There's still time to save money by refinancing your home

by Darla Hernandez (darlah@wsbt.com)

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There's still time to save money by refinancing your home

(WSBT file photo)

By WSBT News1

Story Created: Jun 15, 2009 at 1:10 PM EST

Story Updated: Jun 15, 2009 at 1:39 PM EST

Despite bad economic news on the national housing market, interest rates are continuing to climb. This may have some wondering if they should refinance their home before it's too late.

WSBT talked to a local mortgage expert about the wide range of options out there.

Jack Griffith, owner of Liberty Mortgage in Mishawaka, says with interest rates settling around 6 percent, there is still time to save money by refinancing your home.

"Your rate is 7 percent or higher, and if you are one of those people who hasn’t refinanced yet, then yes you need to look at it. As long as you can pick up a point or better in your interest rate and you are going to stay in your house for a minimum two-year period, because that's usually your break-even period on your closing costs," Griffith said.

Griffith says there may be another reason you may want to look at refinancing.

"If you are in a cash crunch, and need to do some consolidation where you can pay off a lot of your bills and bring your outlay down."

Experts say before refinancing you should know your credit score, get quotes in writing, always research your lender, and also know you may or may not be able to get a better deal.

If you don't own a home, then listen up!

"This is a great time ... right now we have a ton of foreclosures on the market," Griffith said.

But whether it's buying or refinancing, credit scores are a factor.

"We try to work with them to see what we can do to strengthen their score," said Griffith.

So if you are pinching pennies for the American Dream, Griffith says it's time to cash in.

"Money is still plentiful and very available, contrary to what I hear on the streets."

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