Ailing Economy's Lower Rates Provide Opportunity to Refinance

When should you refinance?
By: Ilyce R. Glink and Samuel J. Tamkin
Washington Post
Saturday, February 16, 2008

Do not do it to go on vacation, buy shoes or go out to dinner. Do not mortgage your house for something like that.

If you're going to pay off your credit card and cut it up, or if you need to do it so you do not go into default on your loan, then, absolutely, you should refinance.

You should never do a mortgage refinance just to get a tax deduction.

Do not refinance to lower your payment but lengthen your loan, unless you are facing possible foreclosure.

When you refinance, the goal should be to lower the amount of interest you're paying, either by lowering the interest rate or shortening your loan term.

This is just a tiny glimpse of the larger picture, there is so much wonderful information in this article...please click here to read the entire Washington Post article...you will be glad you did!

Angela Jones
AngelaJonesRealEstate.com