Interest rates are low and consumers are more optimistic about the economy, so it seems like a good time to refinance your Indiana home. Of course, not everyone thinks the same way, so here are the Top Ten Reasons to Not Refinance Now.
10. ”9″ is your lucky number. As in 9% interest.
9. You owe more than your home is worth (this is a trick reason – it’s actually a great time to refi).
8. You think interest rates will eventually go to negative numbers and the banks will pay you each month.
7. The closing costs on a new loan are more than you currently owe on your home.
6. You have a fixed interest rate under 3%. 
5. You want to extend the payments as long as possible so that you can take the tax deductions.
4. You like your bank and hope they use the extra cash you are giving them to pay themselves larger bonuses.
3. You don’t own a home (you should and I can help you with that).
2. The Mayans are right and it isn’t going to matter anyway!
and
1. If you pay your home off early you will have too much money. When you have too much money, you buy a hot sports car. When you buy a hot sports car, you drive very fast and get lots of tickets. When you get lots of tickets, you begin to hate cops. When you hate cops, you begin to make a lot of donut jokes. When you make donut jokes, you begin to hate donuts. Don’t hate donuts!
For those of you that still think now is a good time to refinance, whether you have a conventional, FHA, VA loan, or USDA loan, I agree with you! Depending on the program, you may be able to lower your payment each month, pay off your mortgage earlier than expected, or both. There are even programs that don’t require an appraisal, so you could owe more than your house is worth and still keep some of your hard earned cash in your pocket each month.
Questions??? I’m here to help! You can call me at 219-695-0369, send me an email to scott@nwiloanguy.com, or fill out the form on the right. ————>
Scott
Valparaiso, Indiana mortgage expert specializing in FHA, VA, HARP, and USDA Rural Development loans.