Real Estate Law Blog : Staten Island Real Estate Lawyer » refinancing process http://www.thenyrealestatelawblog.com by Steven T. Decker, Esq., Real Estate Attorney Wed, 17 Jun 2009 17:06:19 +0000 http://wordpress.org/?v=2.8.2 en hourly 1 WHY REFINANCE MY MORTGAGE http://www.thenyrealestatelawblog.com/why-refinance-my-mortgage/ http://www.thenyrealestatelawblog.com/why-refinance-my-mortgage/#comments Wed, 29 Apr 2009 18:35:42 +0000 Sdecker http://www.thenyrealestatelawblog.com/?p=24 One of the few benefits of the current housing market downturn is that interest rates have fallen to new lows.  With interest rates near 5% homeowners with higher rate mortgages can save thousands of dollars by refinancing to a lower rate.  While refinancing should save you money it is important to remember that interest rate is not your only consideration.  There is also the cost of the bank fees incurred during the refinancing process (closing costs) and in NYS there is a mortgage recording tax which can add several thousand dollars to the cost of your refinance.  Prudent owners shop around to before selecting a lender by asking about the rates and closing costs before initiating the refinancing process.

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