Low interest rates have created an upsurge in the number of homeowners looking to refinance their homes. I don’t have an opinion either way, as I believe it is a personal financial decision everyone needs to make for themselves.
Once you have considered the cost of title insurance, closing costs and lender costs; weigh the difference in monthly payments against the length of time you plan to stay in your home, it may make sense for some, while others may not fare as well.
If you do decide to refinance your home, please be sure to file your Homestead and mortgage exemptions again. There are some counties in and around Indianapolis where the title company will file the exemptions for you. Other counties, you are required to go file yourself. Make sure you know when you leave the title company whether they will be filing for you, or if you must do it yourself.
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Didn’t really think that would be an effect of the lower mortgage rates, things are going to be busy for brokers in 2009.
Robert – Many don’t. I just talked to a young couple this week who did refinance last year and now have taxes of $150. more per month, because they did not refile their tax exemptons.