Is it true that refinancing only makes sense if rates drop at least two percentage points below my current rate?

The answer to this question differs for everyone. It depends mostly on how much you owe, how many years you have left on your mortgage and how long you intend to keep your current home.

Example: if you owe $100,000 and have 10 years left on your mortgage, a 2% lower rate would save you $100 per month. You can save the same amount each month with 3/8% rate reduction if you owe $400,000 for 30 years. The more you owe and the longer you plan on paying back the money, the more you will save by refinancing. Click here to use our Mortgage Calculator. You can determine your payment based on term, rate and amount.

I’m self-employed. Can I still qualify for a mortgage?

There are several financing options available, and one might be right for you. We have access to the whole market and know which lenders are best geared up to meet the needs of the self-employed borrower. Click here read more about your options.

Please visit again soon for answers to additional questions like these:

• Should I decrease my down payment and use my cash to pay off high credit card debt?
• Should I pay points or loan origination fees?
• Does a no-cost mortgage make sense for me?
• Am I better off with an adjustable or fixed-rate mortgage?

For helpful answers to your specific questions, call Charley Farley at (603) 471-9300 or e-mail charley@charleyfarleyhomeloans.com.