Should I refinance my mortgage today or not ? That is the big question these days. With the current mortgage rates fluctuating the way they have over the past few months, many homeowners have been toying with this question. Just a few months ago we were seeing interest rates as low as 4.25 % however with the given unemployment rate rising, the confidence in mortgage backed securities has declined somewhat, resulting in pushing up interest rates past the 5.00% mark.

Mortgage Associates of Texas was established in 1994 in Houston, Texas. It is locally owned and operated by John Frels. The primary mission of the organization is to save clients from the impersonal service being provided by many large banks and mortgage companies. You will be able to find the best Houston Mortgage Refinance options here.

Problem Number One: The homeowner has bad credit, significant high interest credit card debt and a home with substantial equity. In order to pay off the high interest bills, the person refinances his/her home and cashes out all or part of the equity. The cash from the equity is used to pay off the high interest obligations. Although the interest rate on the bad credit mortgage refinancing loan may be higher than that of a conventional loan, the house payment should still be less than the total of the high interest consumer debt.

Even so, if personal debt consolidation or prolonged phrase ownership is in your own strategy, then the type of mortgage refinance that could be ideal for you may be more along the lines of a balanced method. Instead of worrying about the money later, you would be much better off producing positive your mortgage refinance fits within your budget to shell out everything off as soon as achievable.

Residence owners can now entry present economic info and information. In search of the most beneficial prices and charges for refinance home loan involving loan companies, normally requires a number of clicks of your mouse. Within seconds you are able to now have all the info you have to have.

When you DON'T plan on staying in your home for more than 5-7 years due to family size increasing, kids going off to college, job relocation, etc. Why pay for a higher fixed rate long term mortgage if you are only going to move or refinance in a few years anyway.

It's important when you are considering mortgage refinance to not get carried away by the thought of saving. Mortgage refinance is a great opportunity to lower your interest rate but when you are considering this you need to look at the math and make sure that you are actually saving. The trouble that a lot of people have is that they are willing to accept a one percent decrease in interest, and while this is better, when you figure out how much you are paying in closing costs you might not end up any better for the refinance.