Home Refinancing Basics – Yahoo! Real Estate

7 11 2011

In recent years, millions of homeowners have taken advantage of low rates and refinanced their mortgages. This article describes the advantages and possible pitfalls associated with a “refi.”

Before You Start:

Remember that refinancing to reduce debt can be a smart move, but refinancing in order to borrow more for consumer purchases (car, vacation, etc.) could set you back significantly.

Read the fine print on your current mortgage to learn whether you’ll be assessed penalties or fees for “getting out” of that loan early.

Make sure you know whether you have a fixed or variable interest rate and what the terms are. Read More Below:

via Home Refinancing Basics – Yahoo! Real Estate.

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