Should You Refinance?

When I purchased my home two, nearly three, years ago, I had a great interest rate of 5.75%. With the recent Fed rate cut of 0.75%, a question that has been swirling around the heads of my friends has been whether or not they should be refinancing. Some of them have loans at higher rates or HELOC’s and 2nd mortgages at higher rates – for them the analysis is worth performing. As for us, with the Bankrate quoted rates at around 5.40% for a thirty year mortgage (under 5% for a 15 year mortgage), the answer for us is unclear… this calls for an analysis!

(Click to continue reading…)