Refinance Your Home Mortgage with Best Rate! I Have Used both eLoan and Lendingtree

I have lived in my house for almost 12 years and originally had an 8% interest rate on my mortgage (1999 was tough for APR). About a year later, I refinanced through eLoans (or maybe it was Quicken loans??) and was able to get a 6.5% APR and reset the loan to a 30 year term. My total monthly payment went down considerably and I was able to drop the dreaded PMI so I was happy. A year or so later, I again refinanced the mortgage and went through LendingTree.com. Comparing several loan offers is definitely the way to go. Your local bank probably will not be able to compete but it is still a good idea to ask them what APR they can offer you. The prime rate had fallen and I was able to get a 5.5% interest rate for a 20 year term. My monthly payments only went up a few dollars but I dropped about 8 years from my amortization. The refinancing process is a bit of a pain, but well worth it in the long run. I highly recommend that when you refinance, you subtract years instead of dollars. Don't worry so much about lowering your monthly payments because by subtracting years of the term you will save a ton of cash. The mortgage broker and bank really won't care what you choose.