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Making the Right Move by Mortgage Refinancing

By Gabriel Traverso
Mortgage Credit Problems Columnist


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We're at an interesting point in the mortgage and real estate market. Current mortgage rates are still very good but are predicted to go up--and house values in many markets are predicted to drop. As you shop around for the best deal on a mortgage refinance make sure you take all factors into consideration.

Your Needs Are Unique

There's been a lot of bad press lately about mortgage lenders pushing deals on consumers that don't fit their financial needs, especially in the subprime market. The truth is that lenders are just like everyone else: they go to work to do the best job they can. Their role is to help you find a refinance loan that works for you, but that means you have to play an active role. Your individual financial situation and your plans with your home are the most critical factors in finding the best refinancing deal for your mortgage.

Refinancing Your Mortgage

If you think you don't have the best mortgage right now, that's ok. This is a great time refinance and mortgage rates are still very favorable. In a recent press release David Lereah, chief economist for the National Association of Realtors®, said, "Simply stated, a loan with the lowest monthly payment probably isn't in your best interests – borrowers need to understand worst-case scenarios.  If you're in a mortgage you aren't comfortable with, now is an excellent time to refinance, if you can, with historically low rates on safer conventional loans."

Ask Questions

Remember that your mortgage lender is not a mind reader. You need to share information about your goals with the home and ask questions about anything you don't understand. If you intend to stay in the home for a long time and carry the mortgage to full term then that presents a very different set of needs than if you plan to sell in the next few years. Your job is to communicate with your lender so that together you can find a refinancing solution that works according to your needs.

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