If you refinance at today`s rates of 3.75% you cant lose. Even if you get an introductory rate with a credit card it will reset in 6 months to 17-21% anyway. A fixed rate is good for 5 yrs and even then they havent been as high as credit cards since the 80`s.

If you cant, at least, pay triple your minimum monthly payment on your credit cards each month you will be trying to pay them off for years. With mortgage interest rates this low there is no possible reason to keep balances on credit cards at 9.9%-21% or Lines of Credit at Prime 2.0%. Mortgage rates are at 3.75% and secure lines of credits attached to your home are at Prime 0.8%. A refinance can bring all those balances to zero, save you hundreds a month on interest and allow you to focus on one payment only, your mortgage!

I refinanced my home and got rid of my car loan at 8.25% and my 2 visas at 13.99% and 19%. My mortgage rate is 3.75% and I have an extra $1100 a month to play with. I intend to put some extra on the mortgage payments, and pay my bay card off with the rest this month. Man what a load off my shoulders, I gotta tell you.

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We bought our house last year at this time with an interest rate of 6.375% we are looking to refinance at 5.75% and consolidate some student loan debt that has a higher interest rate. when i talked to a my lender they said i would need to pay about 1500 to refinance. with the extra amount from other debt combined with the lower interest rate, it looks like our monthly payment wouldnt change much at all from what we pay now. plus, i plan on using the extra money, that would have originally gone to other debt, to make higher mortgage payments. is this a good idea or no? are interest rate expected to go further down?

Wait until the rate goes down further as it will by tomorrow. The Feds will lower the rate by 50 to 100 basis points by March 20. Also wait until the spread between your current rate and the new rate is at least 1%. This will happen in about 2 months.