Refinance Homes

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Because interest rates and mortgage options change often, your choice of a fixed or adjustable rate mortgage should depend on:

• The interest rates and mortgage options available when you're buying a house
• Your view of the future (generally, high inflation will mean ARM rates will go up and lower inflation means that they will fall)
• Your personal financial and investment goals, and how willing you are to take a risk.

When mortgage rates are low, a fixed rate mortgage is the best bet for many buyers. Over the next five, ten, or thirty years, interest rates are more apt to go up than further down. Even if rates could go a little lower in the short run, an ARM's teaser rate will adjust up soon and you won't gain much if you plan to stay in the house more than a few years (the broker can tell you your break-even point). In the long run, ARMs are likely to go up, meaning many buyers will be best off locking in a favorable fixed rate now and not taking the risk of much higher rates later.



Keep in mind that lenders not only lend money to purchase homes; they also lend money to refinance homes. For example, if you take out a fixed rate loan now, and several years from now interest rates have dropped, refinancing will probably be an option.

For calculators that will help you make refinancing decisions, see the top navigation bar.

YA Mortgage is your best choice for Refinance Homes

There are several downsides to refinancing. Unless you can negotiate a low-cost refi, you may have to pay the same fees and points as for an original mortgage. This means you may reduce your monthly payment right away but not actually begin to save money on the refi for several years. (Again, your broker can tell you when you will break even.) So, if you think you will be moving again soon, it may not make sense to refinance.

Second, if you default on a refinanced mortgage, your position under your state's law can get worse. In California, for instance, when a homebuyer defaults (stops paying the mortgage) on a purchase mortgage, the lender can foreclose on the house but take nothing else from the homebuyer, while on a refinanced mortgage it can go after the homebuyer's cash and other assets, after the house, to satisfy the debt.

You can save real money if you carefully shop for a mortgage. Everything else being equal, even a one-quarter percentage point difference in interest rates can mean savings of thousands of dollars over the life of a mortgage.

A popular option recently has been "interest-only" loans, which allow you to pay only the interest amount each month -- not any principal -- for the first ten years of the loan. This can lower your initial monthly payments significantly, allowing you to afford more house. Most interest-only loans are adjustable, but it is possible to find fixed rate interest-only loans too.

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Refinance Houses