In this troublesome economy, there are five particular situations where it can make sense to refinance.  Just remember to always know what your financial goals are, so that you can make the best decision for you and your family.

The first opportunity is refinancing from an Adjustable Rate Mortgage (ARM) to a fixed-rate mortgage.  Many ARMs are now adjusting to extremely high rates, and helping to refuel the default crisis.  Now is the perfect time to consider a fixed-rate mortgage if you have an ARM that is set to increase dramatically.

A second opportune time to refinance is from a fixed-rate mortgage to an ARM: if you are currently paying a high interest rate for a fixed-rate mortgage,and don’t plan on staying in your home for too long, you can consider an ARM: you’ll get a lower rate and lower your monthly mortgage payment in the process.

A third advantageous time to refinance is when you have the chance to lower your monthly mortgage payment.  In fact, a drop even as low as ½ of a percentage point in interest will lower your monthly payment. 

A fourth strategy is to use your home’s equity to refinance your mortgage.  Think of the equity in your home as a savings account.  It can be accessed via a home equity loan or a cash-out refinance to finance a home renovation, college education, or pay down on high-interest credit card debt. 

There are lots of great potential reasons to refinance your mortgage.  However, these depend on a variety of factors: how long you’ll stay at your current home, your financial goals, interest rates in general, and more.  Yet, having a good resource on the web can help you in your decisions.  Thankfully, there are now several great websites available. Check out one here

AmeriValue makes shopping for a home refinance loan easy.  Users fill out a quick, easy online form that helps them connect with lenders easily.  There is no credit check—and no obligation, or sales-pressure.  Additionally, the company has partnered with leading banks, brokers and mortgage lenders nationwide so users can minimize shopping around.

To refinance your mortgage—and have lenders compete over you—visit AmeriValue today.