Should I Refinance?

[Brandon M.]

Hello, I received a call from our mortgage carrier yesterday stating they could offer me a lower APR on our home loan and lower our monthly payment. Not familiar with the refinancing process and whether or not this is a beneficial thing to do. Here are the numbers: Current Loan: Original loan amount $166000 Left to pay: $143000 APR 5.875 Monthly payment $1178 Proposed rates of: 4.25 lowering our monthly payment by $139.00 for 23 years fixed rate Or Continue paying $1178 a month to pay off loan in 18 years at 4.25 Other APR and terms were mentioned and I assume available. Is refinancing a good idea for us right now? This was a VA loan and we are military so will only live in this house for the next two years then look to rent out. Thanks everyone. Brandon