Should i refinance my mortgage

I would suggest you don't refi. Pay extra on the principal and save interest that way. Rates are higher than that anyway. Unless you want some cash out.

Unless you are doing a refi-cash out, stay with what you have.

There are multiple reasons to refinance. Why are you wanting to refinance? Your question does not give us enough information. What type of loan do you have today, how many years are left, what are you trying to achieve. I suggest you talk to a local mortgage broker. Answer those questions, and they can tell you what a new loan would look like, and then ONLY YOU can decide if it makes sense. For loans in MN, WI< and SD, visit me at www.JoeMetzler.com

Based on the information you have listed I would say you are in a good situation as long as you are in a fixed loan. Now if you are looking to do some debt consolidation or home improvement, it may make sense to do a cash out refinance, but it would depend on the cost vs benefit and how many more years you have left in your current loan. I would talk with a local loan officer, give them more information so they can best answer your question based on your needs. Best wishes, Sean

we would need more info to properly advise you.. but in general, 3.125% is lower than any rate currently being offered.. if your loan is FHA and has mortgage insurance, then it's possible there could be a net benefit to refinancing, even though the rate would be higher, if you have 20% or more in equity, you can refinance using conventional and drop the MI.. Also, if your looking to pull cash out, then regardless of the interest rate, the benefit is you get cash at close.. if your just looking to do a "rate and term" refi, then it's unlikely there would be any savings... 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com