Some experts are projecting even lower interest rates in the near future. Try talking with your Realtor and Loan Officer to determine how much it would cost to refinance and how much you would save.

All prior answers are good but also may want to consider a 15 year rate.... many ways to accomplish this so let me know. The equity must be there in the home also..... and hopfully you purchased at a good price. I have seen too mnay times people jumping in now and buying and still paying too much, hopefully not you which I can check for you

Janet
You should discuss the details with your Realtor and loan officer. If you need a lender to ask, you can contact Andreh Haftvani of OCD Mortgage 1-800-963-4623

More information is needed to make that determination but if your interested then I could offer you a refinance that would not cost you a dime and your loan loan amount would stay exactly the same.

Basically replacing your loan with another (same terms or better) but with lower payments. Feel free to contact me and good luck to you whatever your decision is.

HI Janet, First you need to find out if you can qualify for a refinance. The guidelines for a refinance are different than for a purchase loan. If you put 20% down when you bought the home, then chances are you could qualify for the lowest fixed rates now-perhaps even lowering your rate by a full point. If you put less than that down, then we would have to check programs and rates to figure out if you would be saving enough money to make it worthwhile. Part of that calculation involves your loan amount as well. If you would like me to analyze your situation and give you some suggestions, I would be happy to do that at no charge or obligation. I have over 25 years of finance experience and I am in So. California.
Susan Gregory (yourfinancialfuture@cox.net)

Usually you would want to see a bigger change in interest rates when you already have a fixed rate mortgage. However, you can run the numbers on many online calculators to determine how many years it would take to actually be better off with a re-fi. Don't forget that you will have new closing costs related to the new mortgage. Find out what those are to put into the mix.

In addition, you will need a new appraisal on your property, and the property MUST appraise above the mortgage amount. To get the best rates, you would need to have at least 20% cash equity above the new mortgage amount. With prices falling, you may not get the new appraisal you need to qualify for a new loan as good as the one you already have. Good luck to you.