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REFINANCING Making ends meet has become a real hassle out there.  In just one little county in Arkansas there are over 3,000 people losing their homes this week.  It isn't just that jobs are going south of the border, the actual buying power of the good old American dollar is also sagging lower every day. If your ends aren't meeting as conveniently as they used to, you may want to consider refinancing the mortgage on your home. Naturally it depends on where you refinance, but in many instances, not only can you lower your monthly payments, but you may also be able to decrease the amount of interest you pay over the life of your loan. Interest Rates Are Fluttering, Changing as often as gas prices, often changing just from one day to the next. The question is: Do YOU want to refinance now?  And the answer is: Only if the mortgage rates offered to you have decreased significantly since you first closed on your recent loan. On the other hand, if you currently have an adjustable rate mortgage that already has -- or is about to -- be reset at a higher rate, then yes, you do need to investigate the option to refinance, and you need to do so right away. Sometimes hope is the only thing that keeps us going.  I'm sorry this isn't a cheap trick that has you hoping for a month or two that it will work, then a year of two wondering why it didn't work for you.  This free information is the real deal and it will work every time -- but only if you apply it correctly, as shown here and follow each step faithfully.  However, it does not work miracles, like the cheap tricks promise.  But, little or big, it does work and it does save you money on your mortgage and it can either lower your monthly payments OR cut down the term of the loan, as you prefer to apply it. The First Variable to consider is checking to see if your credit rating is better now than it was.  One friend of mine brought his interest rate down from 7.8% to 5% with no other changes being made.  His monthly payments dropped from well over $1,200.00 to less than $990  It is universally true that people with good credit ratings will be offered lower refi rates than people with poor credit. Before (months before) you apply anywhere, check your current credit rating and make sure everything on the report is accurate.  You could save thousands of dollars just by improving your rating.  Sadly there is a bunch of hooie on the web about credit checks.  Sites offer "free credit rating checks" and you end up paying for it.  Truth is, you can get your credit rating checked for free, once a year from each of the three biggie credit rating report companies.  But, click HERE and get your free report directly from the only three sources used.  If you need more than one report, apply for a loan and if you are turned down, you can request another credit report for free from the agency used by your lender. As you shop around for a loan deal, don’t forget to check with your current mortgage lender. Some banks realize that keeping your business is important to them.  They may offer you no closing costs or a lower refi rate than other firms just to keep your business. Other lenders may waive certain fees to make their interest rates look more appealing, so it’s vitally important that you crunch all the numbers to see if a refinance will save you money in the long run. Watch Out For Squeeze Fees One of the first things you want to do is make sure you haven't been saddled with a prepayment penalty, for refinancing your mortgage. According to Bob Tedeschi at the New York Times, Prepayment Penalties can cost 3% or more of the loan,  One more likely fee, if you currently have less than 20% equity in your home, when you refinance you’ll probably end up paying for private mortgage insurance (PMI). Plan Ahead! Do you think there is a move in your near future?  If you don’t plan to stay in your home for very long, it probably won't make sense to refinance as chances are, you won’t break even on the initial cost of refinancing before moving.

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The Big Squeeze There’s no doubt about it: American consumers are being squeezed financially from all directions. And as the price of everything from milk to gas to airline tickets rises, more people are looking for ways to reduce their home mortgage payments. Refinancing Your Home Mortgage Refinancing your home can help you lower your monthly payments and the amount of interest paid over the life of your loan. Experts typically say that if interest rates have dropped at least 1% since you closed on your loan, that you may benefit from refinancing. Evaluate all the costs of refinancing your home to make sure you’re really getting a good deal. If you must pay a prepayment penalty on your old loan, or a lot of points to lower the interest rate on a refinance, it may not be such a great deal. ARM Resets You also may benefit from a refinance if you currently have an adjustable rate mortgage (ARM) that will reset. Although recent interest rate cuts by the Fed have helped avert some of the problems expected to result from ARM resets, refinancing could still help some people have lower home mortgage payments. That may especially be true if they are refinancing with a better credit rating than when they closed on their mortgage. Cash In A Flash! If you need access to a lot of cash and IF you have built up equity in your home, a mortgage refinance could help you out. Some people use refinancing as a way to fund large purchases, renovate their home, or pay their kids’ tuition bills. In today’s economic environment, however, you’ll definitely want to think twice about using a mortgage refinance to pay for something trivial, like an expensive vacation, clothing, or expensive electronic purchases you don’t really need. Debt Consolidation? Refinancing a loan also can allow you to tap the equity you’ve built in your home for debt consolidation. Most credit card interest rates are a lot higher than the rate offered on refinance loans.  I've heard rumors of 35% on some cards.  Compare that to less than 10% on refinancing your home! So YES, the money from cash out refinancing can pay off credit card and other high-rate debts, leaving you with the lower rate on a new loan. This will increase the potential for you to pay off your mortgage sooner and pay less interest over the life of the loan.  HOWEVER, ask yourself this question.. "Knowing me as I do, will I go right back out there and fill those plastic card debits right up to the hilt again?"  You need to be honest here.  If you cannot handle your money yet, you will be much worse off by catering to your wishes. Although some of the interest you pay on refinance loans may be deductible, it’s important to talk to your tax planner to see what the exact amount will be in your situation. However, even if the interest on your refinanced loan isn’t deductible, you may still come out ahead by paying off high-interest credit cards, especially if you go on to become your own banker. COMPARE LOAN SOURCE BENEFITS ANY time you think about getting a loan, you will always want to compare lenders to get the best overall deal. You’ll want to evaluate all points and all fees to get a true picture of how long it will take you to break even on the cost of refinancing.   Compare mortgage refinance deals to get all the information you need before signing on the dotted line. Also keep in mind that the better your credit score is, the better the interest rate you’ll receive on a refinance loan. One final consideration:  If you are one of those poor lost souls whose home is being foreclosed on, invariably there will be a "white knight" in shining armor dash up to your front door and volunteer to help you "save your home!"  This is the time to get out your magnifying glass and look over every detail in his proposed home refinancing loan.  Far, FAR too many people are so tickled about being saved that they never look at the fine print that will hold their heads under water until their feet quit kicking.  Subsequently, if they miss ONE PAYMENT, they automatically lose their home, and quite often they are dismayed to learn they have also signed away everything in their home, their autos and --. Oh Boy!