Refinancing is a good option when the interest rates in the market have gone down significantly from what there were at the time you mortgaged your house. So, if that is the case then you can go ahead and re-mortgage or refinance your Contra Costa mortgage. However, this doesn’t mean that you go for refinancing as soon as you find that the interest rates have gone down just a little bit (0.5% or even 1%).

Though there is no definitive rule on when you should go for a refinancing option, you could start looking for it as soon as you find that the interest rates in the market have fallen by around 1.75% from your current mortgage rates. The exact time at which it would make sense to refinance your mortgage, would be based on a number of things. As just mentioned, interest rate is one of the most important one. However, you should be able to judge/assess the direction in which the interest rates are headed. So if there is a further fall expected then you might wait for a while (however, don’t wait too long). Another important factor to consider is the fee and other charges associated with refinancing. This includes pre-payment penalty and closing costs which are too significant to be ignored.

So you can go for refinancing your Contra Costa mortgage (or any other mortgage), but don’t do it with your eyes closed. Evaluate it well and then go for it. (www.estreeloans.com is a good resource for getting and evaluating mortgage offers quickly and easily)

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