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When mortgage rates are low, think refinancing

Low mortgage rates draw homeowners to the refinancing table. But low rates alone don't make refinancing a good deal. Here's how to look before making the refi leap.

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Be an educated consumer
Should you refinance your mortgage?
Use this mortgage calculator to find out how many months it will take to recoup the refinancing costs.
Refinancing rules of thumb
Rates are low, low, low. Does that mean you should refi? It depends. Here's how to decide.
Original lender might be the best
Make your original lender the first stop. They have all your information already, so you may save on fees.
Mortgage modification can lower your payment
It never hurts to ask for a rate reduction. Your original lender might simply drop your rate for a few hundred dollars.
Finding a new lender
Refinancing to a better rate sometimes means a new lender and new rules. Here are some tips for avoiding potential problems.
Rolling costs into a refi loan
Absorbing loan fees into your new mortgage means low out-of-pocket costs. Just be sure you don't plan to move or refinance again anytime soon.
FAQ on refinancing
Cut the confusion with answers to some of the most common questions on refis.
When refinancing booms, so do scams and screw-ups
Here's what to watch for and what to ask for from your lender.
When not to refinance
Even in a low-rate environment, there are plenty of reasons a borrower may want to sit tight.
15-year vs. 30-year mortgages
Look at more than rates when choosing your mortgage length. Your budget, spending habits and financial goals all need to be considered.


-- Posted: March 14, 2003

Mortgage rates and war



When to refinance your mortgage


Why your mortgage may cost more



Home Equity
Compare today's rates
$30K HELOC 4.56%
$50K HELOC 4.07%
$30K Home equity loan 4.97%
Rates may include points

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