Refinancing A Mortgage

Questions about refinancing home mortgage? i put this in the wrong section?

Fed to cut rates so low, now would be a good time to think about refinancing right? my interest rate mortgage is now 6.25 fixed, I think we owe about $ 95,000 on it. My husband and I have excellent credit, and have been in our house for five years. refinancing would lower monthly payments significantly, how much it cost refinance? oh weve also paid our mortgage until March, so how would that work if we did decide to refinance

We were blocking in the middle of 4.875% for a refinance when rates went up again today. We hope you will back down. Like you, we are at 6.25%. Closing costs that was quoted was about $ 3500. Our payment is reduced by about $ 130 per month, so that would take us 27 months to recover the initial costs of closure. We the intention of staying in our house for more than what will be worthwhile for us to refinance. You should use some mortgage calculators (try bankrate.com) to see how much to save each month and how many months it will take to offset those costs. Then decide if you will be at home long enough to make it worthwhile. As soon as to what was paid in advance may depend on how they have allocated. If the session in an escrow account you get a refund.

Obama: Refinancing is like a tax cut?