Interest rates are at historic lows, like a less than 3.5%. Now might be a great time to refinance depending upon your situation.
In some cases the only way to refinance is to borrow more money and in other cases if more is owed on the home than it is worth the answer might be no.
There are some really nifty calculators on the internet that anyone can use to work through a few senarios for refinancing or for buying or even renting Vs. buying but they are not all equal. Many of them are gateways to mortgage spam and unwanted phone calls.
If you just want some facts and figures try the Fannie Mae web site at KnowYourOptions.com There are no advertisements and you won’t have to leave all your contact information and the middle name of your first born to use the calculators.
Wouldn’t it be nice to have lower monthly payments?