The amount of applications to refinance homes in the U.S. has increased by 500 percent since October 2008. This sudden boost in refinancing is due to the fact that home mortgage rates haven't been this low since the 1960s. The cost of financing a home has dropped more than a full percentage point from last year, producing dramatic savings in monthly payments.
Check out these helpful Web sites if you're interested in taking advantage of low mortgage rates and looking into refinancing your home.
RefinancingRight.com provides all the basic information you need to know about refinancing your home. With an easy drop-down menu powered by Lending Tree, all you need to do is select the loan type, type of house, and property state, and you're on your way. The site also features useful steps to making sure you find the best and safest option for your situation. You can also read about the different types of loans in detail, which includes information about reverse mortgages, home equity loans, balloon home loans, adjustable rate mortgages, fixed rate mortgages, and more. There's also a refinance loan calculator to figure out costs. It also features other related articles, like Home Refinancing Definitions and Online Home Refinancing. You can also check out the latest refinance interest rates here - it's updated weekly.
If you want to see how much you can save by refinancing (or if you can save at all), crunch your numbers on Bank Rate's calculator. Enter in all the required info, and the calculator tells you your monthly mortgage payment. You can also compare mortgage rates in your state and across the U.S. here.
If you want to compare your mortgage information with alternative options, go to CNN Money's calculator. You just fill in the blanks for your current mortgage, enter up to three alternatives for refinancing options, and get the results to see which is best for you.