We are in the processing of refinancing our mortgage and *Whew*! What a job this is!! I had no idea that refinancing a mortgage is almost as time-consuming as taking out the original mortgage.Our current interest rate is 5.625% and I am wanting to lower that to 4.something %. I found some awesome information at:
- Refinancing Right.com (allows you to see rates based on your state or zip code)
- Walletpop.com which offers simple-tips-for-when-to-refinance-your-mortgage-in-2010 and,
- Guide to lenders.com which lists top ten refinancing tips
It is also important to take into consideration that the actual cost of any refinance would end up chipping away at any savings you may get from the lowered rate. You'll need at least a 1 percent difference in rate to truly come out ahead. I had always thought that you needed at least a 2 percent difference, so this was eye-opening to me to read this!Any thoughts, words of wisdom on this subject? Are any of you thinking about doing a re-fi yourself?