An online resource to help consumers make informed choices when refinancing a home loan has been launched by the Federal Reserve Board. "A Consumer's Guide to Mortgage Refinancing," which is available at www.federalreserve.gov/pubs/ refinancings/default.htm, contains tips and answers to frequently asked questions about the refinancing process. The information provided is designed to 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.
The site also provides mortgage shopping worksheets, a glossary of mortgage terms, a link to an online refinancing calculator, a printable PDF format and links to the Fed's other consumer education resources on mortgages.
In addition, the Fed 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. The updated information is available at www.federalreserve.gov/pubs/ equity/equity_english.htm.
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