Shake Some Savings Out Of Your Mortgage
On Jan. 3, Deepa Bhat decided it was time for her and her husband, Ghanshyam, to refinance the $100,000-plus mortgage on their five-bedroom home. With interest rates falling, her lender was offering to cut their 30-year fixed-rate mortgage from 8.25% to 7.5%--with no closing costs. That lowered the Bhats' monthly payment by $130. "The amount is not that big, but savings is savings," says Deepa, 49, a homemaker in Holmdel, N.J.
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