Open Question: Homeowner's loan...should/can we refinance?

[Administrator]

My husband and I have a homeowner's loan on our home right now. Two years ago this past month, we sign the paperwork. We were in debt up to our eyeballs ($50,000) b/c of his school being put on credit cards (don't ask...argh!) and this was a way to consolidate our bills and make one payment. We own our house so it is not a second mortgage. I would have to look at the paperwork so don't quote me but I think our rate was at 6% and the loan will be paid off in 2011. It was a five year loan thru our credit union for my school. Could/should I re-finance since interest rates are soooo low right now? I don't know much about finances...would these new IRates even apply to this situation?? Could I just lower the rate and not have to go w/ 5 more years?? We want this all said in done by 2011. Then we will be debt free besides our vehicle. Any advice??

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