High Rates? Should I Refinance? by YourMortgageResource.com

The most important thing to realize is that there are many types of loans available now. From a Streamline FHA or VA loan to a new home purchase. There are even still loans available to combine debt! Depending on what type of loan you are trying to obtain, qualification will vary. You might be asked to bring in income documentation, and your credit score might be checked, just like with your original mortgage. There are now a lot of options for closing costs, that were not available in the past.

The talk in the news is that interest rates are on the rise. True, they are higher now than they were a few weeks ago. Keeping in mind that not so long ago, rates were in the double digits - 10% was considered a good rate. So, 5.50% is still a great rate.

Refinancing to lower your monthly payments or getting a shorter term is a great idea. Many folks are finding that they can pay off their home in half the time with the payment going up just a bit or even staying the same. These are the options that your Mortgage Professional can discuss with you.

Whether you choose refinance to lower your monthly payments or refinance to shorten the term of the loan has many determining factors. If you can handle the amount of the monthly payment, shortening the term saves money paid on interest. This is even an option on Streamline FHA and VA loans. Take advantage of the lower rates and new programs available through the government programs.

If you would like to free up some monthly cash, pay off your home early or simply pay the bank less interest. Now is the time. Rates are still near historic lows, but are threatening to go higher. Take advantage while you can.

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