(ARA) - Do you have a balloon mortgage that is coming due or an adjustable rate mortgage payment that has been steadily creeping up as interest rates change? Or perhaps you've had an unexpected financial hit such as a large hospital bill or a job loss that has made your current mortgage payments unreasonable. If so, refinancing your mortgage can be a great way to save money every month.Refinancing your mortgage also lets you consolidate other debt, such as credit card balances, into one low-interest loan. You may also want to consider converting some of the equity in your home to cash to use for large expenses such as college tuition or home improvement.Online services like Bills.com make it easier than ever to find the best deal on refinancing your home. With a couple clicks of the mouse, you'll receive quotes from up to four lenders so you can choose the best deal for your situation.Before you refinance, ask yourself the following questions:* How long will I be in my house? If you're planning to move soon, it may not make sense to refinance.

Lower mortgage rates spark interest in refinancing

MASON CITY — The current economic slump has a positive by-product: Lower interest rates on home mortgages.Local banks report increased customer interest in new home loans and the refinancing of existing mortgages as rates fluctuate just under 6 percent and, in some cases, under 5 percent."In an average month, I might have three refinances going," said Pat Thompson, mortgage banker at Farmers State Bank in Mason City. "This month I have 15. All of a sudden, things got a little wacky."He added that rates have fluctuated up and down as much as a half percent since January "when for so many months before that, they were at 6.25, with as little swing as an eighth."A 30-year fixed rate mortgage at local banks on Tuesday ranged somewhere between 5.75 percent and 5.85 percent while 15-year fixed rates came in just over 5 percent.Mortgage banker Diane Froning of Commercial National Bank agreed that inquiries about rates have increased.Froning said she has seen about a 50-50 split between patrons who want to simply drop their interest rate and those who want to consolidate debt into a new loan.She cautioned, however, that a new loan may not be justified, despite the low current rates."If it is the matter of one percent, it just may not be in your best interest to pay the costs associated with a refinance," she said, referring to legal and closing fees.

DAVID WEIDNER'S WRITING ON THE WALL: The Fed Bailout Wasn't Just For Fat Cats

NEW YORK (Dow Jones) -- If you're thinking about refinancing your mortgage, getting a loan to buy a new car, or switching to a lower-interest rate credit card, you can thank the Federal Reserve for your ability to do so.

Populist class wars are convenient for politicians such Senate Majority Leader Harry Reid or anyone who claims this deal is for Wall Street fat cats. But class and privilege don't float as good explanations for the Fed's $30 billion bailout of Bear.