Is a Refinance Right For You?

With 30-year fixed rates dipping below 6% a couple of weeks ago, many are considering refinancing their current mortgage.  For homeowners who fit in the following categories, a refinance may be in your best interest:

• You have an adjustable-rate mortgage that is scheduled to reset within the next six months.
  
• You have a second mortgage that allowed you to purchase your home with little or no downpayment while avoiding PMI that now is above 8% and you want out.
  
• You need cash for home improvement, business investment or a second/vacation home on which you can now capture a decent price.
  

If you fit into any of these categories it might be in your interest to talk with your loan officer and have him or her run the numbers.  It is worth a few minutes on the phone to potentially save hundreds each month.

Source: Washington Post 12/23/06