Is it the right time to refinance?

waite 6 mos and see just how bad its going to get

Don't listen to the lender from the first response. All they want is your money. You have paid nearly 95% interest for the past 2 years, why on earth would you want to do that again for 2 more years. Keep paying on the existing loan and you will lower your principle much much faster than the refi. You need to keep paying down the principle so that when you sell this house you can use more money from it to apply to the down payment of you next home. Don't Refi. it is just a trick to take more money from you.

Not necessarily. Consider the costs of the buy out of the other mortgage (usually 3 months interest or in that vicinity) ~ also, I think you'd be very surprised to calculate what would happen if you made weekly payments on your present mortgage vs. monthly payments. You'd save thousands in interest payments over the course of the next few years you'll be in the home.

One percentage point with any rate under 10% doesn't get my attention.

It will happen (however) that brokers will sell their services to you as they are dearly looking for business these days. Do the math on what I've suggested with an amortization schedule and look at the differences in weekly vs. monthly payments. I think you be shocked.

all the best to you

hold on a minute. You may not benefit from this if you are moving in just 2 short years as there is cost involved in all refinances so you may not recover from this in order to see any thing at all. Get with a local mortgage professional and let them guide you in this as just because rates are lower doesn't say all should do this

I am a mortgage banker in TN & KY

It is always a good idea to refinance if you can get 1% or more lower.

A week and a half ago interest rates dipped to 4.5% for a few hours. Call a lender you trust and have him watch the rates for a couple weeks and when he sees them take a dip..lock your rate in.

Credit unions and going directly to banks work best because they also charge less fees.

It wouldn't hurt to call your current lender and go through them. (Could be the cheapest route).

Ask the lender to cover your closing costs or at least some of them by giving you a slighlty higher rate. It makes sense if it saves you money. What if yu odont want to move in 2 to 5 years. You may want to rent out. Who knows. Get yourself a low rate.