When we bought our house in 2000,
our interest rate was about 8.5% on a 30-year loan.
A couple of years later, we refinanced it down to 6.875%,
which reduced our monthly payments by several hundred dollars.
Today, we signed the paperwork to refinance it again,
down to 4.75% over 20 years.
That drops our monthly payment by another $300,
which is most welcome, as Emma's unemployed.
All of these are fixed-rate mortgages.
We're really not fans of adjustable-rate mortgages:
too many horror stories about people starting out a low rate
and not being able to cope when the rates go up.
We went through the same guy each time,
Sanjay Pitroda of MetLife Home Loans in Kirkland.