As we enter 2009, I have found that we have also entered teh beginning of the refinancing frenzy...and for good reason! Rates are now the lowest that they've been since 2003 (teetering between 4.5% adn 5%)... which had been the lowest since the 1960's. If now is not the time for you to move, it might be the time to refinance.
The primary reason people chose to refinance is to obtain a cheaper interest rate... you do not actually have to take out equity when refinancing, rather you can re-arrange your loan terms to save money. Because it cost money to refinance (application fees, loan origination fees, appraisal fees, etc) you have to make sure that it makes sense for you. Consumer advocate, Clark Howard says that you should try refinancing if you are current on your mortgage and have an interst rate of 6% or higher, or have a floating rate. However, each homeowners's situation is completely different, and there ar a lot of variables that come into play in determining if now is the time for one to refinance or not. I recommend talking to a lender if you think you might fit the profile... contact Joe Green at the following: firstname.lastname@example.org He has always had very competitive rates and personal service.
My Best to you all.... Kristin Vari of the WOW Team!