You should start off by calling the customer service number on your mortgage statement and asking them if you can do a reconciliation and consolidation of your mortgage. Also ask them what rate they will give you and figure out how much you will save each month. You will incur some closing costs so you need to calculate how much time it would take you to make back the money you spend in closing costs. Often times you can add the closing costs to your mortgage so you pay nothing out of pocket. Again, you just need to know how much you will save every month and then make an informed decision if it is worth your while.
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783