Interest Rates and Mortgage Rate Refinancing Advice

by Home Owner With Advice from USA

Ask Kate: Interest Rates and Mortgage Rate Refinancing Advice Kate, Here is my refinancing advice. Interest rates are very low at present which means cheap borrowing. This suggests that now could be a good time to refinance.

The factors that need to be addressed are quite simple.
  1. How much are you paying at present?

  2. How much lower a rate could you find?

  3. Will you need to pay a fee to close your present mortgage?

  4. Will there be a fee to take out a new mortgage?

  5. Would a new mortgage require a deposit?
Now whilst these factors are simple to address individually, together they can provide quite a headache. The best approach is to find out all the information you require and get out a calculator.

You will need to check whether the rate you are thinking of paying is a fixed rate or a variable rate. Whilst it is possible for rates to become lower, they will not become much lower.

On the other hand they could become a lot higher.

In summary, check your penalties and fees, check your rates and try to get a low fixed rate mortgage. This will protect you against future rate hikes.

Kate Answers: Interest Rates and Mortgage Rate Refinancing Advice

Thanks Home Owner With Advice,

Click here for my free home mortgage payment calculator

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Riveting Fixed, Hybrid, and Adjustable Rate Mortgage Help

Comparing Fixed and Adjustable Rates - Refinancing? Buying a house? Get current rates right here.

Get the lowest payment with this best fixed rate mortgage plan yet pay it down quickly.

The 15 year fixed rate mortgage will save thousands plus you'll be mortgage free after 180 payments!

What would you do with an extra $87,789? Meet the 20 year fixed rate mortgage.

Introducing the 25 year fixed rate mortgage combining security with a lower interest rate.

I crown the 30 year fixed rate mortgage King Of Mortgages!

Meet the 40 Year Fixed Rate Mortgage when fast mortgage pay offs aren't your cup of tea.

Are adjustable mortgage rates good or bad? It depends on your circumstances.

Plan for changes to your adjustable rate mortgage.

If the cheapest fixed rate mortgages will save you money, why pay for more?

Are interest only mortgage loans hidden adjustable rates?

Ask Kate About ARMs - Get an answer about mortgages that adjust.

ARM Ask And Answer - Questions about adjustable rate mortgages, each with a individual answer from Kate.

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