Most homeowners have seen an opportunity in the past five years to refinance their home at least once because of low interest rates. Even as interest rates begin to rise again, they remain at historical lows. For example, a decade ago an interest rate of eight percent on a home loan was considered good. Many first time home buyers have been able to make the leap from renting to owning with a low fixed rate of interest on their mortgage loans.

Those refinancing in the past few years have taken advantage of low rates to switch from a variable rate of interest to a lower fixed rate of interest. Home equity loans have been increasingly popular as well because of low interest rates. A home equity loan is often a viable alternative to a cash-out refinance to pay for home improvements or to eliminate higher interest credit card debt.

If you need cash to make home improvements or pay down high interest debts you might consider either cash-out refinance or a home equity loan for your own needs. Deciding between the two is a simple matter of consulting a lending officer to see which one offers you the best rate and loan term.

When refinancing and rolling high interest debts into your home loan it is important to know the tax implications. The IRS allows you to deduct interest paid on your mortgage loan.

It is important to remember with any of our home loan calculators that they provide estimates only. Our calculators all require you to input an interest rate that can only be guaranteed by a firm quote from a mortgage professional. By filling out our online application we can connect you with a mortgage broker licensed in your state to help you with your home equity, refinance, debt consolidation or mortgage loans needs. If you are a first time home buyer, many of our lenders offer low down payment loans such as FHA home loans. All of our quotes are no obligation and will only cost you a small amount of your time.

Our mortgage lender network offers a variety of links to other valuable services such as homeowners insurance and student loan finders. If you have refinanced your home you may also consider refinancing your student loan debt to a lower rate of interest as well. If you have only been out of college a few years you might consider getting your student loans refinanced and consolidated to a single monthly payment. Current renters can also read up on qualification requirements for low interest, low down payment home loan programs offered by the Federal Housing Administration.