Although a refinance can lower your monthly payments, it may not always be a good idea. A homeowner who has already paid off ten (10) years of a 30-year loan, would be unwise to refinance to another 30-year loan–even if the rate were lowered. It may even be unwise to refinance to a 20-year or [...]
Mortgage refinances tend to be more simple than purchase loans. Since 1990, refinances have also become more commonplace. During the 1970s and 1980s, mortgage interest rates tended to be very high. During much of the period, home buyers had to settle for double-digit rates on their mortgage financing. This was due to the fight against [...]
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