Written by Catherine Rein (last updated May 7, 2009)
The news is full of stories on refinancing mortgages. It is not that surprising considering that much of the recent economic trouble has been tied to various mortgage products, including adjustable rate mortgages that have many homeowners scrambling to refinance into a fixed rate mortgage. Interest rates are still declining and refinancing a mortgage can have significant financial benefits.
If you think a refinance might be in your future, you should research interest rates and the associated fees carefully before deciding. Interest rates are at historically low levels making it a very good time to refinance your mortgage. Be aware that many banks are charging higher fees to refinance and you should choose your lender carefully. These are the steps for refinancing your mortgage:
You should also consider whether or not to pay for discount points. These are fees paid upfront to lower the interest rate. The amount of time you plan to be in the home is a big deciding factor on whether to refinance and if you should also pay points.
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