Let's face it, not everybody needs to refinance. With all the hoopla about Low Rates and the Refinance Boom, you want to know the facts. You want to know when refinancing is right or wrong and why? Okay, I’ll tell you.

It is actually quite simple. You should refinance when you have credit card debt exceeding $10-15,000, depending on your situation. Because you will receive a tax credit at the end of the year on your mortgage. Also, there are programs designed to keep your rate low for one, two, or three years until you’ve saved money on your credit card debt.

You should also look into refinancing if you’ve been in your home for over one year and your interest rate is above 6.5% or if your loan-to-value ratio is at 80% or less. Call a mortgage professional about this. If you do not fit into either of those situations, they you shouldn’t refinance!

So call a mortgage professional now and see if you can save a buck or two! I promise it won’t cost you a penny to call and ask. Happy Hunting!

About The Author Brian ONeal is a senior Mortgage Broker with http://www.scapmortgage.com/ . If you need a home loan or just need to speak with a specialist to make sure your getting the best deal please visit www.scapmortgage.com.

This article was posted on September 27, 2005