SOURCE: Informa Research Services, Inc.

Informa Research Services, Inc.

December 18, 2009 18:31 ET

Is It Time to Refinance the Mortgage?

Informa Research Services Offers Advice

CALABASAS, CA--(Marketwire - December 18, 2009) - There are many factors to consider when first structuring a home loan. But which considerations are important when it's time to refinance your mortgage? According to Informa Research Services, a subsidiary of Informa plc (LSE: INF), there are several key components that should come into play when deciding if refinancing your mortgage loan is the best choice. As when shopping for all bank products, the best place to start is to shop online for mortgage rate information (

Saving Money Right Now

Refinancing for a lower monthly mortgage payment or to change the terms/length of your loan may prove beneficial to you if you are interested in saving money right now. For example, if you are currently paying 6.000% for your current loan, Bank of America is offering a refinance rate of just 4.875% with an APR of 4.990% with 0.500 points on a 30 Year fixed program. For a loan of $200,000 this rate will reduce your monthly payment by $126. That is a total savings of $1,520 per year! You can click here to find out more details about this offering.

Debt Consolidation

The interest rate on credit cards is typically much higher than mortgage interest rates. Additionally, mortgage interest paid may be tax deductable (check with your tax advisor). Under the right conditions, it may be a smart idea to refinance your mortgage loan in order to consolidate the debt into one monthly payment.

Adjustable or Fixed

Depending on how long you plan to stay in your home, refinancing to switch from an adjustable rate mortgage to a fixed rate mortgage could be a great move. If you plan to stay in the home for more than 10 years, then a fixed rate is probably the way to go. If you plan to move, or move up, in the near future, an ARM may save you money since the interest rates on this type of mortgage have typically a much lower initial rate.

Cash Out

Perhaps you're thinking about taking cash out of your home, refinancing might be a great option. If you need cash in order to pay for college tuition, wedding expenses, or for repairs/upgrades on your home, then a refinance could be right for you. In order to do this you will need to have a reasonable amount of equity.

Finding the best rates on mortgages is made simple now with online rate comparison tables provided by sites such as Yahoo! Real Estate and MSN Money. By providing basic property information, you can quickly find the best rates available in your area.

Permission is granted to reprint this release in part or in its entirety as long as source credit is properly listed.

About Informa Research Services, Inc. (

Since 1983, Informa Research Services, Inc., has provided the financial industry's most extensive array of market research and decision-support information.

Contact Information

  • Contact:
    James Royal
    Phone 818-880-8877
    Fax 818-880-2069

    26565 Agoura Road, Suite 300
    Calabasas, California 91302-1942