*Loan,banking and credit>>>mortgage loan

I get mortgage offers to refinance our loan at lower monthly rate. Are they for more years or lower interest?

Lower rate, but sometimes they add on "points" (look it up)or it could be for a 3 or 5 year ARM (adjustible rate mortgage) that once it's up you pay whatever the current rate is. Plus, you probably don't want to refinance unless you can get about a point or more taken off (to cover new closing costs)

Lower monthly rate should be about a lower interest rate. However, in a refinance they could be talking about lower overall rate by consolidating your higher interest debt as well. Loan terms- or years- can vary from 5 years to now 45 years as the longest term I have seen. If you have equity in your home refinancing is generally a good idea in consolidating other debt as the accrued interest is tax deductable on a mortgage. If you have a rate higher than 6.5%, you could probably benefit from a lower rate even on your mortgage alone.
www.nlgmiami.com
I'm a broker
Really, they don't have the slightest clue as to what your current situation is. Direct mail is basically just a numbers game. It is also a game of designing the most intriguing marketing, and marketing that makes people think and do the same thing that you are doing right this very minute....thinking about it. I would love to see a copy of that. They must have did a great job.

If you are looking to refinance the only way to know whether you can do any better is to give it a shot. If you would like more information on this, feel free to contact me at timothy.kazee@americanhm .com and I can help you out with that and we can see if refinancing would be a viable option for you. Talk to you soon!!!!
I am a Residential Mortgage Specialist
Bulk mailings are typically just a way to get you on the phone or in their office.

If you feel you may benefit by a refinance you may want to investigate several loan products. Bare in mind a new loan will generally have new loan closing costs. You need to weigh the costs versus your new payment and estimate the time you anticipate keeping the home. Some folks do what is called rolling refinance. They continually refi seeking that magical new and better rate. However they don't seem to realize the loan fees keep adding up and the amount needed to borrow also increases. This can be a vicious circle. Be wary.
Be careful. Sometimes the closing feeds for refinancing can be out of sight. Sometimes they try to roll these into the new mortgage. If you want to refinance, go to a bank or mortgage company of your choosing and see what is really available.