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With home mortgage rates at historic lows, many people are eager to refinance their current mortgage loan to lock in a low rate. Existing home owners with adjustable rate mortgage may never get a better time to refinance out of their current mortgage and into a more conservative and consistent 15 or even 30 year mortgage loan. When deciding to refinance a home mortgage, be sure to understand the refinancing costs associated with doing so and then try to limit them as much as possible. Refinancing an existing mortgage is very similar to securing an initial mortgage. In fact, your new mortgage will be used to pay off your existing one, so it is just like buying your home all over again. There are certain costs associated with a refinancing, just as there was when the original mortgage was secured. Closing costs such as broker fees, appraisal fees, title search, inspections and various administrative fees are all part of the fee structure associated with a mortgage refinance. To reduce yo...

The Department of the Treasury and the Department of Housing and Urban Development recently launched a new Web site for consumers seeking information about the Making Home Affordable loan modification and refinancing program. The site offers interactive self-assessment tools to help borrowers determine if they are eligible to participate and calculate the monthly mortgage payment reductions under the program. Go to: http://www.makinghomeaffordable.gov/ to check it out!