The passion for home equity loans
Since the government announced that it would buy a large number of mortgage backed securities, many expect that mortgage rates will continue to be low for the next quarter. It would be wise to get the ball rolling, if you are considering mortgage refinancing. The general rule is that if the interest rate is 1 percent lower than your current rate, then it would be wise to undergo mortgage refinancing. It is, however, more important to look at your particular situation and determine if the cost and savings over the time you intend to own the mortgage makes sense. The first step is to figure out how much you would save each month with the new interest rate by subtracting the new estimated monthly payment from the one you make now.