You need to take a long hard look at your current interest rates, because if you don’t, you’re going to find that it’s not going to be long before they go up again. Do you know what the current interest rates are? If you don’t, then let me inform you. They are at an all-time high! Here’s why.

Homebuyers have been opting out of refinancing their mortgage loans in recent times. In the past they could refinance whenever they wanted to, and that was back when interest rates were low. Now, since rates are so high, banks are really only making these loans when they make a huge profit. And guess what? They are going to keep these rates as high as possible, simply to make more money.

So how do you stop them from rising? The first thing you need to do is think outside of the box. Instead of just sitting around waiting for rates to go up, take action. Start saving money. Take a weekend and figure out what you can do each month to reduce your current expenses. You might not be able to afford to reduce everything right away, but if you start with some big items, you will be surprised at just how much difference making small changes makes.

You don’t have to buy new furniture, or pay for a dream vacation. The easiest things you can do to save on your mortgage are things that most people never even consider. Instead of putting money into your home, start building equity in it by putting money into your current vehicle.

What is this? How can this help you? If you own a current car, you can use that vehicle as collateral for a home loan. By doing this, you will be able to get a better rate than you would from a traditional bank. If you decide to sell that vehicle at the end of your current 30 year mortgage term, you will have paid off your debt completely and still be left with a nice home in your driveway.

How can you get started? The best way to do this is to look online for a lender that specializes in subprime lending. These are lenders that understand that there are a lot of distressed homeowners in need of help. By offering them a bad credit mortgage refinance package, they are able to turn a little bit of loss into lots of profit. These are the types of people you want to approach if you are having trouble qualifying for better interest rates.

Why should you consider refinancing? High interest rates and balloon payments are holding you back. If you can refinance for a better interest rate, you will be able to save hundreds each month. This extra money could be used on an emergency trip, a family vacation, a new car or some other item. The money you can save by refinancing your mortgage should be considered well beyond a few extra dollars here or there.

Once you find a lender that specializes in subprime lending, all you have to do is shop around for the best rate. Remember, the lender is competing for your business and it’s up to you to make your decision based on who is offering the best price. In the long run, getting a lower rate is definitely worth it. If current 30 year mortgage rates have you feeling frustrated and confused, refinancing may be exactly what you need to move forward in your life.