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Monday, February 16, 2009

Is this the right time to refinance?

By Peter Daas

Because of interest rate lowerings, the interest rates for a mortgage refinance have gone down to all time lows. The national average interest rate for a mortgage refinance being around 5.5%, homeowners can save big time by making the decision to refinance. Refinancing can free up extra money that can be used for a variety of purposed, home oriented or not home oriented.

Many people refinance to save on their monthly payments because they want to use the money for an improvement in living conditions. An extra hundred dollars a month buys groceries, bigger car payment or achieves some other financial goal people might have. The money for the refinance might also be used to make improvements to the house so it will sell easier in the near or distant future.

The reality is that houses these days don't sell as quickly as they used to. That's why it may be a good idea to invest in your house now, to give it more selling power later on when you're going to try and sell it. Home improvement will also increase the value of your house at the same time, giving you an added benefit when you will be selling. Also, a nicer house is a better place to live in.

The process of refinancing can best be handled by an expert. Don't choose your lender based purely on the lowest rate, but look at the best mortgage for your situation. Choosing the right kind of mortgage will make you debt free, choosing the wrong type of mortgage will get you in trouble down the road.

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