Plus, in today’s harsh work environment, a lower mortgage payment every month might be manna from heaven for a homeowner who’s been laid off or had his or her hours cut at work. After all, there’s a significant difference between a mortgage payment of $1,231.43 and $1,660.82.
In the end, it all comes down to this: Can you afford to make those extra mortgage payments every month without losing sleep? If so, then the current rate environment may represent an offer you shouldn't refuse.
With rates on 15-year loans at record lows, there’s no time like the present to shorten your mortgage loan term, and save huge bucks in the process.
—For the best rates on loans, bank accounts and credit cards, enter your ZIP code at BankingMyWay.com.