Many homeowners find themselves in a position where they are considering refinancing their mortgage. An article on Yahoo! Finance lists a few reasons why refinancing can make sense - lowering your interest rate, reducing your term, getting out of an adjustable-rate mortgage, or pulling equity out of your home.
With interest rates as low as they currently are, it may make sense to refinance. Depending on what your current rate is, you may be able to break even in a couple of years after refinancing. To determine how far away your breakeven date is, you must weigh your projected monthly savings in interest payments to your upfront cost of refinancing. There are many costs involved in a mortgage refinance, including the loan origination fee, appraisal fee, closing fees, and title insurance. Some lenders offer "no cost loans", meaning borrowers don't have to come out of pocket to pay for loan origination fees. Instead, the lender simply charges an above-market interest rate to effectively amortize that fee over the life of the loan. Even with a no-cost loan, plan on spending at least $2,000 for the other fees any time you refinance.
We work with several reputable lenders who would all be happy to help you with your refinancing needs. In the Boise market we like to use Kevin Helmick. Mark Manthei and Mark Carroll are both good resources in the Tri-Cities area.