With interest rates falling it may be time to consider refinancing your home or other real estate property. There are a number of reasons to consider refinancing: lower payments,lower interest rates, eliminating PMI payments, home improvements, college funds, consolidating debt, purchasing a second home, or even financing a business venture.

When considering such a move remember there are costs associated with refinancing and any decision to refinance will depend upon whether the overall financial benefits warrant the expense to refinance. Things to consider include:

• How long will you own the property? If you plan to sell in the near future you may not save enough from refinancing to warrant the cost.
  
  
• Will the interest from the new loan be fully deductible? There are deduction limitations on mortgage interest and you might find that a portion of the interest you pay on the new mortgage may not be deductible.

If you need assistance in determining if refinancing is the right thing for you we can help you determine if the expense of refinancing is justified, or if there are other options that might be more practical. Taking the proper course of action now can have a profound impact on the future.