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By Robert N. Tracci
Congress must use its appropriations power to secure the border
Topic - Johnathan Thomas
Superlow mortgage interest rates have plenty of homeowners scrambling to contact lenders about refinancing, but not every homeowner can or should refinance. Mortgage experts say homeowners should ask themselves some questions and consider their goals before applying for a new mortgage.
Decades ago, consumers who wanted to buy a home had to meet with their local banker, prove they had the income and assets required to purchase property and make a substantial down payment before obtaining approval for a home loan. Today's homebuyers may have the option of making a lower down payment, but they face a more complex mortgage-approval process.
"Some consumers simply want to reduce their loan balance with some of their cash, but others use a cash-in refinance to get a better interest rate," Mr. Thomas said. "For example, if someone in the D.C. area has a loan balance of $631,000, they may want to pay down their balance to $625,500 in order to get the lower conforming-loan rate rather than a jumbo loan."
"If it will take you six or seven years to break even, it may not be worth the cost of refinancing," he said. "Don't get caught up in the interest-rate hype; look at when you're going to get your money back."