I bought my house in july of 2007 when should i try to refinance? what is the steps in doing so?

Darla
I bought my house in July of 2007. When should I try to refinance? What is the steps in doing so? I owe $100, 000 on it.

Isa
Why do you want to refinance? It is only worth doing if the cost of doing so pays for itself within the time frame you want to stay in it. If it takes 8 years to pay for the refinancing fees, but you only want to stay there for 5, then there is no point in doing so...If you are in a crappy ARM or something, then now would probably be a good time to get a fixed rate - the interest rate is down to 5 right now.

Chelsey
First calculate the fees your lender will charge you to refinance. Then see how much you will save with a lower interest payment compared with staying with your existing loan. Whatever I would give Obama a chance to make life easier for homeowners. Whatever he does is likely to make refinance even better and interest rates are not likely to go back up very soon.

Adela
Same steps as purchasing. It may or may not be possible. How much difference is the interest rate on your loan now and what you would get??Has your home increased or decreased in value?Did you put down decent down payment?Do you have good credit, really good, and good payment record, no missed/late mortgage payments for year?Don't forget there are costs to refinancing.

Matt
What you owe isn't the issue. What kind of loan do you have and how much equity do you have?

Modesto
If it drops your interest rate by more than 1 percentage point it might be worth it. Just go talk to your bank where you have your home financed.

Charles
FHA allows streamline with out an appraisal or credit check but they may require 6 months payment history not 100% sure

Deana
Just go to the bank and you can talk to somene about it.