I have a mortgage rate of 612 percent have had the house 2 yearsdoes it make sense to refinance now for?

Ashley
a lower rate? Perfect credit, payment history, etc. Would you wait? i'm hearing 4.5% may be coming

Margherita
Rates are actually down just around 4.5% if you are willing to buy a few points, so yes, it does make sense to refinance if you are paying 6.12%.I'm not sure if I would wait for the rates to go down until you can get 4.5% with no points, but that's your call. With rates as low as they are, you'll kick yourself if they go back up past 6% and you don't take advantage.Also, only refinance if you plan on staying in your house for at least a few more years. You should really have a mortgage professional do a financial review of your current mortgage vs. what you'll pay if you refinance. Compare the cost of refinancing against your monthly savings with a new lower mortgage rate and you'll know how many months it will take you to break even if your refinance. If you don't plan on staying in your home for at least as long as it will take to break even, don't refinance. If you know for sure you will stay there, go for it. Why not put money back in your pocket that your currently giving to your mortgage company?

Silvia
the 4.5% you're hearing is a rumor put out by a government proposition which may or may not take place, and may or may not benefit current homeowners. Its a plan to stimulate the economy so it may end up just being for purchases. Keep in mind the people who are saying rates are likely to go to 4.5% are the same people who predicted rates would be in the 7's right now...its sad that they even released the rumor because the general public now has false expectations.That being said, at 6% you're paying too much if you've got good credit and a little bit of equity. My best rate as of today is 4.75% for a 30 year fixed for a credit-qualifying borrowner.If your loan amount is high, even a .25% drop in rate could show substantial benefit, if you have a small loan, it's likely you'll need a pretty drastic drop to see true benefit, but you'll see a savings regardless. Check out my site at www.johnsrate.com or feel free to give me a call if you have any questions, or you'd like a detailed loan scenario put together to see if it'd be worthwhile.

Kayce
if FHA yes as you can streamline without an appraisal

Faviola
Figuer what it will cost to refinance. Then make your mind up.

Edna
Sure y not if the interest rate is cheaper. 2 years is really not that long