Advice on refinancing our house?

Mallie
Many things I am seeing on television are suggesting now is the time to refinance. We are currently at or just below 7%, have perfect credit. Should we refinance and any suggestions on the lowest rates?Thank you

Garland
Have you used any online calculators to see how much money you would save? If you won't be paying any closing costs, I think it would be a great idea. Refinancing would definitely help you pay off your house faster.The website below may provide some insight for you. http://www.refinancing101.netGood Luck...!

Louis
You don't say where you and your house are located, so the first step is to talk with a trusted real estate professional or lender. See what is happening in your market.Rates are indeed low. Sounds like you have a decent interest rate, but they are lower now in many places. If you can lower your interest rate by at least 1% it might be worth it to investigate. I would consider 1.5% lower to be the point that would really interest me.Several things to consider:How long will you be living in your house? When you refinance your mortgage loan you are essentially buying your house from yourself. There are costs involved like lender fees, origination fee, appraisal, title insurance policies, etc. These can add up to several thousand dollars. You may be able to roll these costs into your new loan or pay these out of pocket. Either way, it will probably be 2 years to "earn back" these costs with the lower interest rate you will get. If you're planning on selling in 3 years or less, it might not be worth the cost.Most lenders want to make sure that you will have an equity stake in your home after the refinance is done. So, typically they will not lend 100% of the new appraised value. Will your home appraise for about 120% of your existing mortgage balance?If you have recently purchased your home; bought it as a Zero Down, Zero Closing Cost or if property values have declined significantly in your area, the house may not appraise for a value that will make refinancing a viable option.You also have to qualify for the new loan in terms of showing that your income and debt-to-income ratio meet the lender's requirements.But, many are finding these lower interest rates just the ticket to help lower their monthly costs. I'd say check it out.Good luck.

Edyth
Interest Rates are low, best they've been all year long. I recommend you call your bank and see about refinancing your mortgage loan (or the lender who helped you get your loan). Depending on your credit history (making payments on time), your debt and your income - you could very well get a much lower interest rate (5% - 6%). However, if there's no equity on your house (worth less than what you owe the bank) you may have a hard time refinancing right now. Start by calling your Lender.

Christin
Beware you may get an early repayment penalty!If you are in the UK First Direct (HSBC's online bank) are offering 3.7%to customers only with good credit record and high existing equity, so might be worth swapping bank accounts!

Denese
You definitely need to contact your current lender or a mortgage broker. Now is the time.