Many homeowners want to lower their monthly mortgage payments, but just how few of them can afford to do so comes as a surprise.

Mortgage Refinance

First, if there is cash in hand, the decision whether to pay off the mortgage or hang on to the cash must be taken. Many people feel more comfortable if they are able to see a healthy bank balance, but that reassurance comes with a price. Making monthly interest payments depletes the bank balance, in spite of tax rebates. Cash in the bank yields poor returns in times when bank interest rates are low.

Once the decision to refinance is taken, types of loans, interest rates and closing costs come into play.

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