Mortgage Refinancing Advice
by Homeowner With Refinancing Advice
Ask Kate: Mortgage Refinancing Advice Hi Kate, I would encourage anybody to refinance during this bleak time in our economy. I think now is an excellence time to refinance a mortgage. This economy is in a recession and Americans can save some money by refinancing their homes.
The interest rates on mortgages are so low right now and has created a great refinancing opportunity. Refinance applications should be up because of these lower interest rates. If homeowners act right now while rates are low, they can lower their monthly mortgage payments.
People are losing homes and jobs are shutting down and people needs solutions to keep their homes. Refinancing can help.
One thing to consider is that if you have a good credit score and have a good bit of equity in your home, you will get a good deal.
I refinanced my home at 4.875 percent using a 30 year fixed rate mortgage. I got a lower mortgage rate that I anticipated. That has cut about $400 off my mortgage payment. My home appraised value was up by 30% and I was happy.
As I said, I would encourage anybody to refinance during this bleak time in our economy.
Kate Answers: Mortgage Refinancing Advice
Dear Homeowner, Thanks for sharing your refinancing advice.
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