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Mortgage Questions and Answers

1. Is Now A Good Time To Refinance?
2. When should I refinance my current mortgage loan?
3. Should I refinance if I plan on moving soon?
4. What are points?
5. Should I try to pay as many discount points as possible to lower my loan's interest rate?
6. What does it mean to lock the interest rate on a mortgage loan?
7. Should I lock-in my loan rate when I apply for a mortgage loan?
8. I've had credit problems in the past. How does this impact my chances of getting a home loan?
9. I've only been late a couple of times on my credit card bills. Does this mean I will have to pay an extremely high interest rate?
10. How can I tell who has the best deal on financing?
11. Should I choose the lender with the lowest interest rate and costs?

Q. Is Now A Good Time To Refinance?

A . When interest rates fall, a homeowner should definitely call a lender about refinancing, but he or she should discuss their entire financial situation and goals before making any final decision.

Is your goal to lower your monthly payment? Consolidate debts? Get cash out for large purchases? Change your interest deduction expense for your taxes?

Ask your lender to provide a couple of refinancing scenarios for you, showing how your loan term length, monthly payment and your total interest expense on the loan will change.

After looking at these scenarios, it will be clear whether or not you should spend the money to refinance.

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