Dear Home Owner,

A few minutes of your time spent reviewing this Internet page may save you money in the future. Your monthly mortgage payments may be a significant part of your earnings, so reviewing your mortgage periodically is a good idea. If you have not done this lately, now is the time to do so.

1) Interest Rate: The most critical factor that you should consider is the rate of interest you are paying. If you are paying more than the current rate on your mortgage, loan then you should consider refinancing your loan.

2) Monthly Payments: If you would like to lower your monthly payments on your loan, consider the adjustable rate mortgages. Five year ARM's are especially attractive with the lowest rates.

3) Private Mortgage Insurance (PMI): Are you presently paying PMI? Then you should immediately explore the possibility of eliminating it. PMI can be avoided if there has been appreciation in the value of your property or by restructuring your loan.

4) Credit Card Debts: If you are paying a high-interest on you card balances, you may be able to pay them off by refinancing your home. Remember interest on credit cards does not qualify for tax deduction while interest on mortgages does. Debt consolidation can not only lower your monthly cash outflow but also give you tax savings.

6) Conforming Loan Limits: The conforming loan limit is currently $322,700. If your loan amount is less than or equal to this amount, you can probably lower your interest rates.

7) No Cost Loans: Under certain conditions you may be able to refinance your existing loan at no cost to you.