Can an Interest Only Refinance Save You Money?

If you so happen to be like the majority today, you are looking for each way possible to save some coin. If you are a householder with a bit of equity in your home, an interest only mortgage refinance may be just the thing you need right now.

Like many folks, you'll probably have heard the term "interest only refinance", but not completely grasped what it is. This article will help you to better understand exactly what an interest only refinance is, and how one might be able to provide advantage to you. We'll also take a quick look at what is going on in the real estate market now. Though we have had nothing but negative news for what appears like forever, things appear to be turning rather recently. Latest reports shows a kind of good news/bad news scenario. At about that point though, I suspect any "good news" is very much welcome.

First of all, let's take a look-see at what is going on in the market and real estate values generally. Clearly the general cost of homes not only significant affects those people who are in the market attempting to purchase or sell their houses, except for people attempting to refi their home loan, overall home values matter a lot too.

So, we just had a better than predicted S&P Case Shiller Home Index report for the month of Apr. The number from this report shows us is the general trend in home costs in 20 of the biggest towns across the United States. Although this is considered a trailing report, the good news is that it showed fewer lower readings than in the reports we have had most lately. In other words, we are seeing a slowing speed of declines in home costs in a lot areas. in a couple of markets including Dallas and Denver, the report essentially showed some home costs going up a bit. Like I said before, any excellent news will be absolutely welcomed.