:confused:I purchasedhouse in December 2007 at 6.25 percent... I plan to stay in this house for awhile... I see mortgage rates are lower... I am concerned about closing costs... I cannot afford to pay upfront thousands of dollars but would like to get lower percentage rate, is it wise for me to refinance?

Is there a way not to pay upfront closing costs and still have it worthwhile to refinance?

Please help
Signes confused

well, yes. But here's a few things to factor in..

The rate you can get now. Your credit score. And how long u plan on staying.. Equity?

Unless your credit score is AWESOME, you will probably pay points to get your rate low enough to make it worth while, then you have to factor in the closing costs. You CAN roll them in... but, can you? Is your house worth enough to do it? If you took out the original loan for say 90% of the homes value.. and you roll in the CLosing costs... what percentage will you end up at? 95%? Higher?

6.25 is a good rate. Really. Im not sure I would touch that. You may get it down to 5.5 or even 5... but add the costs back in.. Is it worth it?

Go talk to a mortgage broker (not a bank, etc... ) a broker will be able to see what's out there and give you some advice.

so if you are @ 80%...

are you paying escrow? Mortgage insurance? - these will be required if you break 80% loan to value.

have your house appraised - (it'll cost 275 to 300) - but see where you stand.

If you are going to do this, you need to do it before April... there are a bunch of new fees and crap that is coming.


(I only know this cause I just signed for a refinance about 1 week ago lol... )