I bought a house last november interest rate of 6375 should i refinance?

Katrina
A lender is offering me a loan with interest rate of 5.375%, this would save me 60$ a month, plus I will not have to pay until June 1st and get an escrow refund check. I can only see benefits. I might sell the home though in a couple of years. Any advice?

Cole
What about all the closing costs...new appraisal...new title insurance...doc prep fees...do you really want to shell out $3, 500 bucks so that in June you can save $60 whole dollars...

Lyndon
Be aware of pre-payment penalties and fees rolled into the new loan. What GUARANTEE have they given you of the new payment and final loan cost?

Han
2 points / 2 years...but not only that. The lender is offering to refinance right now, and you won't have a payment until June? Ok, if it were May, but how can they hold of payment for 3 months? Something doesn't sound right.

Emmy
I am in the same boat. Except I got my loan in 9/2006. I've heard the 2 point / 2 years rule of thumb. I am waiting to see what the next 6 months offer. Seems like rates will step down a few more times before they step up.

Hershel
the rule of thumb is 2 points or 2 years...so your answer is no.