That Makes Cents: Mortgage refinancing

Leif Thomsen, Mortgage Master
"The more you owe, the easier it is to make some real savings from your refinance."

Lenders say homeowners with good credit can get rates between 4% and 5½% depending on the type of loan. That's a big drop from previous years.

Leif Thomsen, Mortgage Master
"Rates are historically low. Most people that have gotten mortgages in the last 10, 15 years, are sitting on a rate somewhere between the high 5s and maybe low 7s."

They recommend refinancing for someone who's in it for the long run.

Leif Thomsen, Mortgage Master
"If you owe a couple hundred thousand or more, if you have a rate that's higher than what's there now, and you're planning on keeping this home for awhile, go out and refinance absolutely."

But, they say it's not right for everyone.

Leif Thomsen, Mortgage Master
"If you're planning on moving in the next, you know, 12, 18 maybe 24 months, it may not be worth your while."

Now that makes cents.

Mortgage Master Inc.
Toll Free: 1-888-263-1435

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