House & Home

Why Now Is A Good Time To Refinance

Posted November 9, 2006 9:53 p.m. EST
Updated November 9, 2006 9:55 p.m. EST

(ARA) If you're a homeowner, the recent drop in interest rates has opened up the possibility of big savings on your monthly payments. Rates have dropped in recent weeks and the expectation is that they will remain steady for a few more weeks, creating a money-saving opportunity for homeowners as well as those looking for new homes.

"If paying your mortgage has become a hardship, it's time to look for a better deal," says Nabeel Azar of, a leading online consumer matching service that links borrowers to a national network of qualified mortgage brokers and bankers. "Refinancing your mortgage could put hundreds of dollars back in your wallet every month."

Say, for example, you still owe $100,000 on a $150,000 loan taken out for 30 years at 6.5 percent. If you refinance the balance for another 30 years at 5.75 percent, you'd be paying $583.57 instead of $948.10 a month, a savings of $364.53.

Another reason to refinance is to get out of an adjustable-rate mortgage, and lock in a lower rate long-term. Long term mortgage rates have declined in recent weeks, after seeing steady increases during the past year. "Because the payments on many adjustable rate mortgages have increased over their lifetime," says Azar, "the ability to lock-in a low fixed rate can be a major relief to stressed homeowners who are having difficulty making the higher payments."

Recent trends support the idea that homeowners are realizing this and are refinancing to take advantage of today's lower rates while they are still available. "LowLender is the perfect option for people who want to cut out the legwork. Instead of having to go from bank to bank getting quotes, it's one stop shopping with us. We work with hundreds of lenders, and match consumers only with lending programs that are right for them," says Azar. "And LowLender's partners have loan programs for almost all borrowers, even those with bad credit."

The application process is easy. All you have to do is log on to, and fill out a quick and easy online form. Filling out the form only takes a few minutes, and it can let you compare offers from various lenders to see which one has the best offer.

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