Should I refinance my home loan now, 12/16/08?

I have a 5 year ARM. I have $105,000 remaining on my loan. I am now in the last year of my ARM loan. The ARM rate is 4.625% and will adjust to a different rate November 2008. 30 year fixed rates are now 5.125%. Should I refinance? What are they additional costs to refinancing? Do you think the 30 year rate will go lower? How much would closing costs be? Thanks.

I see someone mentioned loan modification and that's only to prevent foreclosure not to refinance. I would say refi unless you have a large prepayment penalty and you plan to stay in the home.

As for closing costs the only out of pocket expense you should have is for the home appraisal and it's averaging $300.

Hope this helps.

Do you mean it will adjust in Nov 2009? Otherwise it has already adjusted.

I don't like to guess about the future, I am usually wrong. If 5.125% is affordable and makes sense, then do so now. Closing costs are negotiable.

If you wait, they could go up or you might have other issues making obtaining a loan more difficult.

nooooooooooooo don't do that.. now there is a thing called a modification you should research a little more about it butit's alot better than refinancing and chaper and your home payment decreases

Yeah, I would lock a low rate in. If we see hyperinflation, interest rates will skyrocket.