A place to share thoughts on refinance home loan
Average interest rates hovering at or near 5 percent for 15, 20 and 30 year fixed rate first mortgage loans as of early May, 2009 make mortgage refinancing an attractive and affordable option. The mortgage refinancing process involves either paying off an existing mortgage loan with a new one or combining first and second mortgage loans into a single first mortgage loan. Obviously, lower interest rates on a refinanced mortgage translate to lower monthly mortgage payments overall. But, mortgage refinancing is more than just lower interest rates. You can also either increase or decrease the term of your mortgage, which has a direct effect on the amount of your monthly payment.