I purchased my house in January of 2009 and got an interest rate of 5.25% which was the best at the time. I was wondering what the rates were at today? Also, how do I go about refinancing or how is the best way to do so? Thanks in advance!

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Originally Posted by adam_89

I purchased my house in January of 2009 and got an interest rate of 5.25% which was the best at the time. I was wondering what the rates were at today? Also, how do I go about refinancing or how is the best way to do so? Thanks in advance!

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Interest depends on your area, your credit score, many factors.

Start with a bank or credit union (if they hold mortgages in your area).

Consider closing costs before you make the move to refinance - and also consider how many more years it will add to the length of your mortgage.

Adam, who carries your current mortgage? I agree with Judy. Credit score and payment histpry can make or break your idea to refi. I am with Chase and Chase called me and offered to lower me from 4.5 to 3.65 with shorter terms.

Ok, if this helps any, I am with Chase bank and my credit score the last I seen it a few months ago was 758. I have never been late on anything or missed a payment on anything either. Should I start with them? I have about 26 1/2 years left on my mortgage, wouldn't mind if it went to 25 years but really don't want it to go to 30 years again. I just know some people who are buying houses around here who are getting interest rates around the 3.5 mark and I don't know what all factors into that, since I already have a house and they are first time buyers, but I also have a better credit score and history than they do. If I could get around that area I would think that would make a significant difference. My broker told me at one point that the difference in rates should be at least 1% before considering refinancing. Any more info would be greatly appreciated.

Call Chase and tell them you want the 3.65% rate with no closing costs, that's what they are offering to me right now. $395 app fee and that's it, no other costs. I had 27 years left on my 30 year but am dropping down to only 20 years. Your broker is figuring in all of the standard fees associated with closing, Chase waives those fees

Ok, thank you very much for the info, I will get in contact with them!

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Originally Posted by adam_89

Ok, thank you very much for the info, I will get in contact with them!

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I always figure you don't know unless you try - and the "I'm not paying any fees" suggestion is a good one!