The interest rates are down and now have many homeowners considering the path of refinancing. Experts in the industry are encouraging those homeowners that do qualify for refinancing to take the leap (partly in hopes of stimulating the economy and the lending industry). It is important to look at the cost verses the benefits before taking the refinancing leap.

3 Reasons to Refinance

- Do consider refinancing if your existing mortgage is on a variable rate interest. Locking in a low interest rate could end up saving you thousands of dollars over the term of your loan.

- Do consider refinancing if you have 20% or more in your home. Lower loan to value percentages will help you qualify for the best programs and interest rates that are currently on the market.

- Do consider refinancing if your current rate is over 6%. The savings that you will have will far outweigh any costs for refinancing.

Every loan is not a good candidate for refinancing. It is important to sit down with a lending professional when considering the move. Take time to discuss your current circumstance, review available programs and weight the potential savings before making the move to refinance your current mortgage.