House Refinance

If you can go down a point it is worth it. We just refinanced for that same rate and it is saving us $200 a month from what were previously paying which right now is huge since I'm staying home. I would go for it.

I would definitely check around. Traditionally the bank doesn't give the best rates. I would have at least 5 companies vying for my business at a time.

Generally anytime you change mortgage rates you should want to have a difference of at least 1% between the old mortgage and the new mortgage. I would think you would want to get this settled before February so that doesn't give you much time to deal with another company. The 1.625% difference may be worth your time to just go with the bank but you still have time. It's your decision.

Shop the rate! Then, if you prefer your bank, maybe they'll give you a better rate to match something you may find elsewhere!

What is your current rate? I've heard it's not worth a re-fi if the rate isn't a percent and a half lower. Why just go to your local bank if there are lower rates out there? You can re-fi with any bank. Personally, I'd get a mortgage broker and work with him/her.

Is that a fixed rate of 5.125 for 15 or 30 years? If so, that may not be bad BUT you must know how much it is going to cost you to get that rate. For example, if the bank is charging you $12,000 to refinance to that rate than perhaps you could do better. It is important to know the APR %. Also, a fixed rate will ensure your rate will never go up like a variable rate can do. Google "should I refinance" so you can educate yourself further. good luck!!

I have an excellent loan officer out of St. Louis if you want his number. He always gets us the lowest rates.