Should I Refinance – For me the answer is yes, You?

The answer is almost always yes. There are a few circumstances where refinancing may take some additional planning.

While lending guidelines are reported to be tough that’s mostly for people with bad credit who are not current on their mortgage payments

Folks that are still current but upside-down aka underwater on their Fannie mae and Freddie mac mortgages are getting a big break that is going to start taking effect just before the holidays.

The revised HARP program, know as: refinance relief for Freddie Mac loans, DU refi plus is Fannie mae’s refinance program will allow many borrowers who were getting turned down due to low appraisal.

Make sure you check out the possibility of reducing your interest rate down to the 3% range. For someone like me with a 248,000 note and 6.25% reducing the rate to 3.5% would cut interest payments almost in half.

Use the mortgage calculator in the sidebar to calculate you refinance relief mortgage payments.