“I met two people yesterday that I said should refinance right now because one person has a goal to cut their interest rate and payment and that can be done. The other person's goal is to cut their rate and the term of the loan and it can be done.

“So here is my pearl of wisdom ... Look at all your options. If you understand them and it makes sense, then lock in your rate and go get a good night's sleep.”

Scott Senner of First Commercial Bank:

“For borrowers who have loans with interest rates above 67/8 percent, they need to seriously think about a refinance.

“There is a significant interest rate difference between government loans ... and conventional loans.

“Frankly, about the only time refinancing into a conventional loan will be a better deal than FHA will be if a borrower has a credit score greater than 740, they do not want any cash back at closing, and the loan-to-value is below 80 percent. Also, in the Oklahoma City market, the maximum FHA loan is $271,050, so any loan higher than that will need to go with a conventional loan.”

Richard Mize, Real Estate Editor

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