Refinance Seemed Good Idea Refinancing Advice

by US Homeowner With Refinancing Advice

Ask Kate: Refinance Seemed Good Idea Refinancing Advice Refinancing seemed like a good idea! Here is my refinancing advice. When my husband and I first bought our home we had a first and a second mortgage right off the bat. We bought our home for $114,000 and our payment was almost $1,100 per month.

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So when interest rates dropped we decided to refinance. At the time we had only been in our home for one year. We got a great interest rate and our payments dropped $100. It was great at the time, we were planning on staying in this home for a while.

So, the closing costs that were added into the loan amount didn't worry us much. Until this year when we tried to sell our home (after being in it for 3 years).

With the housing market like it is, we are almost 15,000 upside down and unable to sell. My refinancing advice is, think about what you're planning to do with your house in the next five years. Before you just jump at a good interest rate, think everything over first!

Kate Answers: Refinance Seemed Good Idea Refinancing Advice

Hi US Homeowner With Refinancing Advice,

I hope you'll come back to my website Get Your Best Mortgage Rate again in the future. Of course, all of my information is free.

So remember to bookmark Get Your Best Mortgage Rate to your favorites and visit it often for up-to-date homeowner tips, news and advice. You can also invite friends to comment on this page or create a page of their own like you did.

Best Wishes,

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P.S. Go to my Best Mortgage Rate Blog, an entertaining source of mortgage information. Subscribe now to the RSS feed.

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