Is now a good time to refinance a house?

Chere
Because interests rates are so low, it seems like a good time. We have only lived in our house for about 1 1/2 years. The value has not gone up that much though. I really don't know much about this sort of thing. Thanks.

Darrick
if you have the equity and the credit, refinancing into a lower rate may be a good idea for you.It depends on what your current rate is. You can get something around 5 right now with good credit, but unless your rate is 6.5 or higher, it may not be worth the closing costs in savings. you don't want to spend 5 grand to save 50 bucks a month on your mortgage payment.

Iliana
My friend is refinancing right now from a conforming loan into an FHA loan because not only will his rate be lower but so will his monthly mortgage insurance so it's not all about the rate.If you have enough equity to cover your closing costs and have 3% left over(FHA will go as high as 97%) you should go for it.

Elenor
How stellar is your credit? What is your debt ratio on the house?

Anastasia
yes best time because of the interest rates being @ their all time lowest if anymore ?'s feel free to ask i do this for a living :) heidyoliva@ymail.com