| If you have been thinking of mortgage refinancing, now | | | | you want to sell in a year or two, it may not be good |
| is the time to act. Mortgage refinance rates are still | | | | to refinance. Do not hesitate to shop around for other |
| well below historical averages. But they are beginning | | | | lenders and other rates. Just because one lender gives |
| to rise steadily. If you have an adjustable rate | | | | you a loan doesn't mean another one cannot do better |
| mortgage or a fixed one at a high rate, there is no | | | | on terms or rates. Check them out. And before you |
| time to delay on home refinancing. | | | | start hunting a refinance lender, check your credit |
| Mortgage refinancing at current rates will put most | | | | report. Correct any problems on it before you talk to |
| borrowers ahead of the game. In the 1990's, interest | | | | the first lender. It will save hassle and heartburn on |
| rates for a 30-year fixed rate mortgage ranged | | | | both sides. |
| anywhere from 6.5% up to over 9%. Mortgage rates | | | | According to the Nationwide website, "mortgage |
| have been averaging under 5% for the past year. But, | | | | refinancing" is a fundamental way for homeowners to |
| rates are beginning to rise. If your mortgage rate is | | | | increase cash flow." The options for home mortgage |
| over 5% then now is the time to speak with a | | | | refinancing vary by borrower, but there are many |
| mortgage professional about refinancing. Taking a few | | | | options out there. Of course, refinancing options are |
| minutes to see if you could save a few hundred | | | | dependent on a borrower's credit history, home value, |
| dollars a month sounds like a good investment of time. | | | | home equity and other factors. However, do not let a |
| If you have decided to go ahead with a mortgage | | | | poor credit history or a home whose value has fallen |
| refinance loan, here are some things to keep in mind. If | | | | deter you. There are many programs available through |
| you are paying Private Mortgage Insurance, also | | | | the VA or FHA for some people. Others can take |
| known as PMI, a refinance may put your loan to value | | | | advantage of options provided in the conventional loan |
| ratio to the point where PMI is no longer required. | | | | market. Even with tightened credit requirements, there |
| Closing costs on mortgage refinancing can be | | | | are loan options available for people with poor credit. |
| expensive though. If you are planning to stay in the | | | | All of these options can be discussed with a mortgage |
| home for a few years, then the extra savings on your | | | | professional. |
| payments will help you recoup the costs. However, if | | | | |