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Refinance Mortgage or Not?
from: Ken AustinIs a refinance mortgage the right thing for you? This is a difficult topic to figure out for the average person. There are several things to consider in order to make the decision about whether or not you should get a refinance mortgage. Here are some things that you should consider before making a decision:
* You should know whether or not your interest rate is higher than that of your current mortgage. If it is lower, it may be favorable for you to take on the refinance mortgage. If not, it may not be worth it. You can find this information on your mortgage paperwork or by contacting your current lender.
* You should also know the terms of the mortgage. Consider this. If you started with a thirty year mortgage and now are at fifteen years left, you will be adding a huge amount of burden to your debt if you go back to the thirty year mortgage. But, if the mortgage refinance is only for the last fifteen years, you will in fact save yourself money.
* One of the benefits of a mortgage refinance may be that you can lower your monthly payment. This is a great opportunity but in order to do it, you are likely going to need to extend your loan back to the original term of thirty years or whatever it was.
It is important to get several quotes before making a choice on one mortgage finance company or the next. You may also want to contact your current lender to see what they can do for you as well. The combination of these things will help you to get the most for your home while allowing you to save money along the way. A mortgage refinance is a very serious thing and something that you shouldn't get into lightly.
About the Author
Ken Austin is the webmaster at ">http://www.creditreliefonline.com/">http://www.creditreliefonline.com/ and ">http://www.myfinanceconnection.com/"> http://www.myfinanceconnection.com/
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Mortgage Refinance Specific links
Mortgage Refinance News
Obama pressures Congress on mortgage refinance program - Fox News
 Bloomberg | Obama pressures Congress on mortgage refinance program Fox News The administration estimates that 3.5 million borrowers with privately held mortgages would have enough of an incentive to refinance their mortgages. In his address, Obama said he would be "the first to admit" that previous efforts by his ... Obama Said to Plan Assistance for Home Mortgage Refinancing President Obama calls on Congress to pass new mortgage refinancing plan Sen. Franken to introduce legislation to remove hurdles to mortgage refinancing |
Editorial: Help underwater homeowners who are responsible - USA TODAY
 USA TODAY | Editorial: Help underwater homeowners who are responsible USA TODAY To deal with this problem, the Obama administration rolled out a refinancing plan last fall that targeted homeowners who have kept up with their mortgage payments even though they are underwater. That plan was limited to homeowners with mortgages ... |
Obama unveils mortgage refinancing plan - CBS News
 Wall Street Journal | Obama unveils mortgage refinancing plan CBS News President Obama on Wednesday unveiled a proposal aimed at making it easier for Americans to refinance their mortgages, urging Congress to act on what he called a "make-or-break moment for the middle class." Speaking to a crowd in Falls Church, ... Obama Outlines Fresh Mortgage Refinancing Plan Obama Plans Assistance for Rentals, Mortgage Refinancing President Obama's Mortgage Refinance Plan Just a Bid for Votes |
Mortgage Refinance Rates: 15 Year Refinance Mortgage Rates at 3.29% - MonitorBankRates.com
 MonitorBankRates.com | Mortgage Refinance Rates: 15 Year Refinance Mortgage Rates at 3.29% MonitorBankRates.com Mortgage refinance rates on 30 year conforming home loans are averaging 3.98%, unchanged from yesterday's average 30 year mortgage refinance rate. Mortgage refinance rates today on 15 year home mortgage loans are averaging 3.29%, down from yesterday's ... Security America Mortgage, Inc. Extends the Mortgage Lending Industry ... CEO, Garret Puckett, Proudly Announces the Recently Launched VA Loan Websites ... |
Should you refinance again? - MSN Money
 News Sizzle | Should you refinance again? MSN Money Even if you just refinanced not so long ago, the benefits of doing so again may well outweigh standing pat. By MSN Money partner 40 minutes ago This post comes from Brian O'Connell at partner site MainStreet. When it comes to mortgage rates, ... Mortgage Rates: Mortgage Interest Rates on 15 Year Loans at 3.23% Freddie Mac Good For Business, Bad For Homeowners? A homeowner's perspective on mortgage relief |