If you own a home and have a mortgage that is "current" and somewhere around 7% you may want to consider a refinance. The latest 30 year fixed rate was 4.96% as of January 15, 2009. It makes good financial sense to refinace for example a $200,000 mortgage at the latest rate. If you can save approximately $200 or more a month then do it. Even allowing for the costs involved with the refinance any homeowner would come out with a positive end result. Contact a trustworthy lender and a competent real estate attorney and ask them their thoughts on the idea.
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