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You Might Still Want to Refinance

Even though rates are on the rise, thatthe second loan. Others simply want to
doesn't  mean  you  shouldn't  refinance.consolidate into one loan that would be
easier to keep track of. Either way,
Practically everyone has refinanced orrefinancing into a fixed-rate isn't a bad
thought about it at one point in time. We'veidea. And one payment is easier to make on
seen the dozens of commercials that urge ustime  each  month  than  two.
to do it. With rates at record lows over the
past few years, refinancing has helped manyThose out there with adjustable-rate
borrowers  lower  their  monthly  payments.mortgages are starting to get a little
nervous. Interest rates have been rising
But rates are now on the rise. Refinancingpretty fast. The gap between the rate of a
applications have fallen slightly. Mostadjustable mortgage and a fixed mortgage has
people don't think you should refinance whennarrowed so much that you really don't save
rates are going up. However, manymuch by taking the adjustable mortgage. Many
refinancings are "cash-out" refinancing. Thatare looking to avoid rising interest rates by
means that equity is handed over to thefinancing  to  fixed-rate  mortgages.
homeowner in return for a larger mortgage.
Many  people  need  that  cash.Refinancing can be a good thing. You can get
a fixed rate to counter the rising interest
Some people are refinancing their homes for arates. You can use cash from a refinancing to
"cash-out" because they have a significantconsolidate your debt. You can improve your
home-equity line of credit balance. This linehome. But you should be careful about taking
of credit has an adjustable-interest rate,too  much  equity  out  of  your  home.
which is going up on them. They refinance it
in with their first mortgage at a fixed rate.Many advisors warn consumers not to use their
They aren't eliminating the debt, just fixinghomes as personal piggy banks. If home prices
the interest rate and monthly payment. If youdecline, you could owe more than your house
don't need the revolving line of credit, youwould sell for. In a cooling, or slowing,
should probably take advantage of the fixedreal estate market, you do not want to be
rate.maxed out on the equity in your home. If
something happened and you had to sell, you
There are many homeowners that piggybackwant to walk away from the closing table with
their mortgages when they are buying. Theymoney, not have to go to it with a check.
end up with one mortgage for 80% of the valuePaying to sell your home isn't how you want
of the home and a second mortgage for 10%.to  do  it.
They put the remaining 10% down on the home.
Since the first mortgage is only for 80% ofFixed-rate mortgages are always a good and
the purchase price, they avoid having to paysolid financial choice. Anytime you are
PMI.looking to refinance, your best option is to
go with the shortest-term, fixed-rate
Many piggybackers have a line of credit asmortgage you can afford.



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