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Refinance Your Mortgage Loan Author David Schneider | May 23,2007 Interest rates went down another half point and Sally knew that it was time that she refinanced her mortgage. She had originally taken out her mortgage in 1985 when interest rates were much higher and her credit was much shakier. Today she qualifies for a prime rate mortgage. However, before she refinanced her mortgage she wanted to take into consideration the things that you are supposed to take into consideration when you refinance your mortgage loan. First, she had to decide if she wanted to refinance her mortgage based on what her home was now worth or based on the balance of her original loan. Next, she needed to decide whether to finance her loan for 30 years, 15 years or 10 years. When you decide to refinance your mortgage loan, you have many new questions to answer. The first question that you need to ask yourself is why do you want to refinance your mortgage? The answer to this question will help you select a mortgage type. For example, if you want a better interest rate, then you will want to look for a mortgage that has a low interest rate, or you will want to negotiate the interest rate down. The next question that you need to answer is how long do you want your refinanced mortgage to last? If you want to lower your monthly payments, you will want to select a longer mortgage term. On the other hand, if you want to pay off your mortgage sooner, then you will want to select a shorter mortgage term. The final question that you have to answer is what lender do you want to use? You can answer this question by using the mortgage quote referral service offered by QuoteMatch.com. Go to QuoteMatch.com today to see how they can help you find the right lender for you. Print E-mail Del.icio.us Digg

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