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The Process of Refinancing A Mortgage
Mortgage rates are dropping, right? Time to start the process of refinancing your mortgage.
That's what many Americans assumed after it was announced that the Federal Reserve had lowered its federal funds rate last month by a half percentage point, to 4.75 percent. So, around the country, thousands of people either picked up the phone to call their lender or went rate shopping online.
But it may be that not everyone will get a chance to take advantage of the new, lower interest rates. Sometimes mortgage rates move in opposition to the federal funds rate. If the federal funds rate goes down, mortgage interest rates may rise.
What you have to decide is this: Is now the right time to refinance your mortgage or should you wait until later in the year when interest rates may drop again?
Ahorre October 2, 2007 08:05 AM | ITIN Loan | Tarjetas de Credito