THE ADVIZER       Home Refinance Help   |  Lower Your Interest Rates   |   Eliminate Credit Card Debt

If you have equity in your home and have credit card interest rates above 12% you may want to consider a lower interest loan to pay off the credit cards.

If you Refinance your home there are a few items to consider, first item is the amount it will cost to perform the refinance. There will be points to the lender, survey, title insurance, and appraisal. These items could equal approximately $3,500 on a $150,000 home. The fees will be higher when the value of your home is higher, this is due to the 1% fee based on appraisal.

Next item to consider and could be of great benefit is can you change your 30 year mortgage into a 15 year mortgage. The payment will be higher but you will pay off your home 15 years quicker. The interest rate is usually a little lower on a 15 year mortgage. If you can not swing the 15 year then try to do biweekly payments on a 30 year. This will usually give you one full payment that goes directly towards principle each year.

Next item to consider on a refinance is the new interest rate you will be able to obtain on your new loan. The lower the better, but do not get tricked into a 1 Year Arm, or adjustable rate mortgage. These will seem very tempting in the beginning but when interest rates increase so will your payment.

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