An educational blog about home mortgages, financing, refinancing, mortgage rates, home loans, brokers and suggestions

I came across a nice reference to mortgage refinancing today in this week’s BusinessWeek. The columnist David Kiley discusses several ways in which his family has tightened its budget, including getting rid of their personal financial advisor and switching to in-network healthcare providers. 
They made a smart decision to make two smaller mortgage payments per month, [...]

Refinancing is replacing your current mortgage with a new mortgage, typically one that offers more favorable financial terms. 
Should You Refinance?
Refinancing your home loan may make sense for you in today’s economic climate. Given the recent downturn in jobs, production and the stock market, many homeowners are struggling to make their monthly payments on their homes. [...]

Refinancing can be quite appealing, especially given the current economic climate. When interest rates drop, a change of terms can mean reduced payments and an easing of the monthly debt burden. Refinancing can be a smart move, depending on your unique economic circumstances.
Here are a few factors to consider:
Existing Equity. If you’ve paid off over [...]

1) Increase money on hand each month. Refinancing at a lower rate or longer loan term means you can save or spend more money each month. But you will ultimately pay more in interest over the long-run than you would have. 
2) Decrease Your Mortgage Term Length. By increasing the amount you pay each month, you [...]

Refinancing can be a great move in many instances. But there are a some circumstances in which it may not ultimately be in your favor to refinance a home loan. Do your research to decide whether it is the right financial decision for you. In some cases, the following can be signs that a refinance [...]