Refinancing? Do your homework Omaha World-Herald
Mortgage rates are at a half-century low, and nearly four out of five mortgage applications these days are for refinancing.
If your re-fi is done right, you can cut your monthly payments, reduce interest costs over the life of your loan or both. The time seems ripe, since the interest rates are more likely to rise in the future rather than drop. Most people are paying at least 1 percentage point more than the current average rate, and a 1-point difference on a $100,000 loan can cut your monthly payment by about $60 a month.
A refinancing loan will pay off your old mortgage and set up a new payment schedule. There may even be help if you're underwater — that is, your mortgage is higher than the value of your house.
One key to remember in the process: "Ask questions," said George Akers, executive vice president of First Mortgage Co. of Omaha, and make sure you understand what's being offered and get the details in writing. "Find somebody who seems to communicate with you. How fast do they return your phone calls?"
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The Mortgage Reel - www.themortgagereel.com Mortgage Rates possibly hitting new low's. Media saying Interest Rates will drop to 4.5%. Are you ...