How low can rates go?  Seems to be the question I get a lot these days.  The honest answer is…..who knows, but if the rates are at least a ½ percent lower than what you are paying now you may want to consider a refinance. 

When weighing the benefits of a refinance it is always good to  consider how long you plan on being In the home, how many months you have already paid into the loan , the costs involved in refinancing as well as how much  of a monthly house payment  you can save. 

One of the bigger hurdles today in refinancing is the lack of equity as the last few years as been tough on values.  Depending on who owns your loan will make the difference on being able to refinance and if there will be any Mortgage Insurance.

HARP also known as Home Affordable Refinance Program will allow refinancing up to 125% LTV.  The benefit of this program is if you don’t have equity in this current market you may still be able to refinance.  

This program has been instrumental in allowing me to help refinance three of my past clients just this last month.  It does work!

If you have a rate of 5% or higher I encourage you to call to see what you may be able to save.   Rates are low now, so what are you waiting for?