Take advantage when interest rates drop and lower your monthly payment. Or refinance out of your existing mortgage and into a different loan product. Smart personal money management includes making sure that you don't pay more interest on your loans than you have to pay.

Even if your home value has declined, you may be able to refinance and lower your mortgage payments. I can quickly help you to determine if your current mortgage is owned by either Fannie Mae or Freddie Mac. If it is you are likely eligible for this special financing which is part of the federal government's Making Home Affordable Program.