This is one of the top 3 questions we are getting right now.  The answer is simple… probably.  I work with some of the best lenders in town, and if you have a mortgage at a rate greater than 6% APR, chances are that you can save money with a refinance.

There are other things to consider as well, such as how long you plan to stay in the house, what kind of equity you have, etc..  And if you have a great deal of equity, this may be a great time to refinance at a lower rate and take some equity out for that home improvement project.  Just understand that I’m making this suggestion based on a refinance, not a home equity loan.  It is also a great idea to have your Realtor® come out to make some recommendations for you on getting the most out of your home improvement project (a good Realtor® won’t mind because a- they love their job, and b- they’ll still be around when you do decide to sell).  When it does come time to sell, some projects will bring you much more value that others and this depends heavily on your location and your home.