questions about refinancing home mortgage? ?

with the fed cutting the rates so low, now would be a good time to think about refinancing right? my mortgage interest rate is currently 6.25 fixed, i think we owe about $95,000 on it. my husband and i have excellent credit, and we’ve been in our home for 5 years. would refinancing lower our monthly payment significantly, how much does it cost to refinance?
oh weve also paid our mortgage through march, so how would that work if we did decide to refinance?

Quit thinking “Monthly Payments”. The banks want you to think that way. It is only a 6.25% interest rate if you pay it off in the first year of the loan. Sure your payment would lower but your balence on the house would not. Instead of paying the bill early, pay extra money on the principle. Your paying 90% interest on the monthy statements. Dont pay early, pay extra only to the principle. This wont lower your payments but it will lower the amount that you owe on the home.

A Bad Credit Home Mortgage Refinance Loan Can Help Your Family

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