Refinancing

Refinancing is essentially taking out a loan to replace the one you currently have, in hopes of getting a better rate.  With the recent economic crisis, refinancing and debt consolidation have become very popular.  There are many reasons to refinance.  The current interest rates are very low, if you entered into your mortgage at a higher interest rate, it would be in your benefit to refinance today.  The penalty for breaking a mortgage contract and signing into another one, is usually not nearly as much as the cost of the higher interest rate.  The first step to take is to talk to a mortgage professional, they can calculate exactly how much refinancing will save you and whether or not it is the right option for you.