by Robert Hyder
As mortgage rates remain historically low as a result of the federal government purchasing more and more mortgage-backed securities, homeowners can still save hundreds of dollars a month on their monthly mortgage payment, and tens of thousands of dollars over the term of their mortgage. However, the crucial question remains: how do I know if refinancing is right for me?
The answer is actually quite simple. It all depends on how long a homeowner plans on living in the home. Because refinancing a home entails closing costs, it could mean a few thousand dollars added to your mortgage loan if you roll the closing costs into the new mortgage amount. The length of time a homeowner plans on living in a particular home will largely determine how long it will take to recoup those closing costs. If a homeowner plans on living in the home for at least 10 years and it only takes 5 years to recoup the closing costs, then refinancing now is well worth the effort. Many online mortgage calculators will help assess this for you.
It is difficult to gauge how long the current mortgage rates will remain this low, so experts recommend that if you’re thinking about refinancing, act sooner rather than later. (A dependable web site that closely monitors mortgage rates is monitorbankrates.com.) It is widely assumed the government will continue to purchase mortgage-backed securities through the end of 2009, but when they stop, mortgage rates will undoubtedly increase.
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