Should I refinance my home loan?

We bought our house last year at this time with an interest rate of 6.375% We are looking to refinance at 5.75% and consolidate some student loan debt that has a higher interest rate. When I talked to a my lender they said I would need to pay about 1500 to refinance. With the extra amount from other debt combined with the lower interest rate, it looks like our monthly payment wouldnt change much at all from what we pay now. Plus, I plan on using the extra money, that would have originally gone to other debt, to make higher mortgage payments. Is this a good idea or no? Are interest rate expected to go further down?

It's extremely important to understand that with a little time and the right approach getting the absolute best mortgage refinancing is not a huge problem.Companies/businesses that arrange financial products of this natureenter into some research and groundwork on your own because the Internet can equip you with an absolute pot of gold of very helpful data when it is essential that you get the best mortgage refinancing.

the fed is coming out tommorrow to lower interest rates u might get a lower rate if u wait a while. and u probably have seen the value of your home decline recently, if u plan on staying in that house for a good time refinancing might work in the future just keep checking rates every couple weeks. and might wait till the next fed meeting .u can also shop around online for more competitive rates.still wait a while.

the lower rate announcement from today won't reach us for a few months

but for now:

Calculate how much principle and interest the student loan totals in the long run.

Calculate how much it would cost if you pay off some (a lot) of it now.

If the difference is more than $1500, then refinance.

As your mortgage payments will be slightly lower and you can still deduct interest from your federal taxes, use any extra money to pay off any other interest debts, ie credit cards.

Hard to answer with just this information. If you don't have too much longer on your student loans it might be better to take any extra money and pay them off. If you refinance you will be paying on all that money for 15 to 30 years. Consider attacking your low balance loans by paying extra on them and getting them paid off.

Wait until the rate goes down further as it will by tomorrow. The Feds will lower the rate by 50 to 100 basis points by March 20. Also wait until the spread between your current rate and the new rate is at least 1%. This will happen in about 2 months.