Archive for March 4th, 2009
Why Refinancing Your Mortgage Is A Good Move
March 4th, 2009 | 
Author: Lost in the constant barrage of news about the economy being rocky is the fact that interest rates are approaching all time lows. If you haven’t given any thought to refinancing your mortgage now may be a time to give it some thought. By refinancing your home to a lower rate, you can save hundreds of dollars every month by trimming your rate just a few percent. In this economy a few hundred dollars can mean a world of difference and will make your monthly bills easier to pay.
If you’ve built up equity in your home, that is you’ve been consistently paying down the principle owed on the home, refinancing your mortgage gives you an opportunity to withdraw cash to be used however you see fit. Many people use the money to fund college tuition, build an addition to their home, buy a vacation property or just spend on something fun that they’ve always wanted to do. There are rules to refinancing but the bank will handle the legal aspects and let you know what is and is not allowed in your state and in the terms of your mortgage. Be aware though, refinancing means you start the mortgage clock over again at day 1, so if you are close to paying off your home refinancing may not make a lot of sense.