Should we refinance?

We bought our house a little over a year ago but got a mortgage rate of 6.625%

At the time that we were buying our house we were still holding our coop (didn't close until February) so we got a semi-sucky rate b/c of all the debt we were holding. Aside from that we have excellent credit.

Is it worthwhile to refinance at this time? I hear it can be worthwhile for an entire 1% or greater...

Can we refinance without any real costs to us? Or do we end up having to pay $100's in fees...

THANKS!

Re: Should we refinance?

you have to pay closing costs again. it might be worth it though. I would make some calls and then figure everything out.

Re: Should we refinance?

Right now rates are around 5.75 for a fixed 30 year mortgage. If you are going to be staying in your house for 3-5+ years it would make sense to pay some closing costs to save in the rate. There are products out there with lower closing costs but it usually comes with a higher rate.