Projects Possible

When I consider House Refinancing I can’t help but ask myself if this is the right time to be doing this or if I should continue to wait in anticipation that the rates will continue to drop.  With the “R” word (recession) on everyone’s mind I look at where my mortgage and my second mortgage are interest rate wise and it would seem to make sense for me to bite the bullet and go through the process.  (And a process it is…or at least can be.  How many documents could any 1 mortgage really need to be signed?)

I am fortunate in that I live in an area where housing prices have stabilized and also that I was not sucked into any sub-prime lending environment with required balloon payments and the like.  I think one of the keys to success in this environment is to know what you are getting yourself into.  Read the documents they make you sign… know what an APR is, know the terms of your loan, look at the bottom line.   Go into any long term commitment eyes wide open.  The Internet is filled with resources to help you learn.  Take a look at the Learn More section on the main page of the Countrywide site as an example. 

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