If you clicked to this page you are at least thinking about a home refinance. Market conditions in the mortgage industry are given to you finding a great refinance deal today. Yes, it is true that interest rates are not quite as low as when they hit 40-year lows in recent history, however, since there were many new entrants into the mortgage industry during that time to service the influx of customers, today with less people refinancing competition in the industry to survive is intense. This means that mortgage rates still remain low with good home refinance deals abound.

Benefits of Refinancing

You as a homeowner can save thousands of dollars per year just by executing some paperwork. All it will take is a little time and investigation on your part to find the best rate and loan program for you.

• Lower interest rate, lower monthly payment

• Reduce the length of your loan, increase the length of your loan

• Consolidate a first and second mortgage

• Get cash out

• Fix a rate while they are still low

Talking to the Pros

It is a matrix of several factors that determine if you are in a position to capture a lower interest rate and save literally hundreds of dollars every month. Some of the factors are market-driven and some relate to the status of your existing loan, credit rating, debt to income ratio, etc. As noted above, the market could not be better than it is now to capture a great deal on a home refinance loan. Regardless of your credit status; sub prime lenders are offering rates to people with less than perfect credit unheard of in the past, today’s fiercely competitive mortgage industry is a breeding ground for good deals. The best way and only way for you to find those good deals is to get in touch with the loan professionals who are offering them.

Questions that must be answered

Your mortgage payment is probably your most significant monthly cash outlay and will remain so perhaps for decades to come. Because of that, you must be savvy in capturing the not only the lowest interest rate, but the best loan program for you. Below are some critical questions to ask when considering a home refinance.

• How much lower will your monthly payments be?

• What is the sum of the fees associated with the new refinance loan?

• How many years remain on your current mortgage?

• How long do you plan to remain in the house?

• How much of your current monthly payment is interest vs. principle?

Some of these questions you can answer yourself, others you will need the help of a loan professional. Commit yourself to speaking with more than one professional about the same subject; find a lender who really has your best interests in mind.