If you have been indecisive about refinancing your mortgage, you should make a decision now. If you wait to refinance your mortgage until after April 1st, it could mean that you might miss out on some serious savings.

Beginning April 1st, the FHA will increase the amount that borrowers have to pay on their mortgage insurance premiums. Borrowers with less than 20 percent equity in the home will have to pay a higher mortgage insurance premium. Additionally, borrowers will no longer be allowed to eliminate mortgage insurance after they reach 80 percent loan-to-value ratio or after five years - they will no be required to pay mortgage insurance for the life of the loan.

Refinancing during tax season will also help make refinancing easier for you. Not only will you have a lot of the documents required to refinance handy, because you will already need them for filing your taxes, but your refinance should also go quicker. Waiting until after ta season will mean that it might take longer for your loan to process, because the lender will be required to wait until they receive a new verification of your paid income tax.

Finally, rates are near record lows, so while you put off refinancing, you risk loosing out on a lower interest rate. Getting a higher interest rate can cost you thousands to hundreds of thousands of dollars in interest over the life of your loan. Rates are predicted to continue to increase through 2014.

Stop waiting to refinance! Call the lending experts at Prospect Financial Group, Inc. today at 858-605-0952.