Q: "Is now a Good time to Refinance, do I have enough equity ?"
A: Great topic in my opinion. Rates have once again hit an all new low of 3.5% for a 30 Year Fixed and 2.75% for a 15 Year Fixed.
In 2010 when Rates dropped to 4.25% home values became a huge obstacles.
As homeowners tried to refinance, they found they're home values had decreased, causing them not to qualify for standard loans. They're only solution were HARP loans which had stricter guidelines.
Today with a 30 Year Fixed at 3.5% buyers who purchased their homes in the last 3-4 years are now eligible to refinance as values have been stable since they purchased.
Many homeowners can refinance an existing 30 year loan to a 20 year or 15 year and keep their payments relatively the same, but reduce they're term so they own they're home free of loans much sooner.