To Do Or Not To Do The Ultimate Refinance Question

by Diane from Buckeye, AZ USA

The economy is failing, your dollar doesn't stretch as far and things are maybe beyond reason. Something that may be in your mind is it worth it to refinance your mortgage.

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Would it help in your situation? Well there are a few things to consider.

1. If your interest rate is well above the going rate now, by more that 2%, it may be worth it. (Because after a rate change, you still may have to pay points or a refinance fee, so anything below a 2% may not be advantageous.)

2. Can you consolidate your other bills with a lower rate, or qualify for a HECL (home equity credit line). Depending on state and tax bracket, a HECL is tax deductible and may be the answer to help you.

3. Maybe a second job, or roommate, or work on cutting your grocery bill would work. Not easy at first, to make list, clip coupons and scan grocery ads, but well worth the time to save some bucks.

The internet is a great way to do some "home"work to see rates, compare companies and use the mortgage loan calculators. Some websites will provide financial advice on various situations.

Whatever you chose, make sure you know all the information before signing on the dotted lines. Those that did not have a fixed mortgage rate, many did not know/understand what they were getting into! Good luck!

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