The traditional answer to that
question is when interest rates fall
2 percent below your current mortgage
interest rate. However, in recent
years some experts have argued that
refinancing may be appropriate with
a smaller point spread.
Some weight is often given to the
length of time the owner anticipates
holding on to the property. If the
owner expects to keep the property
for at least three or four years,
then refinancing may be worthwhile.
While refinancing can involve upfront
costs, in many cases it is possible
to roll the costs of the refinancing
into the new note and still reduce
the amount of the monthly payment.
Q:
Where
do I get information on refinancing?
A:
For information on refinancing,
the following booklet may be helpful:
* "A Consumer's Guide to Mortgage
Refinancings;" Federal Reserve
Bank of San Francisco, Public Information
Department, P.O. Box 7702, San Francisco,
CA 94120; call (415) 974-2163 to order.
Q:
Can
I refinance after bankruptcy?
A:
Refinancing may be prudent but
could be difficult after a bankruptcy.
If you're considering bankruptcy,
you may want to go to your current
lender first and explain the situation.
If you have been current on your payments,
the lender may be accommodating and
refinance your loan, easing your financial
situation.
Copyright 1999 Inman News Features
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