refinancing

Unless it a very small mortgage, either are very good options but only you can decide which is the better option. If your main goal is to lower your payment, going from 9.25 to current rates should help you a lot!

First , what is your souce of income? how is your credit ??? what size of a loan is this ? these questions will make it easier to give you correct information.. linda at yourloanpartnerforlife@live.com

What are your goals? What is the outstanding balance?

I would encourage you to speak to a trusted real estate professional. The right questions to ask to you is whether you want to keep you home or not. It will also be helpful to get an idea of your property value in today's market. The best advice depends on you and your situation. Look into government programs such as HARP, this is a great program for struggling homeowners with high interest rate loans, but act quick as it is my understanding is this program expires this year. Also, look into a loan modification if you haven't already. I recently help a past client get a loan modification and they are able to hold onto their home thar was in foreclosure with Wells Fargo. The big banks still have an incentive to help you refinance out of your high interest rate.I hope this helps.Best of luck,Michele Engleman, Senior Real Estate Specialist

If the goal is to keep your home, current interest rates very low. I would look to doing a short term (10 yr fixed or 15 yr fixed) more than likely you can do this and have your payment be close to or lower than your current payment. I would also want to see how far along you are on your current mortgage. If you have had the mortgage for say, 20 yrs, it would most likely not make sense to refinance because most of the interest has already been paid. I have a financial model that I use to determine if the savings from the reduction of interest rate will actually benefit you.

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Current interest rates as of 02/06/2015 are at 3.875% There would be a huge reduction in your payment, of course depending on what is owed.email me at tim.howard@greenstreetbanker.comor apply online at www.yourmortgageguy.com

Hello Amckinney,If your rate is that high you should seriously consider lowering it regardless. You might go through the sale process and change your mind or it might take a long time to sell. Either way I would highly recommend refinancing out of that high rate. I hope this helps and have a great day

Your interest rate is very high in today's market, so even staying in the home a short time is going to make refinancing worth while.

I would definitely consider refinancing to a lower rate if you plan to stay in the home. How many years left on your present mortgage?