Should You Refinance or Buy A New House?

Despite the lagging economy and rising unemployment, there are opportunities out there to be seized.

Short Sale and foreclosed properties, in increased numbers in Calabasas and Agoura Hills, are offered for sale at prices we have not seen since 2003 and 2004. Pair that with interest rates in the mid 4's, and you've got yourself an opportunity that's hard to pass on.

If you've been thinking about refinancing and lowering your mortgage payments or reducing the life of the loan, now is a good time to do so. However, if you are one of the few who is in a position to upgrade and move to a bigger house or maybe to a more desirable area because of schools, commute, etc., you could not pick a better time.

Crunch the numbers, talk to a loan officer and your CPA and see if it makes sense. You'll be surprised; in some cases you would pay the same or slightly more as you do now on a new house.