Truely you are in a treat in this mortgage market if you have a good paying job, decent home equity and positive credit rating. Anybody who has all of those is probably able to commit a little bit more towards paying off mortgage in half the time. Maybe, depending on when you have taken your existing home loan you may not even need to commit more than what much longer term mortgage is costing you.

Recent 15 year refinance rates are roughly half a percent lower than 30 year rates. Thus, you would realize three goals at once by refinancing now. Apparent ones are to bring down your home loan rate and term. The additional one is to guarantee these great rates for the rest of the mortgage period because they are record low at the moment. Who can tell when these low rates offered by lenders again, perhaps never in your life time.

When you have the means it is appropriate to put that money in your home in this market conditions. House prices may be low at the moment, nevertheless, investing on your home is still the safer choice for consumers who are not in business to turn around capital quick and make money several times over. Depositing the money in the bank does not clearly pay much and stocks are still quite risky.

Owning a home without mortgage would be very comforting when you retire and your income falls down. It might be that just around the time you pay off your mortgage you will need to think about college fees for your children. Whatever the future might bring, with the equity safely reserved in your home you could have much confidence in your capability to deal with life's unforeseen turns. Have a little search to determine what mortgage refinance rate deals are out there for you.