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Should I refinance my current mortgage?

My wife and I closed on our first house in Oct. 07. Here are some details:

- 100% LTV (0 down) on 159,570$ loan ammount
- 30 yr fixed
- interest rate = 6.375%
- montly payment = 995$, pmi = 121$

Since Nov '07, we have been socking away 400$/month. Originally plotted to pay this extra toward mortgage. I just wasn't sure this was a excellent thought (as opposed to other investments)…so I haven't paid any extra on my mortgage to date, but have still been socking away 400$/month into my MMA account (~ 2% and delcining it seems) rather than spending it.

Does anyone have any tips on if I should refinance? Or any other investment tips?

I recently talked to a company over the phone with this refinance offer:

- 3% down
- 2000$ in closing costs
- FHA 30yr fixed loan
- interest rate = 5.5%
- pmi 70$/month
- montly payment = 890$/month

Thanks for your time.

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This entry was posted on Thursday, June 18th, 2009 at 8:37 pm and is filed under FHA Refinance Rates. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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One Response to “Should I refinance my current mortgage?”

  1. Judy says:
    June 18, 2009 at 8:37 pm

    Today the FHA loan rates went down below 5%.
    Wait a month for local banks to catch up.

    Only refi if you plot to stay in your home for more than 7 or 8 years and if you can get one whole percentage point off.

    Remember closing costs are a bear. And that PMI needs to go. /

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Tags: 100 ltv,  closing costs,  FHA,  first house,  fixed interest,  investment tips,  investments,  loan interest rate,  mortgage,  pmi,  thanks for your time, 

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