Saturday, March 22, 2008

Mortgages

I'm the first to admit that I'm not the most knowledgeable person when it comes to the economy and financial matters. Most of the time I kind of tune out when the news turns to economic topics. But even I have had to pay attention to the news about the economy lately.

One thing I have been wondering about is how the interest cuts might affect our mortgage. This is obviously our largest financial investment, and one that I pay close attention to. We have a 30 year fixed rate mortgage, but I wonder if these interest cuts will make it worth it to us to refinance.

I think next week I am going to look into the closing costs of refinancing, the current interest rates on mortgages and try to figure out whether or not it would be worth it to refinance at this point. One site I found that has easy to understand descriptions of the different types of Mortgages is MoneyMagic, a company in the UK.

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