My expert professional refi advice would not have been this forceful a few months ago, but today I frankly say that every mortgage laiden homeowner better at least take a look at a possible refinance. (I have never been known to roll out cookie cutter typed suggestions.) But look interest rates on 30 year loans have been showing up under the 5% mark, plenty of homeowners likely to be staying put for at least another couple of years, could benefit from saving $100-$300 or maybe more per month. Sure, there are some basic "should I refinance?" checklists (there all over the web)you'll want to scan. The "keep the same lender" refinance tends to be simple in process, often no-cost..i.e. no loan fees, title costs, etc. Yes, you may extend back to a 30 year in the process if you are really trying to get the lowest monthly payment; so if you have concerns about adding the years back on be sure to discuss your other options with the loan officer. Perhaps, due to some current existing legislation, you may not need an appraisal or an indepth income verification. You can shop around for other lenders, maybe they offer a better rate than what your current mortgage company is willing to offer, but the process may have a few more requirements..it's a tradeoff you should choose the varibles that work well for you. I've found that rate quotes will not vary much for the individual, since they are driven so greatly by the consumer's credit history. Also be careful not to put in too many applications, which will increase the number of recent inquiries on your credit report. No matter what, do it now, rates may go up and in any scenario do the math, read each of the documents, ask questions, and understand the fine print.
