Home Mortgage Refinancing

With today's low interest rates and the lowest home mortgage refinancing rates that we have seen in over a decade, there may never be a better time to lock in your mortgage rate and refinance your home mortgage.

There have already been some predictions that the economy ... and interest rates...will be on the rise within the year.

There are a lot of decisions that come with a home mortgage refinancing, but the most common question is often, "Should I lock in the lowest rate mortgage available, or should I go for the longest term?"

While each individual's circumstances may vary, the general rule of thumb is, if you expect rates to stay stable for a prolonged period of time, then go with the lowest rate available and renew again while rates are still low. However, if you expect interest rates to rise significantly in the future, then the prudent strategy is to lock in for the longest term possible.

There are a lot of other options to consider before you consider home mortgage refinancing or re-negotiating a mortgage. Features such as the ability to pay down the principal and the frequency of your payment all have value.

Your real estate agent can advise you as to what impact various mortgage features and options may have when you decide to sell your home. You may even find that, with today's very low interest rates, you can now afford a move up to a better home with the same mortgage payment you're paying right now!