Q&A: Does it make sense to refinance my home now?

Question by vjustice4all: Does it make sense to refinance my home now?
I just purchased a home in december 2008. My purchase price was 224,000 with a fixed loan at 6.75 interest rate. Seeing that the interest rates are going down now, does it make sense to refinance now. I am not looking to get money off of the house just lower my interest rates which will inturn lower my monthly mortgage.

Best answer:

Answer by johnb693
Definitely, and if you can swing it and afford it, go for the fifteen year ones. But if not, then the thirty year mortgage with a fixed interest rates. I think they are under 5% now. So that’s a big savings, even when you figure in the cost of refinancing your Mortgage.
I did that fifteen years ago, and just paid mine off, two months ago.
It was hard at first, in the beginning, but as my income grew, it became a lot easier for me.
So I would suggest, you visit your Bank, and get all the details as to how much it will cost you, and if you are eligible to do it.

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