Thinking of Refinancing Your Mortgage?
With mortgage rates still at very low levels, now is a good time to consider looking into refinancing your mortgage. Generally speaking, home values are on the increase and lenders and becoming more and more aggressive with allowing mortgage refinancing as well as home equity loans and home equity lines of credit. Under the right circumstances refinancing your mortgage could save you thousands or even tens of thousands of dollars.
If you are thinking about refinancing your mortgage there are some important factors to consider. What is your rate right now and how does that compare to your current mortgage rate? If you can say over 1 percentage point there is a good chance that a mortgage refinance could be good for you.
How many years are left on your mortgage? The longer you have left on your mortgage the more likely a refinance will work out for you assuming that you are able to get a better rate.
Do you plan on moving or selling your house anytime soon? If you are planning on selling your house soon then a mortgage refinance may not be the right move for you at this time. The longer you plan on staying in your home, the more likely a refinance will work for you.
Here are some useful tools for helping you decide if it is worth refinancing your mortgage or if you are looking to get more information. If you feel you might be in line to save some money, you should consider contacting your banker or mortgage holder. If you have an accountant that person might be able to give you some advice as to whether a refi makes sense.
Mortgage Refinance Tools