Re-Financing Mortgage

Soooooo DH & I were thinking about refinancing our current mortgage and wanted a little bit more info on how to start and if it is worth it. Can anyone shed some light on this topic? I know you have to apply but if you are shopping around and each bank runs your credit doesn't that hurt our score? I noticed we have to pay a non refundable application fee to each bank we are even remotely interested in applying with. Any info would be greatly appreciated. TIA

Re: Re-Financing Mortgage

I would call up or look online for any local credit unions (Bethpage is great!) or other banks for the best % rates. You can get the rates over the phone. You don't have to pay an application fee for each. I think that only applies if you go with that bank (although I know some will cover that cost).

Good luck!

Re: Re-Financing Mortgage

I posted an answer to this question not to long ago. Unless you have alot of equity in your house or you are going to drop more than a point in your interest rate it isn't really worth it at this time to refinance unless you have owned your home for a long time. Also you should refinance unless you are going to stay in your home for 5 years or more from the date of the refiance. A refinance is going to cost you the same if not more then your closing costs when you purchased your home...there may be a little discount because you are refinance in 10 years of taking out the mortgage. The person that previously posted wanted to refiance to cut her term and I explained to her you can do that without refiance by just making extra payments every year you can reduce your mortgage.

With the market the way it is I don't think it is worth it unless you are going to do major home improvements or if you have an 8% interest rate and can get 6.375 now.


I recently looked into refinancing also because my rate is a little high but decided against it. I would rather pay the extra $10,000 toward my home improvements or mortgage.

Re: Re-Financing Mortgage

They have calculators online where you can put your current mortgage balance, rate etc and it tells you teh benefit of refinancing.