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Federal interest rates on home loans remain low, making it a great time for homeowners to refinance. Since we can't predict the future, there is no way of knowing how long these low interest rates will hold.  If you have been thinking of refinancing, this might be exactly the right time to compare the rate you're paying to the current market rate and see if you can save money by refinancing.

People refinance for a variety of reasons including:

• Reducing interest costs by refinancing at a lower rate.
• Lowering monthly mortgage payments
• Extending repayment time.
• Paying off other high interest debts.
• Raising cash for investment or use in other ways

On April 9, 2009, President Barack Obama said, "There are 7 to 9 million people across the country who right now could be taking advantage of lower mortgage rates. That is money in their pocket. And we estimate that the average family can get anywhere from $1,600 to $2,000 a year in savings by taking advantage of these various mortgage programs that have been put in place."

This phenomenal opportunity to refinance should certainly be given serious consideration.

Posted by Lynda Fleming, Customer Service Rep. for Integrity Mortgage