http://andoverrealestateandcommunitynews.com in the Realtor-Buzz Network Wed, 28 Jul 2010 21:22:25 +0000 http://realty-buzz.com/?v=2.9.2 en hourly 1 http://andoverrealestateandcommunitynews.com/2009/01/13/mortgage-rates-have-come-down-should-we-refinance/ http://andoverrealestateandcommunitynews.com/2009/01/13/mortgage-rates-have-come-down-should-we-refinance/#comments Tue, 13 Jan 2009 19:49:53 +0000 lheraty http://content.kineticblogsites.com/?p=90 Mortgage Rates Have Come Down–Should We Refinance? is a post from: Andover | North Andover Real Estate & Home Town News

]]> When refinancing your mortgage, you must look at the big picture to see if it really makes financial sense for you. Since rates are at an all time low, many people are considering it. Here are some ways to help you decide if it will benefit you or not. If you have plans to pay off your mortgage in the next few years it makes no sense for you, as you will not be able to recover the re-financing fees in time. Same thing goes if you are planning to move in the next few years. If you are planning to stay in your home for many years and currently have an Adjustable Rate Mortgage, then refinancing to a 30-Year Fixed is a very good option for you. Refinancing may not lower your monthly payments by all that much, but you may sleep better knowing that those payments will never go up. Another good reason to refinance is if you are currently paying a very high rate. A very good rule of thumb is to calculate your costs and make sure that you can earn back the roughly $2,000 in fees that you will pay, within two to three years. Two other things to consider are that if you are paying less interest over time, you will pay more taxes. Also, money that you pay in refinancing fees could be invested instead. Think of the return on that sum you could earn over thirty years! Your lender will need to have your home appraised in order to qualify your new loan and to be sure the new loan reflects the current value of your home here in Andover or North Andover.  Most lenders charge an appraisal fee for this service.  I can help you "prequalify" the current value of your home by providing you with a FREE market analysis of your home....or sign up for a free Market Snapshot to see what homes have sold for in YOUR neighborhood. If you have specific questions about your mortgage or need a recommendation for a trusted lender here in Andover or North Andover...please contact me at REMAX Partners, Andover, MA.  Home values in Andover and North Andover I'm happy to help!]]> http://andoverrealestateandcommunitynews.com/2009/01/13/mortgage-rates-have-come-down-should-we-refinance/feed/ 0