(ARA) - Do you have a balloon mortgage that is coming due or an adjustable rate mortgage payment that has been steadily creeping up as interest rates change? Or perhaps you've had an unexpected financial hit such as a large hospital bill or a job loss that has made your current mortgage payments unreasonable. If so, refinancing your mortgage can be a great way to save money every month.Refinancing your mortgage also lets you consolidate other debt, such as credit card balances, into one low-interest loan. You may also want to consider converting some of the equity in your home to cash to use for large expenses such as college tuition or home improvement.Online services like Bills.com make it easier than ever to find the best deal on refinancing your home. With a couple clicks of the mouse, you'll receive quotes from up to four lenders so you can choose the best deal for your situation.Before you refinance, ask yourself the following questions:* How long will I be in my house? If you're planning to move soon, it may not make sense to refinance.

Lower mortgage rates spark interest in refinancing

MASON CITY — The current economic slump has a positive by-product: Lower interest rates on home mortgages.Local banks report increased customer interest in new home loans and the refinancing of existing mortgages as rates fluctuate just under 6 percent and, in some cases, under 5 percent."In an average month, I might have three refinances going," said Pat Thompson, mortgage banker at Farmers State Bank in Mason City. "This month I have 15. All of a sudden, things got a little wacky."He added that rates have fluctuated up and down as much as a half percent since January "when for so many months before that, they were at 6.25, with as little swing as an eighth."A 30-year fixed rate mortgage at local banks on Tuesday ranged somewhere between 5.75 percent and 5.85 percent while 15-year fixed rates came in just over 5 percent.Mortgage banker Diane Froning of Commercial National Bank agreed that inquiries about rates have increased.Froning said she has seen about a 50-50 split between patrons who want to simply drop their interest rate and those who want to consolidate debt into a new loan.She cautioned, however, that a new loan may not be justified, despite the low current rates."If it is the matter of one percent, it just may not be in your best interest to pay the costs associated with a refinance," she said, referring to legal and closing fees.

Industry players expect more homeowners to refinance their mortgage loans

SINGAPORE: Industry watchers expect more home owners to consider refinancing their mortgage loans as interest rates look set to dip further. In fact, mortgage and financial planning firm SingCapital has seen a three-fold jump in enquiries in the last two months. Property agents are also getting a crash course in mortgage planning, including answering questions about refinancing of home loans. This occurs when homeowners seek out more favourable loan packages from other lenders. Industry players said it's the right time to refinance, which could save a huge amount in interest payments. Alfred Chia, CEO of SingCapital, said: �Just from last year itself, interest rate could be as high as four per cent, compared to current rates where the average is about 2.5 per cent per annum. There's a big difference over there.