Refinance Rate Comparison

28% of users found this useful:Trying to lower mortgage paymentWith 15 years left on a 30-year mortgage (variable rate), is there a way to refinance a home to achieve a lower monthly payment as well as a lower interest rate?-- Francine Fluctuates ADVERTISEMENT Dear Francine, To reduce the monthly payment on your mortgage you need to lower the interest rate, extend the term or switch to an interest-only mortgage. Since you're in a variable-rate loan, your loan no doubt has increased with the increases in the targeted federal funds rate.Since June 2003, the funds rate has increased 0.25 percent every time the Federal Reserve Board's Open Market Committee has met; and they meet eight times a year.This interest rate influences other short-term interest rates, probably including the rate used to determine your mortgage's interest rate.Spend some time thinking about what your financial goals are in refinancing your mortgage. Consider other things besides just reducing the monthly payment to free up some financial slack in your household budget. For example, are you hoping to have the mortgage paid off before you retire? An interest-only mortgage doesn't reduce the principal balance on your loan, at least in the early years of the mortgage, unless you make additional principal payments.If you replace your existing mortgage that has 15 years remaining with a 30-year mortgage, you'll reduce your monthly payment but wind up spending a lot more in interest expense because you extended the debt that extra 15 years. Bankrate's mortgage payment calculator will tell you how much.If you plan on being in the house for a w ...Mortgage BlogMichigan mortgagePage Excerpt: The researchers counted 54 booms in 46 metro areas from 1978 to 1998, followed by nine busts that began within five years. The researchers spotted nine more booms that began after 1998, but none of those markets had popped as of the end of 2003, the latest data the scholars had. Option one mortgagePage Excerpt: The SBP said: ?The rate of refinance under the Export Finance Scheme applicable for the month of February shall be 7. 5 percent per annum. Exclusive mortgage leadsPage Excerpt: , February 20. Feldstein, Martin . Home loan mortgage refinance loanPage Excerpt: Don't be fooled by imitators. Unlimited help, cancel anytime. Mortgage refinance ratesPage Excerpt: Part of the This Is Local London NetworkJobsJob searchLocal Hot JobsJobs by emailOrder the paperPlace a jobs adJobs NewsHomeNews and FeaturesSportJobsHomesCarsEssential Services GuidePetsBook Online 24/7DatingPhoto SalesLeisureCompetitionsCommunigateWeatherBargain SearchAdvertisingOrder your newspaper onlineEmail NewsletterArchiveOther This Is SitesLondon Regional PapersContact usAbout UsEcardsNewsletter.Latest refinance Comments