(Source: Bostom.com By Barbara Bedway) – The stalled economic recovery has pushed interest rates to near-historic lows (pending any uptick with the recent downgrade in the US credit rating). If you’re paying more than 5 percent on a 30-year loan, or 4.5 percent on a 15-year loan, it could be worth investing the time and money to find a better deal: to be precise, refinancing a $250,000 mortgage from 5.5 to 4.75 percent saves about $40,000 over 30 years.

Lenders are asking a lot from borrowers now – only consumers with credit scores over 740 and at least 20 percent ownership are getting the best rates – but the deals are there if you know what to do.

Source: Bostom.com By Barbara Bedway

August 21, 2011

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