Should I refinance this year? I am really considering it.

Of course, we can probably save you a few hundred dollars a month on the interest for the next 9 years, now is the time to take action! Check out Rate1st.com/Mortgage-Rates, call us at 1-877-728-3178 to get a FREE quote and we can help explain all the benefits for you. We have a A+ rating with the BBB and offer programs from almost every bank & direct lender in the country.At Rate1st our mission is to save our customers money by helping them find the right bank or lender to work with and by helping them make educated and informed decisions when selecting the specific type of loan program that is best for their unique borrowing situation.We are committed to always being honest and upfront with our customers about the entire loan process and the way we do business.

You should only refinance if you do so to a shorter term. Refinancing to a new 30 year won't save you a penny in the grand scheme, regardless of what the people here will say. You have top loaded all of your interest for the last 9 years and you will lose all of that if you go to a new 30. While they will calculate a "break even" point based on the new fees to refi and the amount of time it theoretically takes to break even, it does not include the 9 years of interest you will be throwing in the toilet by starting the amortization schedule all over again. You will most likely be able to get into a new 15 year for roughly the same payment that what you have now, and that is the only direction you should go. A 20 year does not price as favorably as a 15 so don't even bother with that. Either keep what you have and pay more to principal or refi to a new 15 year at a rate under 4%.

Now would be a great time to complete a refinance in your situation. You'll either open up your monthly cash flow quite a bit, or you can use your savings to pay your house off in almost half the time by paying your current payment. Look at a couple different rate/closing cost scenarios before making a decision, though.

Hello Sherry. Your situation is like so many we deal with each day. Your solution is simple. Refinance into a 15 year with an interest rate as low as 3.75% with no points. This will keep your payment about the same as you are paying now and save you an additional six years on the loan. Please email me for a free quote. Freedom Mortgage is a Direct Lender in all 50 states. adennie@fmbranch.com. Thanks.