I have a 15 year mortgage that is in year 11 at 5.8% I owe approximately $66,000 and our house is appraised at $160,000. I have a few dings on my report, my wife has one ding. I have about 6-7 CC apps out there and 5 approvals. I'm wondering if I can save a significant amount of money getting a fixed rate 5 year or maybe something more flexible. Any advice?
I would definitely refinanice if you qualify for 3% rate..
however, the rate is dependent on your credit score and how long the dingiest have been in your credit. Lenders prefer you don't have any dingiest or lates for at least a year.
you have enough equity..so I would start the process if you are at least 700 on credit
Run it by some lenders and see what they come back with. I wouldn't do it personally unless I could get at least a point out of it, and ideally more.