Yes you can actually refinance your mortgage loan without starting over the 30 year term. As mortgage rates in Sonoma County have dropped this year, so have the actual costs of home ownership. It’s a fantastic time to purchase a home right now.

It’s an even better time to refinance.

This is a fact. Mortgage rates are in the low 4’s for fixed rate money. As a homeowner, you need to be aware of your “total cost of of your mortgage.” The higher your mortgage interest rate, the more interest you will pay overtime. Yes, mortgage interest is deductible, however, over a 30 year term, mortgage interest compounds making it costlier for you.

Take a look at your Truth In Lending (TILA) statement that was in your closing papers on your last mortgage loan you took out. You’ll notice the total interest over the term of 30 years was likely three times the amount of money you initially borrowed. Right there in big letters it reads “This is how much mortgage loan will cost you.” This is the total cost of your mortgage.

If you have a mortgage at 4.5% or higher you should call mortgage lender right away. You owe it to yourself to at least make the phone call. That could easily amount to $150,000 phone call or more if you can benefit by refinancing.

I’ve been originating mortgage loans for over six years now and each time I talk with clients about the benefits of today’s low refinancing rates they tell me they are “worried about starting over with a new 30 year term.” I hear the same thing all the time.

It all boils down to simple mathematical equation. I show them the math.

Here’s the secret, by making the same mortgage payment you always have on that mortgage you are saving a dramatic amount of “interest” over time and you can actually pay your “house” off faster by refinancing with a lower interest rate. It is all about the lowest possible interest rate on a refinance transaction. If you can refinance today you can improve your equity in your home, reduce your long-term interest expense and pay off your mortgage balance faster. How? Its now not secret anymore, on the new refinance simply make the same mortgage payment you always have.

Try a refinance without starting over 30 years.

By refinancing with today’s rates, you are actually doing the reverse. You are shortening your loan-term, building equity in your property and reducing your total interest expense over time. Additionally, you will get to own your home “mortgage free” much, much sooner.

Mortgage interest rates are presently the lowest they’ve been in US history. It is possible these low rates could be with us for a long time to come, but why take that chance? Wouldn’t it make more sense to have a five-minute conversation with a lender, and lock in that net tangible benefit now? Go get a mortgage rate quote. Call a mortgage lender today so you can refinance without starting over 30 years.