What should I do to get lower interest rates when I get a mortgage refinance loan?

(Pardon me if my terminology is not proper. I’ll do the best that I can.)

I have about $ 40,000 in school loans that will be paid off over a 10 year period through various lenders. Most of the interest rates are between 4.75% and 5.25%. Some are as low as 4.25%.

My wife and I bought our house 1 year 6months ago with a 5.5% interest rate. I was told that we could probably secure a rate of around 4.5% right now through a refinance without having to pay any points.

Would it be financially wise to refinance the mortgage with these low rates being offered, while simultaneously trying to ask for an additional amount to pay off my students that have rates higher than 4.5%?

My limited knowledge in this area tells me yes, but I’m sure there are pitfalls and caveats. Any help would be appreciated, and I’d be happy to provide more information as needed.

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