Refinancing Your Home Mortgage Rate

Good or bad idea? These calculators can help

Refinancing your home mortgage — a good idea? Is the lowest mortgage rate the most important factor? Where can you find an estimated home value calculator? We've included links to several mortgage calculators to help answer those questions. These calculators can help you decide if a particular mortgage rate package (including other fees) is your best deal, whether you should replace a 30-year mortgage with a 15-year mortgage, and help you find the estimated value of your home.

When should you do mortgage refinancing? Now! Even though the average mortgage rate has started to rise from historic lows, it is very unlikely to go much lower again. But if you can't right now, the average mortgage rate is predicted to rise very slowly for the next year or two. The sooner you complete your mortgage refinancing, the sooner you'll start saving money.

What should your goal be for home mortgage refinancing? It goes beyond just cutting your monthly expenses. For whatever reason, some people may find themselves in a situation where their monthly expenses exceed their income. They will have no choice other than using their savings to help pay their monthly bills.

Almost everyone else should use their savings to bulk up their long-term savings and investments — instead of spending their savings to enhance their lifestyle. Here are several suggestions.

Credit Cards. If you have high-interest debt (usually credit cards), your best investment now is probably paying off that debt. For more information, visit our page Credit Card "Investing"

Emergency fund. How much should you have in your Emergency Fund?

Retirement plans. If you are still working, maximize your contributions to your 401k or 403b plan. You could even be eligible to earn free money now, GUARANTEED, by increasing your 401k contributions! For more information, visit our 401k Retirement Plan page.

Retirement planning. Will you outlive your money during retirement? Increase your investments now and visit our page Retirement Calculator to see how to avoid that problem.

Cut your future retirement expenses. Pay off your loan before you retire. You'll reduce the income you need during retirement. Calculate the results by visiting our Retirement Calculator page.

Mortgage Calculators

Which mortgage is better? — helps you decide which is better for you, a 15-year loan or a 30-year loan.