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Should I re-finance?

I have a 30 yr mortgage.  Fixed rate at 4.125 and owe $331k.  I need a smaller payment.  Should I refinance?
Thanks,  Carol
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September 30 2012 - Centreville
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Thanks for the response.  I do know that the mortgage is with one or the other, as you mentioned.  Also, did qualify for a HARP 4 yrs ago with a re-fi.  I will certainly look into this.  Thanks so much !   Carol
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September 30 2012
Profile picture for sunnyview
Probably not unless you can qualify for HARP and get your rate dropped for free. The closing costs may outweigh what you save on your rate. Look up your loan to see if you are Fannie or Freddie and look at the requirements for HARP to see if you qualify.

Your existing lender may offer a HARP refinance without any costs to you and your rate may be lower. If that is the case, it might make sense. You can run numbers on a refi calculator to see how much your payment might be at current rates.
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September 30 2012
 
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Should I re-finance?
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