Fed Launches Online Resource to Help Consumers Determine Whether to Refinance
WASHINGTON -- The Federal Reserve Board has beefed up its online resources for consumers who are interested in refinancing their home loans. "A Consumer's Guide to Mortgage Refinancing," is now available on the Fed's Web site.
The guide is aimed at helping consumers determine when refinancing makes sense. It includes mortgage worksheets, a link to an online calculator that can figure out how much time it takes to recoup refinancing costs and provides other information of interest to consumers looking to swap out of high-interest loans.
And, in a nod to the increasing tightening of credit in the mortgage market, the Fed has also updated its brochure, "What You Should Know about Home Equity Lines of Credit" to include information on line of credit freezes and reductions in lines of credit.