What are the beneficials of refinancing a house?

Alycia
I have a year with my house but my payment went up from 640 to 1000 because they add me this years house taxes, I want to lower my payment is a good idea to refinance the house to lower my payment?

Candra
First, what is your interest rate? Is it adjustable after two years or one year? Your rate may not have changed,, but your tax payment this year should have been the same as last year, unless you have a crazy escrow account, or, your tax rate increased significantly. Refinancing won't help with your tax Realize that if you refinance, you'll have to pay closing costs again. This could be $3000-$4000. Second, make sure there is no prepayment penalty, in others words, that you won't be charged additional money for going to another lender.

Ezra
You need to decide if it is going to save you over all in the full years of the loan. Also if your current mrtg has an early pay off penalty. Many do. If you do not have an early pay penalty...and it will reduce your interest rate by at least 1% it may be to your advantage... Your best bet.. talk to a qualifed loan officer!

Chong
What interest rate are you at, how much, what state? I am a mortgage banker and have been able to lock 30 year fixed rate at 5.875.