Is It Time To Refinance?

We get lots of questions at FreeRateSearch from homeowners wondering whether they should refinance now or wait until their adjustable rate loan resets. Some of them are concerned because they have a prepay penalty that will make it more expensive to refinance now. Others just aren’t sure if they need to refinance now or can wait.

MSN Money expert Liz Pulliam Weston is warning homeowners not to wait. In her article, Time to Refinance Now, she explains that there are several dangers in waiting, not the least of which is the fact that if home values continue to fall, you may not have enough equity to qualify for the best loan. She says “the risk is in waiting, not acting.”

I would add that with the economy shaky, waiting may also put you at risk of a layoff or pay reduction that could make it more difficult to qualify.

If you are thinking that you need to refinance, don’t wait. Get the ball rolling and find out what’s available now now.