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Mortgage Refinancing Always Be Alert for Opportunities to Refinance
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By Louie Latour

Remember the mortgage refinancing boom of 2002? You might be surprised to learn that millions of Americans across the country still have mortgage loans with interest rates greater than 8%. People are willing to drive clear across town to save with a $2 coupon; however, they miss out on opportunities to save tens of thousands of dollars with mortgage refinancing. Here are tips to help you spot the best opportunities for mortgage refinancing while avoiding expensive mistakes.

Many homeowners put off mortgage refinancing because of the hassle of applying for a new loan. Millions of homeowners in the United States procrastinate mortgage refinancing and pay thousands of dollars in unnecessary interest every year. Even if the interest rate you qualify is only half a point better, mortgage refinancing can still save you money.

How can you tell if mortgage refinancing would benefit you? The answer to this question depends on a number of factors including how long you plan on keeping your home, what your tolerance level is for financial risk, the sate of your credit, and how much equity you have in your home. Any one of these factors could swing a new mortgage rate in your favor and make refinancing worthwhile. If you have a new job, were recently promoted, married, divorced, paid off your bills, or have simply been making all of your payments on time, your financial situation may be better than when you applied for your existing mortgage.

Minimizing your costs when mortgage refinancing will help you maximize the savings from a lower mortgage rate. To calculate how long it will take you to benefit from the savings, divide the sum of your lender fees and closing costs by the amount you are saving each month with a lower payment amount. This will tell you how many months it will take you to break even and realize a savings from mortgage refinancing.

You can learn strategies for mortgage refinancing while avoiding expensive mortgage mistakes by registering for a free mortgage t!
utorial.

To get your FREE six-part Mortgage Refinancing Video Tutorial, visit RefiAdvisor.com using the link below.

Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. For a free copy of “Mortgage Refinancing - What You Need to Know,” which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.

Claim your free mortgage refinance information guide today at: http://www.refiadvisor.com

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This entry was posted on Saturday, December 23rd, 2006 at 6:09 am and is filed under Refinance. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

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