Is now the time to refinance?

The answer that question really depends on the type of mortgage that you already have. Having just recently refinance our second mortgage I can offer a little bit of advice in this area. I live in Michigan, and you can get Michigan or New Jersey Mortgages which are available for quote through Mortgage Lenders with a quote from PersonalHomeLoanMortgages.com. All you need to do is provide them with some basic information on your home and what type of loan you are looking for, and you receive quotes from sources they represent for you loan.

In our case, we originally had a Home Equity Line of credit loan with a variable rate at 1% over prime. When we first took out the loan 3 years ago, the interest rate was very reasonable and this was a great option. As the economy has improved and the Fed has raised interest rates almost quarterly, that was quickly changing.

Because of that fact, we opted for a fixed rate mortgage which are offered as either 15, 25 or 30-year loans. 15-year loans have lower interest rates but 30-year loans have lower monthly payments because the interest is paid off over a longer period of time. This type of loan has a steady interest rate, and monthly payments that do not change throughout the life of the loan. This type of mortgage is especially attractive to borrowers when interest rates are low because loans are more affordable.

It may be time for you to re-evaluate your current loan and make a change. Remember, it's your money.


Technorati Tags: 2nd Mortgage Loans, Second Mortgage Loans, Home Loans



This is a sponsored post