With the poor economy and financial market crisis, is now a good time to refinance the mortgage on my house?

by woodleywonderworks

Question by The ADvisor: With the poor economy and financial market crisis, is now a good time to refinance the mortgage on my house?
With the interest rates dropping I think I could really save some money every month on my mortgage if I refinance, but are banks hesitant to lend right now with the financial crisis? What are your thoughts? Thank you!

Best answer:

Answer by Pengy
If you financed 100% then you basically have no chance of refinancing as your homes worth has gone down. If you are not in that situation and the refinance rate is at least 1% lower than what you have then you will save in the long run.

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