Q&A: When to consider refinancing

Q: With mortgage rates heading lower, is now a good time to refinance my home?

A: Maybe. Lenders in most regions limit conventional loans to $417,000 or less, so that's something to consider since rates are near historic lows. But when you go beyond $417,000, mortgage rates are substantially higher-a situation that should rectify itself once the housing market and mortgage industry stabilize. An experienced mortgage lender can guide you through the various refinancing expenses. Then you can compare the cost of refinancing to your projected savings on interest over the life of the new loan.