As part of my personal financial planning project, I am strongly considering refinancing my home. Ever since the mortgage interest rates began decreasing last year, I have really been thinking about applying for a refinancing loan. My original mortgage interest rate is six percent, while current thirty year interest rates are below five. This is why I am trying to estimate how much money I would save if I refinanced my home. If I am able to get a new loan interest rate of about three percent, then I estimate that I will be able to save about one hundred and twenty five dollars per month. That amount of savings is definitely enough to strongly consider refinancing. In addition to this, other parts of my financial plan also involves finding an affordable way to consolidate all my current credit card payments. My goal is reduce to my payments by at least fifty dollars per month.
Tags: financial planning