Refinance mortgage or not?

[DeltaBond]

I financed my mortgage at 4%, and I'm curious if its worth it to refinance for a 3.5% or 3.25%?  If it is, it would be nice to get my husband on the mortgage, too, in case something happens to me.  I financed $161,000 a year and a half ago, 30 year mortgage.

[MDM]

I financed my mortgage at 4%, and I'm curious if its worth it to refinance for a 3.5% or 3.25%?  If it is, it would be nice to get my husband on the mortgage, too, in case something happens to me.  I financed $161,000 a year and a half ago, 30 year mortgage.

Yes, if the refinancing is free.

If you have to pay to refinance, it depends on how much you have to pay and how long you stay in the house.

[charis]

... it would be nice to get my husband on the mortgage, too, in case something happens to me.

What are you talking about here?

[Zamboni]

^Exactly. Unless you have a valid will that indicates otherwise, he inherits the house if you die. Doesn't matter if he's on the mortgage or not.

You'd have to run the numbers, including all fees involved, to figure out if the total interest and fees you pay will decrease with a refi. Don't look at the "monthly payment" figure because that pretty much always goes down with a refi just due to re-expanding the term and it's misleading. People are too dim and bad at math to figure it out, but you are not!

[Another Reader]

It's a nice idea. but rates are back in the 4's now.  The cheapest 30 year fixed rate I can find today is Aim Loan, at 3.875 with no points but you pay closing costs.