Home Refinance

Refinance Considerations
When you're making your decision, there are several things to keep in mind.

Refinance Once Then Do It Again
When rates fall steadily, refinancing may make sense even if you have done so once already.

Build Home Equity Faster
Many borrowers use a refinance to shorten the term of the mortgage.

Get Your Hands on Some Cash
Another way to make a refinance work for you is to refinance for more than the balance remaining on your old mortgage -- in effect, tapping your home equity, or "cashing out," in mortgage speak.

Analyze Your Savings
Check the market closely to determine the available rates and the costs associated with refinancing. These costs can include items such as an appraisal and other various fees and points.

Paying Points for a Lower Rate
In refinancing, a mortgage company usually offers a range of interest rates at different amounts of points.

Your Personal Income Taxes
With a lower interest rate on your home loan, you will have less interest to deduct on your income tax return. That, of course, may increase your tax payments and decrease the total savings you might obtain from a new, lower interest mortgage.

Deciding to Refinance
Traditionally, the decision on whether or not to refinance has meant balancing the savings of a lower monthly payment against the costs of refinancing.

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