Get all the details and compare carefully before making a decision.
FYI - I am in the RE profession, so we get this ? a lot. As stated by the lending professionals we deal closely with - it is generally not beneficial until the rate drops two (or more) points below what you are currently financed out - to average the difference of costs of 're-fi' into the equation - and to make it worthwhile for you. FYI - as an aside - we are in a similar situation - lived here 3 years, financed @ 6.725 - You don't have a bad rate, and it'll be hard to refinance low enough to make it worth your while. Maybe you wish to consider prepayments on your principal - which will significantly decrease the amount of interest paid on your loan. You can do a search for a mortgage amoritization calculator, (there are many available online) - and this will allow you to see your interest savings in details, varied by the xtra principal you choose to pay.
Hope this helps!
- 15 Old House Features We Shouldn't Abandon
- 13 Lazy Cleaning Tricks for a Spotless Home
- Laundry Room Ideas to Knock Your Socks Off
- Insanely Easy 60-Minute Home Improvements
- 12 Sheds You Could Live (or Work) In
- Assembly Required: 15 DIY Kit Homes
- 7 House Sounds You Never Want to Ignore
- 10 Surprisingly Simple Woodworking Projects
- Worth It: 8 Renovations That Pay You Back
- Organize Your Life with 12 Dollar-Store Buys
- 9 Totally Amazing Mobile Home Makeovers
- Don't Make These 7 Mistakes in Small Spaces
- 20 Sneaky Storage Ideas
- 15 Totally Unexpected DIY Flooring Alternatives
- 7 Easy Budget-Friendly Backyard Makeovers
- 10 Closet Cures That Cost Less Than $100
- 11 Easy DIY Projects to Declutter Your Home
- 10 "Zero Dollar" Garden Hacks
- 10 Killproof Plants for a No-Effort Landscape
- 9 Insanely Easy 1-Hour Backyard Projects