Consider Refinancing

If you are considering refinancing, keep the following in mind: 1) When comparing rates make sure you also consider all fees involved. The lowest rate is not always the best deal. 2) Generally, avoid paying upfront points on your loan. 3) A fixed rate mortgage offers security from rate increases. 4) An ARM may be advantageous if you do not plan to be in your house long term. Note: There are many online calculators that can help in comparing your options. Also, contact several banks, mortgage brokers and online services before refinancing. If you refinance this year, please remember to keep the closing statement, also known as the HUD-1, and provide us with a copy next year. This statement includes important tax information, including potential tax deductions for the year of purchase.