Homeowners making decisions about refinancing mortgages have many factors to consider:

• Are interest rates significantly lower than they were when I closed my loan?
• Do intend to remain in my home for the next ten years?
• Do I have enough years remaining on my mortgage to make refinancing worthwhile?
• Do I want to switch from an adjustable rate to a fixed rate?
• Do I need a lower cap on my adjustable rate loan?
• Is my credit as good or better than it was with my first mortgage?
• Can I do better than the loan I currently have?

Interest rates are down and many homeowners are tempted to look into refinancing their mortgages, but is refinancing the right decision for you? If your interest rate or monthly payments are too high, now might be your opportunity to save money. Fill out our free short form to contact up to four lenders about mortgages refinancing.

A significant drop in rates can mean 2% less than the rate you currently have, however you can still gain from a drop of 1.5% or 1%, however you would want to closely analyze your situation before taking advantage of a smaller drop.

That last question is very important. If your credit is no longer as clean as it was when you first bought your home, refinancing could actually hurt you. If you have developed a large income to debt ratio, you may not be able to receive the low interest rate that has been tempting you to look into refinancing. You may also want to check your credit report to ensure that there are no false claims that could keep you from getting that rate that you want.