Now's the time to refinance your mortgage

Experts say you can save a lot of money now if you refinance your home mortgage. A typical customer can save more than $150 a month.

Houston real estate agent Mike Weaster says yes, it's a good time to refinance.

"Right now, the way the market's going, you can get sellers paying your closing costs; they're willing to help out any way they can to put deals together."

Weaster says go with a Houston mortgage lender.

"I always recommend you try use a local lender or someone who's based here in your marketplace because they know the area better than someone sitting at a computer in New York City."

The Mortgage Bankers Association says many homeowners might be unaware mortgage rates have declined so dramatically.

Weaster says strike while the iron is hot.

"From everything I'm hearing from my lending buddies it is a good time to refinance your mortgage; interest rates are low, it seems like there's more product as far as lenders go -- product meaning the types of loans that are out there."

The Mortgage Bankers Association says look at your loan paperwork to see what interest rate you’re paying, and then check out today’s refinance mortgage rates. You can get an estimate of the fees you’ll pay for your refinance using a closing costs calculator.

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