Is now the time to refinance a residential mortgage?

Right now may be a great time to refinance a home mortgage. Residential mortgage rates are currently at historical lows. CNN Money and Finance, reported on September 11, 2008, that the interest rate on a 30 year fixed rate mortgage had dipped to 5.93%. Economists and financial analysts are indicating that rates could drop even lower yet.

In it's simplest form, the decision to refinance a home mortgage is subject to one basic premise: the consumer needs to decide if refinancing presents adequate enough financial advantage to make the proposition worthwhile. Easy and accurate mortgage calculators can help the consumer to compare the cost of maintaining their current mortgage, against the costs of obtaining and maintaining a new one. To do this, the consumer should have specific numbers regarding costs and fees, from banks they may wish to do business with. By having solid estimated numbers from potential lenders, the consumer may prepare mortgage budget projections and compare those projections to their current mortgage budget to determine how much they might reduce their monthly mortgage expenses by refinancing.