The Federal Reserve Board has announced the launch of an online resource to help consumers make informed choices when refinancing a home loan.
"A Consumer’s Guide to Mortgage Refinancings" contains useful tips and answers to frequently asked questions about the refinancing process. The information provided can help consumers determine when refinancing makes sense, what a refinancing will cost and whether it is advisable to switch into a different type of mortgage. Consumers will also learn about mortgage terms and how to calculate the time it will take to recover refinancing costs before benefiting from a lower mortgage rate.
In addition, the Board has updated the publication "What You Should Know about Home Equity Lines of Credit" to include information for consumers on line of credit freezes or reductions in lines of credit.
See the press release for full details.