Looking for the right time for home refinancing - Bills.com News

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Looking for the right time for home refinancing

Tuesday, Nov 3, 2009
By Lance Piper

When looking for debt relief, some consumers may turn to home refinance to save money on their mortgage payments.

However, those same people may wonder when it's the right time to do mortgage refinancing. In a recent posting on her Web site, financial expert Liz Pulliam Weston said that though there are no definite guidelines for when to seek home refinancing, there are a few questions people can ask to determineif it's the right move.

One thing for homeowners to consider is the cost of home refinance. Mortgage refinance can come with fees, and if the new loan doesn't make up for those costs in two year, it probably won't be worth it.

"Another factor to consider is how much longer you'll remain in debt with a new loan and how close you are to retirement," Pulliam Weston wrote. "Ideally, you'll want to be mortgage-free by the time you quit work."

Though many people may consider home refinancing, the Mortgage
Bankers Association noted it expects mortgage refinancing to drop next year. One of the factors that will drive down mortgage refinancing is unemployment, which the MBA expects to hit 10.2 percent by the middle of 2010.

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Resources that save you money

• You might reduce your monthly payments by refinancing your mortgage. Get no-cost, online mortgage refinance quotes from up to four prequalified lenders.

• Buying a home? Get no-cost quotes online for competitive, fixed-rate mortgages from up to four providers.

• Reduce your debt up to 50%. Get matched with pre-qualified debt consolidation experts.

• Get a free credit report. Find a professional to correct your credit report. Apply for a new credit card. Visit the Bills.com Credit Card Center .

Also, make sure to get a free financial health check-up with Bills IQ!
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