I only owe 35,000 or less been in the house for 11 years and 9 months. My home loas started out with 7% 30 years, and after 1 year I refinanced under 4.5% for 15 years. My pay off year is 2018. Help me make the best decision on my house. I need the money to repair or can I refinance to low my monthly under lower apr. HELP

Those are 2 separate scenarios.. because of your low loan amount, its unlikely that any type of refinance would net you enough benefit to be allowable.. as far as the repairs go, yes, you can do a cash out refinance to pay for home repairs.. Texas has some pretty strict laws regarding refinancing, so it 's best you use someone local.. for this reason I always suggest that you contact a LOCAL mortgage broker and apply with them. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Here is my two cents on this issue. If you only owe 35k, then it probably doesn't make sense to refinance as the difference in payment even if you were to drop your rate by 1.5% is probably not enough to make it worth refinancing. On the other hand, if you need cash out then it would be worth considering. You can drop your rate and possibly keep your payments the same while at the same time taking some cash out to do your repairs.