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Mortgage Refinancing Help
: Regional: North America: United States: Illinois: Regions: Central Illinois: Business and Economy
: Financial Services (3)
 If you have a mortgage, you should keep an eye on rates-especially if you have an adjustable rate mortgage. Getting locked in at a lower, fixed rate can save you hundreds, possibly even thousands, of dollars over the life of your loan.
 See also:
 Citizens Equity First Credit Union »
Serving employees of Caterpillar and select employee groups, plus individuals living or working in fourteen central Illinois counties.
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 Snyder Insurance Agency »
Offering innovative insurance products and services to individuals and businesses. Locations in Bloomington, McLean County and Chatsworth, Livingston County.
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 Heartland Bank and Trust Company »
A locally owned and managed community bank providing customers a full range of business and personal services. Based in Bloomington with locations in Gibson City, Carlock, Champaign, Chenoa, El Paso, Eureka, Lexington, Pekin, and Washington.
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 The length of time that you expect to keep the mortgage helps you determine whether it is worthwhile to pay points up front to reduce your interest rate. Unlike points paid on your original mortgage, points paid to refinance may not be fully deductible on your income taxes in the year they are paid.
There is a refinancing myth that says you should not refinance your mortgage unless your interest rate will be at least two points less. This myth is not necessarily true if there are other benefits to the refinance or other reasons behind it.
There is no such limit on the number of times you can go for home refinance loans. Most lenders prefer that you have no late payment for the past 12 months before you switch over to a new loan.
Refinancing is not the only way to decrease the term of your mortgage. By paying a little extra on principal each month, you will pay off the loan sooner and reduce the term of your loan. For example, adding $50 each month to your principal payment on the 30-year loan above reduces the term by 3 years and saves you more than $27,000 in interest costs.
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