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Personal Finance > Credit & Debt
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Find $10/day: Refinance your mortgage
Refis can make sense even in a rising-rate environment.
September 27, 2004: 8:42 AM EDT
By Jean Chatzky, MONEY Magazine

SIX PAINLESS WAYS TO FIND THAT $10/DAY
• Reduce your credit card rates
• Refinance your mortgage
• Consolidate your student loans
• Refinance your car loan
• Get rid of mortgage insurance
• Change your withholding

NEW YORK (MONEY Magazine) - Even when mortgage rates rise, you might still consider refinancing your home if one of the following holds true:

* Interest rates are still lower than when you took out your loan, even by just a half to three-quarters of a point.

* Your credit score has improved by 25 points or more.

* You've paid down enough of your mortgage to turn a jumbo loan (which, in 2004, is more than $333,700 for a single-family house) into a conforming loan.

* Your situation is so dire that you need to think about stretching out the term of your loan even if you don't get a better rate.

The farther along you are into your mortgage, the more you can lower your payments with a refi.

So how do you proceed? Call your current lender and ask about a "streamlined refi," which has less paperwork, fewer administrative hassles and substantially lower costs than a regular refi.

If you can't get your lender to play ball, shop around.

There is no single source for the best rates on a mortgage these days. Check local lenders, online lenders and mortgage brokers to see whether any of them can give you a rate that makes the deal worth doing.

If you find a rate that works for you, lock it in. Rates can move as much as half a point from week to week.

FOUND MONEY: $______/MONTH  Top of page




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Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.