Is it the right time to consider mortgage refinance at a fixed rate? It depends on how much you will save and the personal reasons driving your decision. Financially, calculating your savings is easy. Emotionally, only you know if it makes sense to draw on your home equity. In both cases, evaluating your potential to benefit from refinancing, consolidation or converting to a fixed rate deserves your careful consideration before reaching a decision.

The best way to evaluate your refinance options is by using a personal budget planner to compare your refinance options. Plug in your current home budget with your current mortgage payment. Compare your results using your best quoted offer. Your potential savings resolves in the bottom line. Cash emergencies defy evaluation. If you must get cash, immediately, home equity loans provide a fast, safe, and easy means of access to your home value.

The Adjustable Rate Dilemma: Choosing an ARM makes sense when high rates trend lower. Today, low rates continue climbing. Converting adjustable rate mortgages to a fixed rate locks in the favorable market rate we enjoy today. Converting eliminates market risk and saves money. And rates are expected to continue upward for the near future. When is the right tTime to refinance your mortgage? The best time to refinance depends on you, your expectations, and motivation to refinance.