photo credit: woodleywonderworks

Mortgage rates are dropping like crazy.  We’re a little over two years into a thirty year mortgage.  I see that our credit union has a twenty year loan for only 4.875%.  Needless to say, I’ve already put in a call to one of the loan officers.  My only concern is PMI because we don’t have 80% equity yet.

Nevertheless, I’m eagerly awaiting the loan officer’s call.  It’s always been our plan to have the mortgage paid off in 20 years or less.  Getting a shorter term and a lower interest rate will definitely further that goal.

Are any of you thinking about refinancing?