Refinancing do's and don'ts

Refinancing your Home Mortgage is a hot topic these days. If you’re stuck with an adjustable home loan and it has risen or is about to, then it may be a good time to look into mortgage refinancing. I purchased my first house some years back using my G.I. loan. I waited a couple of years, then refinanced it into a conventional loan. This was a good way to get into my first house because I didn’t have to put up very much money to get in, just the closing costs.We just refinanced our second house from an 8 3/4% Mortgage Rate to a comfortable 5 5/8% conventional loan. This dropped our monthly payment by about $100.00! One thing to keep in mind, whenever possible, only see your Mortgage Brokers to refinance to a lower monthly payment, like we did. If you refinance to take equity out for improvements, you’d better be sure that the housing market is going to be stable.