(AJC) — Reeve and Corinne McNamara got a conventional 30-year mortgage with a 6 percent interest rate when they bought their Marietta home five years ago, and they put more than $5,000 down.
So when mortgage rates recently dipped below 4 percent, the McNamaras figured they could cut their loan term and save a lot of interest expense by refinancing to a 15-year note. With jobs and excellent credit scores, the couple seemed textbook candidates for refinancing.
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