My blog about equity loans
Mortgage refinancing may be the best way to save these homes. Average interest rates hovering at or near 5 percent for 15, 20 and 30 year fixed rate first mortgage loans as of early May, 2009 make mortgage refinancing an attractive and affordable option. The mortgage refinancing process involves either paying off an existing mortgage loan with a new one or combining first and second mortgage loans into a single first mortgage loan. It goes without saying that lower interest rates obtained through mortgage refinancing equal lower monthly mortgage payments. But, mortgage refinancing is more than just lower interest rates.