Should I Refinance My Existing Loan?

The following calculator will compare a new loan (refinance) to your existing home loan. It will show both your monthly savings as well as your yearly savings. Please keep in mind that it is very difficult to refinance right now. If you are in a position where you need to refinance, we strongly suggest you begin negotiating with your existing lender. In most cases you can restructure your existing mortgage with your lender without going through an expensive refinance.

Current Refinance Rates

Also, please keep in mind that your house will be re-appraised as part of the refinance process. If you purchased int 2005 or 2006, there is a good chance that your home may actually appraise for less than it did with the original purchase. If it appraises for less, you may be forced into a position where you need either mortgage insurance or a piggyback 2nd as your equity may no longer be sufficient to cover the 20% payment.