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      Instead of refinancing, unless the new interest rate is going to save you a TON, pay extra to the principal each month. It actually won't save 1/2, but 1 extra payment per year, OR taking your monthly payment (don't include taxes and insurance) and diving by 12, and adding that amount to each payment will shave about 7 years off your loan.

      If you do decide to refinance, don't go with another 30 year mortgage, for example. So, if you only have 20 years left on your loan, refinance for a 20 year mortgage, so you're not paying on the new mortgage for another 10 years (for a total of 40 years).

      On Dec 13, 2007 4:52 PM, Vickie <> wrote:

      Just remember when you refinance your mortgage you have to pay closing cost too. Making an extra payment per year will cutthe number of years almost in half. Evenpaying alittle extra each month helps,making a payment every 2 weeksinstead of once a month will help since the interest iscalculated monthly on the balance of the loan.

      Katie <> wrote:

      Hi, I was just wondering if anyone had any advise about mortgages….
      how to pay them down quicker on a very tight budget? How
      often should
      you refinance and when you do should you go for a shorter term? I am
      just frustrated with my whole lack of budget and need lots of help!


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