Id like to know is it a good time to refinance the house in these days even though the market is not good?

Catrina
I'd like to know ...in order to cut down on a monthly payment...what is the good idea? To refinance the house or ????? Please advice. I bought the house a yr. ago. I heard these days we can getta lower interest rate. Please advice how can we save money?

Dulcie
Question #1 - Do you have a pre-payment penalty on your current in loan? If so - NO - you cannot refinance now.Question #2 - Do you plan on staying in this house another 5 years? If not - NO - you cannot refinance now.Quesstion #3 - Are you going to reduce your interest rate by at least 1%? If not - NO - you cannot refinance now.Refinancing will cost you thousands of dollars in closing fees, which is why you have to be smart about your refi.How can you save money? Cut out non-essentials. Cable is not essential. Pizza take out is not essential. Tobacco is not essential. Morning drive through coffee is not essential. You have to decide what is important and make changes accordingly.

Daisey
Depends on your current rate and terms? You might be able to get a lower rate now, but you have to look at the cost of that rate. And how long it will take you to recoup that money. If your bottom line is to save money each month then go ahead and do it. Then biggest problem you might see is depending where you live some people have noticed a loss in equity due to a soft market.And don't buy into the hype! The market is great right now for people trying finance properties. Rates are very low. You can pick up properties and a reasonable price. If you are in the market to buy now is a great time.

Gregoria
Your answer depends on a couple of factors. Do you think real estate will rise in your area in the next year or so, or fall? Do you think interest rates will go down or up? And what kind of mortgage do you have?Bankrate.com and other financial sites have calculators that you can plug the numbers into. What you are looking for is how long the monthly savings will take to pay back the closing costs. The interest rate usually has to fall something like 3/4 of a point to even think about it.One problem is that real estate prices are falling, and banks are tightening up credit. That means you may need more money to add to your current down payment. I'd hold off a couple of months to see what will happen in the market.

Kanisha
If you know what your interest rate is call your bank or cu or s&l and find out what the going rate is, if you plan on staying in the home and the rate is more than 1.5% lower do it.Thats what I would do.