We own our first home for the past 5 years. Recently we've been getting an onslaught of refinance mail. What's the deal with these things? Why are we getting them now? I think as a result of money being tight for my second birth, we have lower credit than we did when we bought our house and yet then it was kind of hard to get a loan.
Do you think it's worth looking into refinancing even with lower credit? We have a 30/15 year balloon loan and have paid off about 4 years worth. We planned on waiting to refinance until after I was working (a few more years) but if the offer to refinance and lower our payments is legit, we'd take that. Freeing up a bit of cash every month would go a long way.
Thanks for the advice.