Refinance today. 10 minutes on the phone just saved me $766 per month.

Every once in a while I'm reminded that Corporate America rocks!  And what I've written below is 100% truthful. No exaggerations.

In recent months we've received endless letters from our mortgage lender about refinancing and promising a better mortgage rate.  Yeah, right – what corporate bank (and I am talking one of the big 5) actively encourages you to pay them less money every month?

Because of this skepticism I've been putting off calling them for weeks, months if I'm honest, because I thought it would be too painful and probably too good to be true.

I've finally made the call this afternoon because finally the knowledgeable realtor in me finally beat down the skeptical consumer.  Just 10 minutes on the phone (with a most charming lady called Kellie I might add) saved us $766 per month without changing the type of loan, or any pre-payment penalties. 

Admittedly there's an upfront fee but with the savings we're making, we've covered that in just a few payments – and even then all but $500 is rolled into the cost of the loan so the out of pocket expenses is minimal. 

So the lesson here folks is don't be as lazy and skeptical as I was.  Mortgage rates really are at an all time low.  If you haven't refinanced in the last few years now really is the time to do it.  

I don't have a crystal ball but I'm fairly certain that interest rates will go up early next year, the cost of borrowing will increase, even if only marginally. Now is the time to save some big $$$$$$.  Had I made this call just 8 weeks ago when the letters started arriving we'd have already saved over $1000.

Now, where did I see that pair of must-have shoes…