| In today's mortgage market there are more | | | | significantly more in finance charges over the life |
| options when refinancing than ever. If you are | | | | of the mortgage. Mortgages with long term |
| considering refinancing to lower your mortgage | | | | lengths also come with higher interest rates due |
| payment or your interest rate there are loans for | | | | to increased risk for the lender. |
| any financial situation. Here are tips to help you | | | | If you only plan on staying in your home for a |
| get started refinancing your mortgage. | | | | short while, taking out a 30 year fixed rate |
| The Federal Reserve has been consistently raising | | | | mortgage does not make good financial sense. |
| interest rates for the last two years. If you have | | | | You can save money by choosing an Adjustable |
| an Adjustable Rate Mortgage (ARM) and are | | | | Rate Mortgage with a low introductory offer and |
| concerned with what the Fed is doing to your | | | | refinancing or selling your home when the |
| monthly payment amount, consider refinancing to | | | | introductory period expires. Just make sure the |
| a fixed rate mortgage. A fixed rate mortgage will | | | | Adjustable Rate Mortgage you choose does not |
| help your financial peace of mind; choosing a fixed | | | | include a prepayment penalty; if you have to pay |
| rate mortgage allows you plan your budget | | | | this penalty you may lose any savings you had |
| around the monthly mortgage payment. | | | | by choosing this loan. |
| If you are in need of a lower monthly payment | | | | To learn more about your mortgage refinancing |
| consider extending the term length of your | | | | options, including common refinancing mistakes to |
| mortgage. There are now 40 and 50 year | | | | avoid, register for our free mortgage guidebook: |
| mortgage options that will allow you to significantly | | | | "Five Things You Need to Know Before |
| lower your monthly payment amount. The | | | | Refinancing Your Mortgage. |
| downside of these mortgages is you will pay | | | | |