After the government lowered the rate at which it borrows money to banks to near 0%, mortgage rates consequently dropped to all time lows. In many parts of the country right now the mortgage rates are below 5%. The first step in the Governments plan involves stimulating the housing market. With mortgage rates this low, it can save people hundreds of dollars per month on their mortgage by refinancing.

Getting a refinance now before the market corrects itself and adjusts is a probably a good decision. The mortgage rates will probably not get much lower than they are now. If you are in an adjustable rate mortgage, than you should without a doubt look into refinancing into a stable fixed rate mortgage. Currently, there are an estimated 1 million homeowners that could benefit from a mortgage refinance. There are a lot of resources available to you on the internet that will allow you to get a rough idea of how much you stand to save. Check your current lenders offer first, than shop that offer around to other mortgage lenders. Do that same routine every time you get an offer that is better. Do not be afraid to ask plenty of questions and never hesitate to walk away from a mortgage lender.

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