Refinancing Guide

October 18, 2010

Refinancing basically means that you’re securing a new loan in order to pay off your previously existing loan. In this economy, refinancing is endorsed and encouraged by financial advisors of all sorts; all of them saying that this is the best time to do it. President Obama himself has remarked that everyone should take this opportunity to refinance as it might save them thousands of dollars on their mortgages.

Refinancing is a good way to rework your loan into something with a longer term and, perhaps, better rates. Indeed, mortgage rates haven’t been this good in quite some time. No doubt it is a direct result of the downtrodden economy seeking to secure investments in all sectors but most importantly in real estate. Real estate is a prime investment to hold onto. It is secure and tangible enough that most people, banks and owners alike, feel safe enough to divvy up a good portion of their investment money and put it into these holdings. Learning how to refinance is an important thing if you want to take advantage of this option. [Read more]