Refinance Mortgage Now

Whenever interest rates change even slightly, many homeowners hear the whispers of their financial conscience, nagging them to consider refinancing the mortgage. But for first-time homeowners in particular, the question of when to refinance, and how, can be particularly vexing. Financial advisors point to a few easy guidelines to follow when considering a new mortgage, but they warn against oversimplifying the process. “If done inappropriately, a re-fi can really mess you up,” said Michael Beriss, a senior financial advisor with Ameriprise Financial, a consulting firm. “So you have to do it within the context of your overall, long-term financial plan.” Skip to next paragraph Illustration by Andy Rash The easy part, Mr. Beriss and others say, is determining when to pay attention to interest rate fluctuations. Those with adjustable rate mortgages (or ARM’s) can happily tune out the news if rates are dropping, but should pay close attention when rates rise, while the opposite is true for those with fixed-rate mortgages.