I purchased my current home in 2001 with a mortgage interest rate of 7.75%. Since then I have been able to take advantage of lower interest rates and refinance multiply times, with my current rate being 3.75%. The last time I refinanced, my mortgage was “underwater” (the balance of the mortgage was higher than the value of my home) which became quite common following the housing crash in 2007-2008. Being underwater I did not qualify for a traditional refinance; however I was able to take advantage of the Federal Governments Home affordable Refinance Program (HARP). Having a lower interest rate, lowered my monthly mortgage payment I then took that savings and updated my kitchen adding to the value of my
