Article: Home Mortgage Loan Refinance - Refinancing A Fixed Rate Mortgage
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Home Mortgage Loan Refinance - Refinancing A Fixed Rate Mortgage
Refinancing a fixed rate mortgage is usually only suggested when interest rates fall, but you can also save money by changing your loan terms. You can also pull out part of your equity to pay bills or renovate.
Lower Interest Rates
In general when interest rates are at least 1% lower than your current mortgage rate, it pays to refinance. But you need to consider other factors, such as the length of your mortgage, loan costs, and how long you plan to stay in your home.
An adjustable rate mortgage (ARM) should also be considered if you plan to move soon. With rates lower than a fixed, you will see lower monthly payments. But you have the risk that your rates and payments will increase over time.
To help decide if refinancing makes s...
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