should if refinace (fixed rate, fees, rate, bank)

[lori5050]

should if refinace. i hav e 2 morgages. 1 is 5.25% for 11 years 10 months at $115,000 and the other is 7% for 14years 6 months at $58500. I have a chance to refinace at 4.875% for 15 years .closing costs2500 and appraisal fee of $300. to take $180,000 or $ 185000

[sugarbeet]

If those are the only fees - make sure you aren't paying points or any other junk fees - then yes, that's a terrific rate. Also make sure that's a fixed rate for 15 yrs.

[professorsenator]

Originally Posted by lori5050

should if refinace. i hav e 2 morgages. 1 is 5.25% for 11 years 10 months at $115,000 and the other is 7% for 14years 6 months at $58500. I have a chance to refinace at 4.875% for 15 years .closing costs2500 and appraisal fee of $300. to take $180,000 or $ 185000

That rate sounds about right for a 15 yr. fixed right now. Rates have dropped like a rock. Always be VERY careful, deal with a reputable bank (be very careful about mortgage brokers) and read the fine print (no ARM's, balloon paymets, etc. unless you want 'em)