Not Too Late to Refinance, But Do it Carefully

(November 7, 2005) --   Mortgage rates are starting to rise, and borrowers facing an interest-rate adjustment in the near future might want to think about refinancing.

A borrower with a $200,000 interest-only mortgage at 5.25 percent would pay $875 per month, but a 1.25-percent increase in the rate to 6.5 percent would send the monthly payment to $1,083.

Borrowers who plan to stay in their homes for some time should consider taking out a fixed-rate 30-year mortgage. But if they've lived in their home for some time, they should look into a 15-year fixed-rate mortgage, which will have a slightly higher payment but will save them money over the long-term.

The credit union, bank, or financial institution that holds the mortgage is a good place to look to refinance, as well as a mortgage broker who can provide quotes from different lenders.

Source: Chicago Sun-Times (11/07/05); Savage, Terry

Today's Rates:

Mtg Loan    Rate  APR
30-yr Fixed4.54%4.69%
15-yr Fixed4%4.21%
1-yr Adj3.64%4.52%
* national averages





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