Keeping Informed

Now that you are a homeowner, you have different responsibilities.  One of the most important ones is keeping in youch with what is going on in your housing market.  This will tell you what is happening with home values in your area, and may alert you to various opportunities.

Experts suggest that if interest rates drop by more than two points, you might consider refinancing to lower your monthly payments.  Before deciding, however, consider;

You may want to refinance to receive a lower interest rate.  You may find that you can get an new loan at a lower rate of interest, reducing your monthly payments.  If you plan to remain in your home for several years, the savings could justify the costs of refinancing.

Build equity faster by refinancing to a shorter term mortgage, you can build equity faster because a greater percentage of your monthly payment goes to the principal. 

Switch from an adjustable to a fixed rate loan.  Adjustable rate mortgages traditionally offer lower interest rates during the early years of the loan than fixed rate loans.  When rates drop refinancing to a fixed rate loan, will give you a stable and predictable schedule of payments

Switch from a fixed to an adjustable rate loan.  An ARM may give you lower payments.  Remember, however that the interest rate on an ARM can increase at its periodic reset date, which means that your lower payment may only be for a limited time.  If you only plan to live in your home for a host time, this switch my make sense.  Tap into your equity through what is often referred to as a cash out refinance, you can stop the equity that has accumulates in your home to pay for expenses such as your children’s education and home improvements.

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