Mortgage payment calculator What you need to know
Here are a few things you need to know when you're considering a refinance: * Mortgage interest rates are rising. They were low throughout the first half of 2009, but appear to be rising starting in July. It's unlikely that interest rates will dip significantly lower and highly likely that their rise will continue, so if you want a low rate on your refinanced mortgage, you need to act now. * The time is ripe for fixed rate mortgages. Locking in the low interest rates that currently prevail is more than worth the slightly higher interest rate you will receive for choosing a fixed rate mortgage rather than a variable rate mortgage.