Good time for a Remedial Refinancing Refresher. Really.
It’s been a while since the Federal Reserve unveiled its mortgage refinancing website, “A Consumer’s Guide to Mortgage Refinancing.” It hasn’t advertised it lately. Not pointing fingers here, but there’s probably no great clamor from the banks (i.e., the FDIC’s customers) to remind borrowers just how much lower the rates have fallen since 2008. It’s a great resource that has answers to frequently asked questions about the refinancing process. You can determine when refinancing makes sense, what a refinancing will cost, and whether to switch into a different type of mortgage: federalreserve.gov/pubs/refinancings/default.htm