Refinancing Your Home Loan? When Should You Refinance Your Home?

If you have a current mortgage and are unhappy with the interest rate or the amount of the monthly payments, it is possible to refinance your home and eliminate your problems. But before you call your lender, there are some questions that you should ask yourself in order to determine whether or not it's the right time for refinancing your mortgage loan.

The first question that you should ask yourself is if you have the cash on hand to pay the fees. Depending on the amount of your mortgage, and the specific fees that your lender will charge, you could pay anywhere from a couple of hundreds dollars to a few thousand. Be sure that you're financially ready for the move before applying for the loan.

Next, you should take a look at the current interest rates compared to the ones on your existing mortgage, and then decide whether or not a refinance would help your situation. For example, if you have an ARM mortgage, and the interest rates are at an all-time low, you might want to refinance your loan and turn it into a fixed rate so your payments won't go up again as rates rise. In addition, if you have a fixed rate, but bought your home when interest rates were higher, you might want to refinance in order to lower yours.

If you find yourself with a lot extra debt, you could take advantage of a cash-out refinance loan. With this type of loan, you add on an amount to your home loan, refinance the entire thing at a lower interest rate, and then take the "extra" money out and pay off your debt. This will allow you to reduce the amount of debt you owe (because the interest rate will be lower), and at the same time, reduce the amount of the monthly payment.

Most experts agree that you shouldn't go to the trouble or expense of refinancing your home if you don't intend to stay in it for at least three years. Otherwise the cost of the process would likely be more than the overall savings.

To view our recommended sources for mortgage refinance loans, visit: Recommended Refinance Mortgage Lenders Online

Carrie Reeder is the owner of ABC Loan Guide, an informational website with articles and the latest news about various types of loans.

Make Money As A Slumlord

Be a slumlord? Okay, I got your attention, now the truth. I really don't recommend... Read More

Maltas Market Battle

With new destinations such as Bulgaria, Slovenia and Croatia offering two and three bedroom apartments... Read More

Real Estate: A Strong Investment

Description: Even in uncertain economic times like these, history shows that real estate is one... Read More

Real Estate Professional in the Palm of Your Hand

GETTING THE MOST FOR THE LEASE-TRACKING YOUR REAL ESTATEIf you own rentals and/or investment properties,... Read More

At Home In Your Overseas Home

Homeownership, in any form, is a big step for most people. In fact, it's often... Read More

Best Time to Buy? Best Time to Sell?

When is the best time to buy? When is the best time to sell? I... Read More

Estate Planning

Estate planning can enable you to control your property while you are alive, take care... Read More

How to Calculate Real Estate Rehab Profits

If you are investing in real estate you will face a variety of challenges. First... Read More

Home Inspections or Home Warranty?

Homebuyers are a curious lot. They routinely ask thought-provoking questions. A common question is, "If... Read More

Building A Home? Want To Ask A Builder The Right Questions - Not The Dumb Ones!

These are real builder questions that I got from readers of my e-book, "Residential Development... Read More

Fraud in Real Estate, Are You Being Victimized? - Part II

The phone range and Peter was on the other end of the line. "Willard, I... Read More

Should You Allow Buyer To Rent During Closing?

It's not uncommon for an investor to sell a house and have the buyer request... Read More

Buying Property in Spain - How to Avoid Paying over the Odds

Spain has a lot to offer Northern Europeans and until recently there was a marked... Read More

Thinking About Selling Your Home?

Owning a home is the original American dream. It's the old frontier spirit, wanting to... Read More

Selling Your Home Yourself ? Pricing It Appropriately

When you're selling your own property, whether it's a house, townhouse, condo, apartment, a finished... Read More

Easing Your Way Into Homeownership: A Guide To Low Down Payment Mortgage Programs

There's no question about it: Buying a first home is a big financial commitment. In... Read More

The Best Way To Get Real Estate Listings

The Real Estate Industry is HUGE and is a golden opportunity for real estate agents.... Read More

From Foreclosure to Forbearance - The Art of Negotiation

As an active real estate investor you probably already know that the most important phase... Read More

Reinventing Real Estate, Part 1: Online and Empowered Consumers Are Taking Charge and Paying Less

For decades, the real estate world turned in a predictable manner. The roles of buyers,... Read More

Investment Real Estate Done Right -- Your Quickest and Safest Path to Wealth

In investment real estate the quickest way to wealth is through owner financing, or lease... Read More

Prepare Your Rental Property for Occupancy

Among your many responsibilities as a landlord, the law provides for a warranty of implied... Read More

Purchasing International Real Estate

Interested in investing somewhere other than your back yard?Management companies have made it as easy... Read More

Investment Property Part I: How Not to Become a Slumlord

After riding the ups and downs of the stock market roller coaster for a while,... Read More

Successful Real Estate Investing

One of the best roads to wealth in America has always been the acclimation and... Read More

Ten Big Mistakes That Will Lose That Property Sale

If you are serious about selling your home, you probably go to a huge amount... Read More

Strata Title Hotel Investments

Want to know why Strata Title Hotel Investments can be a "Hell Hole" for the... Read More

Purchasing Property With No Money Down: My Personal Experience

Have you ever seen those infomercials about buying houses with "No Money Down?" They are... Read More

How to Get Financing after Filing Bankruptcy

If you're thinking about buying a home but have declared bankruptcy in the past, don't... Read More

Real Estate Internet Marketing Is The Way To Go

Real estate Internet marketing is a booming business, along with all other forms of... Read More

Reinventing Real Estate, Part 2: Online and Empowered Consumers Are Taking Charge and Paying Less

Demanding consumers"Internet buyers tend to be better informed on market conditions and better prepared to... Read More

Attention To Details Helps Homeowners Sell Fast In A Buyers Market

Your boss has just given you the career opportunity of a lifetime, but the job... Read More

Homes in Chapel Hill

Chapel Hill is located right in the middle of North Carolina, halfway between the Blue... Read More

Old House? New House? Weighing Your Options

Maybe it has something to do with a childhood home we fondly remember. Many of... Read More

What is a Home Inspection?

Any Sally and Sam Homebuyer can look at a home and decide whether it is... Read More

The UK has Gone Property TV Show Crazy!

The UK has gone property TV crazy. There are now shows about developing, buying, doing... Read More

Buying and Selling Real Estate in Florida

Florida is known as the "Sun Shine" state, and the reason is clear. People move... Read More

Prepare Your Property Like A Pro And Boost Profits

The housing market is hot, and you've decided to list your home. But what, if... Read More

Commercial Real Estate: Assessing The Unique Features Of Commercial Real Estate Parcels

As commercial real estate development progresses into the 21st century, many of the principles upon... Read More

Big Discounts With Property Investment Clubs?

A stagnant stock market, low interest rates and booming property prices over recent years have... Read More

Alicante to Mar Menor - You can Still Find Cheap Property in Spain

The Murcia region in Spain benefits from some of the most beautiful coastlines of Europe.... Read More

Researching Property for Real Estate Investing

Much is being said lately about investments. There are many investments that one could make:... Read More

Real Estate Value: Knowing yours is Key to Mortgage Success

The value of the real estate you own, whether it is your personal residence or... Read More

How to Sell Your House by Lease Options

Many people buy a house then have to move within a few years, due to... Read More

Why Commercial Real Estate is the Hottest Retirement Asset

For small business owners, commercial real estate investment is the hottest new retirement asset. If... Read More

Realty Agents: Don?t Ask Don?t Tell?

Real estate stories radiate from the water cooler and cocktail parties like a brush fire... Read More

Estate Agents on the Costa Blanca Spain

Properties for sale or to rent on the Costa BlancaAs a general rule of thumb,... Read More

How to Own a Dream Home in Spain

Every year hundreds of thousands of foreign visitors travel to Spain to delight in the... Read More

How to Become a Successful Real Estate Developer

Real estate investment and development has never been a more popular pastime or career changing... Read More

Do I Need A Real Estate Survey?

Getting a survey before you close on any real estate is very important.Some people actually... Read More

Dont Sell Your House--Ever!

Keeping your existing house when you buy a new one could be THE most profitable... Read More