Saving Money On Refinancing Mortgages

In Monday's consumer and money headlines, this week's mortgage rates continue among the lowest in years.

If you own a home and have a mortgage, take a look at your interest rate. If your mortgage interest rate is a half-point or more above the prevailing rate -- think refinancing. And go for a rate with no discount or origination points; each of those will cost you 1 percent of your mortgage.

A key to refinancing or getting a new loan is having a good credit score -- go for one at 680 or above. And with a good credit score, Metro Atlanta home mortgage rates continue this Monday below the national average.

Your best 30-year fixed rate is 6.125-to-6.25 percent and no points. In the shorter term, the best 15-year rate is pegged at from 5.75-to-5.875 percent and no points.

And another great way to save money if you buying home is to consider applying for an FHA loan. You can borrow more than $300,000 at prevailing the rates of interest, but there is a big saving in what you lay out. Your down payment is 3 percent, and you can get that money from family or even your employer.