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Good Time To Refinance

Is now a good time to refinance my home loan?

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 ---MaryLou on 6/23/08
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only if you have to god does not want us in debt.

god bless you
---jennifer on 7/10/08

Hi u really have to be careful. if possible get a lawyer to help you understand the terms well before you refinance this will help you not to make mistakes that could bind you.
---janet on 7/2/08

Refinance your home loan if the numbers make sense ie you save money.
---Kim on 6/28/08

any time is a good time to refinance homes loans and other things bout homes also
---andy on 6/27/08

To be honest I would be very careful if I were you. The world economy is changing at a very fast peace. And if you borrow too much against your home and cant afford to keep up the repayments then you could loose the roof over your head.

Also I would ask you why you want to refinance your are you planning an extension or something to it?? Are you trying to raise more money or are you trying to lower the cost of your repayments?

If you do decide to go for it - do you home work about it all before you sign on the doted line. Remember contracts are legally binding and really hard to break if its possible to break it all !!!!

So be warned

Above all pray about it and seek guidance from God
---stuart on 6/27/08

Doug...The problem with "licensed" people now days, is that it seems that anyone can get a license. We get at least three letters in the mail every week about refinancing. I notice that they all have no phone number to call and don't seem to have a recognizable name for their company. And, I am sure that all of these fly-by-night companies have licenses. That's when people need to be very careful when considering refinancing. Always go to a recognizable name mortgage company or a bank.
---SusieB on 6/26/08

Many people are well-meaning and many have good "horse sense". It's also important to consider the source. Is Suze Orman a licensed broker/banker? There is MUCH mis-information in the news now and it's misleading! As a NC licensed mortgage broker, I suggest you 1)ignore the media, 2) ignore talk show hosts, 3) ignore fixed criteria (like must improve by 2%). I suggest you clearly identify what you want to accomplish, and how it fits into your life plans, and then talk with a licensed professional in your state. Best wishes!
---Doug on 6/26/08

Yes It Is A Good Time To Refinanced Your Home Loan,I Think Others Can Refinanced Their Home Loan!
---Elizabeth on 6/26/08

Your first question should be, "Why refinance my home?" You have to reduce your interest by at least 2% or more to really get ahead of the payments. (Remember, the lender is going to charge you to refinance your home. This charge can be added into your monthly payments if you want it this way.) If you are going to refinance, don't take the equity but let it roll over. (Personal opinion.)
---wivv on 6/25/08

The ONLY reason to refinance is if you can get a MUCH lower % rate, THEN refinance for fewer years. A 15 year mortgage on a much lower rate would get your home paid off sooner, and your payment could be about what you're paying now, or perhaps lower.
---NVBarbara on 6/24/08

Sure! This is a wonderful time to refinance! I know you want to have a new loan for another 30 years. Everybody wants to pay more, more and more on their home. The interest rate may be low, but why would you want to make another 30 year loan? If the principal and interest of your house payment is $700 a month and you owe for 20 years, you will end up paying $168,000. If you refinance for another 30 years, and the payment is $650, you will end up paying $234,000. Think about it!!!!
---SusieB on 6/23/08

That would be a good question for Suze Orman. She could better guide you and she responds to questions if you go to her site and submit this one.
---donna8365 on 6/23/08

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