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The article presents tips on refinance mortgages. When the average mortgage interest rate dropped to less than 7 percent in 1993, many homeowners took advantage of the opportunity to refinance their mortgages. When you refinance, most lenders charge one or more points (a point is 1 percent of the loan amount). Add to that the lender's application fee ($ 150 to$ 300), an appraisal fee ($ 150 to$ 300), a credit report fee ($ 50), a charge for an updated title insurance policy (about 0.5 percent of the mortgage amount) and miscellaneous charges, such as fees for document preparation, mortgage cancellation and, in some states, attorneys. In addition, refinancing sets the mortgage clock back to 30 years, so crunching the numbers will determine whether the amount saved on interest payments outweighs stretching out the loan balance. A couple planning to keep their mortgage for another 10 years often can benefit by refinancing when the difference between their mortgage and current rates is as little as 1 percent.

Reports on the benefits of using home equity loans. Quick and painless way to borrow money for many homeowners; Tax-deductibility of interests paid on the loans; Benefit of having newly remodeled home space.

Focuses on the benefits of paying mortgage early. Advantages of prepaying mortgages; Details on interest reduction.

Gives advice on mortgage shopping over the World Wide Web. Web sites of mortgage companies that allow applications for loans over the Internet; Processing of the application; Identification and documents to be submitted.