An amazing opportunity has sprung up for homeowners who either are struggling to make their monthly mortgage payments, or for those who just wish to save money every single month. Between the government injecting billions of dollars in super low interest loans to banks, and the housing market decline, their has perhaps never been a better time in US history to refinance a mortgage. Mortgage rates currently sit an all time low across the country. In a lot of markets, rates are just under 5% for a fixed rate mortgage, lower still if you want to risk it with an adjustable rate mortgage. These rates are an all time recorded low and give the chance for millions of homeowners to save hundreds per month for the course of their mortgage just by refinancing. Their will be closing costs and some research work involved, but those costs are nothing compared to the potential savings. The closing costs can vary from lender to lender, but make sure when comparing quotes to account for the closing costs as well. You will generally have the option to add the closing costs to the final amount of the refinance loan, but this should not happen if you can prevent it. You should try to pay as much or all of the closing costs and any other fees and not have to finance these fees for the course of the loan. You will be wasting money every payment by not doing this. There also may be a prepayment penalty on your current mortgage. Often, these costs are still far out weighed by the benefits if a refinance is done properly. The rate at which you will be financed at depends on a few different variables. Some of these include, your income, how much your current home is worth compared to how much you owe, credit history, savings information, and any other relevant financial or property information. If your credit has improved at all since purchasing your home, you should be in pretty good shape. Even if your credit has basically stayed the same, you still are probable to save a lot of money through refinancing properly. Shop around the internet for a variety of different mortgage lenders. Many offer free tools to get a rough idea of what you tend to save. Be sure to do research on the company, see if there is a local office, see how long it takes to talk to someone over the phone, test their email response time. These are simple things that can add up to red flags. If you ever feel uncomfortable or unsure about a paticular lender, walk away. There are plenty of lenders who will work with you. Once you have received a quote you like, shop that exact quote to different lenders. Force their hand and see if they will counter with something better. If done properly a mortgage refinance is a sure fire way to save thousands of dollars. Be patient and do proper research in order to ensure your future financial stability. Mortgage rates will only most likely get higher in the future.

-M Petrone
RefinancingCondo.com

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