Do you think that is a good time to refinance my house?

Douglass
Our interest rate is 6% for 30yrs fixed. In Chicago, ill which bank that you know have the best rate?Thanks.

Elnora
6% is a good rate. You could get a little better rate right now, but with the closing costs and points you would have to run the numbers and decide if you are better off. You can get a 30 year fixed at 5.5% now. The rates are still going down so best to wait for a while longer. Also, how long have you owned the house? If you bought it recently, you may not be able to get an appraisal to justify the re-fi so look into that as well.

Alfreda
Christopher you are right we will lose points if different banks check our credit also with all the fees they charge to refinance will be no big difference.Thank you. Report Abuse

Ami
go shopping u may not find a rate good enough to refi IF u plan to move.

Ira
Take a good look at your plan to refinance. Right now the national average interest rate is around 6.31%. Will it really be worth it to refinance. Look at the costs of refinancing. You have a fixed interest rate right now. If you refinance, you are going to be charged a finance fee and closing costs, which will cut down on your interest savings. Plus, unless you have equity in your home, you may not necessarily get much better rates. Are you a vet? Are you disabled? Do you have VA benefits? These may all get you better interest rates (I have seen as low as 4%).Also, another consideration is the hit to your credit. With each different bank you apply with, they will pull your credit. Any more than 4 of those in one month, and you will see your credit rating starting to decline. Shop around first, and then apply to your best choices (or try a reputable mortgage broker who will only pull your credit once).

Dominic
6% for 30 year fixed is not bad at all. Yes you can get in the 5% range, but it will cost you upfront and you will have a new term of 30 years. How many years do you have left on the current. If you still have 28 or more and you plan on staying put for at least 5 years, then it would be beneficial to refi.I have a great lender. Email me for his info.He is the best and most knowledgable in the business.