WHY REFINANCE MY MORTGAGE April 29, 2009

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.

Steven Decker is a New York Personal Injury attorney specializing in New York real estate law , New York business law, and New York franchise law. You can visit his Law Firm Decker, Decker, Dito and Internicola website by clicking here, download his FREE New York Car Insurance book, or call him at 718-979-4300 or 1-800-310-5520 for a free case analysis.

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