www.ClearwaterMortgageBroker.net or call at 727 447-2418.