My little blog concerning mortgage rates
One of the most common reasons for mortgage refinancing is to secure a lower interest rate before your current mortgage resets to a higher rate. If you decide to refinance with another adjustable rate mortgage, be completely aware of what is expected of you in terms of rate resets and balloon payments. If fixed rate loan rates are lower overall, it may make more sense over the long haul if you refinanced to a fixed rate mortgage. Do your financial homework. Another incentive for choosing mortgage refinancing as a strategy is to pay off consumer debt with the proceeds.