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Great time to refinance your mortgage

The exit polling from New Hampshire told us that the economy was a big issue for people. The slowdown affects us in a lot of ways. For example, hourly employees may find their hours diminishing. There are always winners and losers in any economic scenario. Right now is a great time if you're in the market for a refinance on your mortgage. The loan originators practically have no customers. But it's not uncommon for people to hear the headlines, watch the news and still miss the opportunity. Try refinancing if you're current in your mortgage and have an interest rate that's 6 percent or above. Also try refinancing if you have a floating rate.

Meanwhile, Clark recently upset some people with his comments about Countrywide. The company is in serious trouble and there are reports that they may file for bankruptcy. But there are still a lot of question marks surrounding the whole situation. So here's what Clark wants to reiterate: If you are an existing Countrywide customer, nothing changes for you whether they go bust or not. You'll still owe on your loan. One caveat: Be sure to track your loan balance. See that each month's payments are being applied properly and the balance is dropping correctly. Don't trust your lender to do the math.

Unfortunately, Clark won't be able to answer any questions submitted via commenting. If you have a question, please try posting it to our message boards.

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What others are saying

  • Countrywide
    If you were a customer of Countrywide would you move your mortgage if you had a good deal and refinancing didn't improve your situation enough?
  • Refinancing
    I am considering refinancing. I want to compare rates, but don't want to fill out inquires and be FLOODED with email from lenders (especally ones who offer a higher rate than i am already paying)
  • Refinancing
    Would it be safe to apply for bids on line for a refinancing? I have a floating rate of 7 1/2 %(9 1/2 years left) with only $149.000 left to pay off on a $650.000 should I refinance? Bank of America is advertising on line no closing cost. Is there a catch?

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