Mortgage refinancing from the experts
Use a loan calculator to determine whether you are really saving money, and if you are not, either decide to pay more than the minimum each month, or do not refinance. * Avoid variable rate mortgages when you refinance. Even though the variable rate mortgage's monthly payments may be lower than the fixed, rates are so low right now that you are less likely to benefit from a rate drop after the introductory period is over. * Do not waste time waiting for interest rates to drop even lower before you refinance! Interest rates are already at a record low. If you wait to refinance, you may find yourself caught in a tide of rising rates.