With the rates down at 5% for a 30 year fixed mortgage (or even 4.65% for a 15 year fixed), should you jump to refinance? Maybe not! There are quite a few factors that need to be considered before you decide whether to take the refinance step. As an example - will the closing costs of your new mortgage be more than the savings you'll enjoy with reduced payments? If your home's value has declined, do you need to put up more cash to avoid PMI? If you are thinking of making the call to your mortgage person, you need to read this article from the Fox Business Channel's website.
Wednesday, January 14, 2009
Should You Refinance? Maybe Not!
With the rates down at 5% for a 30 year fixed mortgage (or even 4.65% for a 15 year fixed), should you jump to refinance? Maybe not! There are quite a few factors that need to be considered before you decide whether to take the refinance step. As an example - will the closing costs of your new mortgage be more than the savings you'll enjoy with reduced payments? If your home's value has declined, do you need to put up more cash to avoid PMI? If you are thinking of making the call to your mortgage person, you need to read this article from the Fox Business Channel's website.
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