Re-financing Caution

With mortgage rates down (in our area around 5.5%) folks with adjustable mortgages will try to refinance. Especially if they expect their rate to re-adjust up.

However, here's a warning. If you have your house on the market for sale, you probably will not be able to refinance. If you had your house on the market in 2007 you'll probably need to wait 3 to 12 months to get a new mortgage.

Why? Because lenders who do a refi and then have that loan sold within a short period of time don't make any money. And, we know that lenders and banks do want to show some profit.

So talk to some lenders first. And, yes, I can recommend several lenders in our Naperville area.