The question that I have been asked the most over the last week is, “Should I refinance my house/condo/townhome/loft now that interest rates are sooooo low?”. My stock answer both today, yesterday, six months ago, and even six years ago goes something like this.

“I am a real estate agent, not a mortage or finance expert. I can recite current interest rates and APR’s with the best of them, but when it comes to making a financial decision like refinancing, you need to ask a professional. Here’s a list of some folks that I trust. ”

One of the mortgage professionals that I trust and recommend is Ken Cook. He actually wrote a great article a few days ago on this hot topic. And, as much of an expert as he is, he still needs more information to answer the question of whether or not you should refinance.

If you and I were on the golf course and you asked, “Ken, is this a good time for me to refinance?” If I did not start my answer with, “What are you trying to achieve?” I would be a fool to answer. This may be a great time for you to refinance you loan with interest rates as low as they are today but this may be a horrible time for you to refinance if you are living in a home with an upside down mortgage, you have had a change in careers or an income drop, your debt-to-income ratio is off the charts or any other number of reason. Now, if you are one of the few who qualifies for the advertised rate and you have equity in your home (which you would to qualify for that rate) then yes, this is probably one of the best times in recent history to refinance in to a long term fixed rate mortgage.