Lower My Rate
There's not much to explain to you on this option. Switching to a better rate can lower your overall interest costs. And hey, who doesn't want more savings in their life! Also, your payment can decrease, affording you that extra dinner night out here and there. It is important, however, to keep in mind that the lowest rate on the market is not always your best option. Some low rate products come with high fees to break. So, if there is a chance you might sell your home or otherwise break your mortgage sometime within your new term, it might be best to consider a bit of a higher rate with more exit flexibilities. Another benefit of switching to a lower rate? Bragging rights.