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Do You Need Help To Keep Your Home?

By James Standford

We’ve been hearing a lot about the credit crisis and the financial industry’s woes lately. This leads many homeowners to wonder if it’s a good time or not to refinance their home.

There are two underlying factors that determine whether you will get a mortgage or not, and also determine what you will pay for that mortgage. These two factors are risk and profit. Everyone asking for credit poses a risk to the lender. Some risks are better, and more manageable, than others. Your risk factor is largely determined by your credit score and payment history. (Sometimes, if you have been a long term customer of a business, they will weigh your payment history with them more than your outside credit score.)

The old rule of not refinancing your mortgage unless you can lower your rate by two percent or more is largely useless in the new economy we find ourselves in these days.

Disclosure of fees is required of mortgage brokers; what isn’t as strictly required is a plain-language explanation of each term or phrase. That’s why they can couch junk fees into innocuous-sounding terms and get away with it.

Since there are a number of fees and costs directly related to refinancing, you should take these into account, balanced with the lower monthly cost of the mortgage, when calculating whether this move will pay off in the long run. It’s a simple mathematical procedure: Divide your total out-of-pocket costs by the total amount you’ll save overall with your lower payment, and this number will let you know whether refinancing will be in your best interest at this time. If this figure is something you can live with, even over the life of the new loan, there you go. You can begin the process of finding a lender.

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Article Citation
MLA Style Citation:
Standford, James "Do You Need Help To Keep Your Home?." Do You Need Help To Keep Your Home?. 24 Jul. 2010. 25 Oct 2014 <>.

APA Style Citation:
Standford, J (2010, July 24). Do You Need Help To Keep Your Home?. Retrieved October 25, 2014, from

Chicago Style Citation:
Standford, James "Do You Need Help To Keep Your Home?"

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