Home Loans
When NOT to Refinance Your Home
(presented by www.refinance-refinance.net - mortgage lenders)
By John Morroni
There are times when the mortgage rates look incredibly appetizing and it seem as if everyone is jumping on the refinance bandwagon. While refinancing when the interest rates are very low may look like a good idea, not everyone would benefit from refinancing their home. Homeowners who already have a lot of debt, an existing a second mortgage or plan on moving in the future may actually find themselves paying more by refinancing at a lower rate than staying with their current mortgage.
How much equity do you currently have in your property?
One of the first things to figure out is if there is enough equity already in the property. It makes little sense to refinance if you have already borrowed 90% or more of your homes value in home equity loans or second mortgages. It
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