Article: Is It Refi Time?
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Is It Refi Time?
Millions of people are taking advantage of the current opportunity to refinance the mortgage on their homes. Rising home prices combined with falling interest rates have motivated people to convert their accumulated home equity into expendable funds. This frequently works to their immediate advantage, giving them a considerably lower interest rate and lower monthly mortgage payments.
Homeowners can choose either to spend or save the portion of their incomes that are no longer being spent on mortgage payments.
When Should You Refinance?
In some cases, when refinancing, it helps to borrow more than is needed to pay off the earlier mortgage. This gives you the equity from your home, plus extra funds to cover the transaction costs of refinancing. Pe...
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