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Refinance Now Before Low Rates Become History

During a recent trip to Beijing, U.S. Treasury Secretary Timothy F. Geithner was assured by Chinese leaders of their belief "in the basic underlying strength and resilience of the U.S. economy." And Sandra Pianalto, president of the Federal Reserve Bank, recently announced that the sharp decline in the economy has begun to moderate. What this means is the economy may finally be on the road to recovery. It also means that time is running out on taking advantage of low interest rates with the help of Home Loan Refinance Now.

Resilient Rates, Vaulting Values

With the president's economic stimuli and Making Home Affordable plan working to strengthen the nation's financial structure, both home values and the historically low interest rates we've been seeing are poised to come bouncing back. Refinancing your home now, before that happens, will leave you with lower monthly payments, more cash in your pocket and more equity in your home. If we've learned anything from the recession, it's to not leave our financial futures to chance. A home loan refinance is a virtually risk-free way to stack the odds in your favor.

Profitable Simplicity

If you've never explored home loan refinance options, the modus operandi is simple: You replace your current mortgage, which might have a high interest rate or undesirable conditions, with a new, more economical loan. The lower interest rate will reduce your monthly payment and save you money over the life of the loan. It will also mean more money will be applied to the principal, building equity in your home faster. And because you're paying off only the balance of the original loan, your new loan amount will be less--bringing your monthly payments down even more.

Multi-Purpose Savings

With a home loan refinance, you can take the uncertainty out of an adjustable rate mortgage by refinancing with a fixed rate. You can stop throwing money away on an interest-only loan and start building equity in your home. You can take cash out of your home's equity to send your children to college or pay for a major expense. And, thanks to new federal programs, you can even get yourself out of an "upside-down" situation in which you owe more than your house is worth.

One Small Step . . .

To enjoy any of the benefits associated with a home loan refinance, you've got to take the first step--and you might want to do it soon. Being that interest rates are generally tied to the state of the economy, they have nowhere to go but up. And historically, interest rates rise a whole lot faster than they fall. Don't let the lowest rates since the Eisenhower administration catapult right by you. Taking the time to decide whether a home loan refinance is right for you could be the smartest, and most financially sound, move of your life.