Refinancing

First of all, I'm assuming it's not a jumbo loan (if that's the case, it's like you won the lottery). Still, 6.1% is a great rate, historically AND currently, so you should be pleased.
There are a lot of costs associated with refinancing, so be careful. Read your loan docs carefully, and check to see if there's a prepayment penalty. In some cases, even if there is no penalty the bank wants the loan to "season" for a year. Even so, it can be years before you see the net benefits of a re-fi. A few years ago, in that far-off land of dropping rates and rising equity, re-financing made more sense (on paper) than it does now.
Did you deal directly with Chase? If so, you may be able to ask your banker to answer these questions. In any case, try to relax and enjoy your new home!

You can usually refinance as early as you want; if so, you can do a simple calculation of how long you have to stay in the house to make u the difference of the transaction costs in the lower rate you get; i bought in july and am refinancing now (going from 6.625% to 5.325%; i'll make up the costs in just 2 years. For condos it is worse because you'll have to pay the mortgage recording tax again, or you'll have to have the bank do a special process that costs muh more in fees to avoid the tax.

I also recently bought (Aug) and locked my rate at 6.375% for a 30 yr fixed. My bank is now offering 5.125% with 1/8th point ($3000) which would be rolled into the mortgage so no out of pocket. I ran the numbers and I would be seeing savings within a couple years. Any thoughts on points / vs no point loans?

The real issue (as I've recently discovered ) is whether your re-appraisal has dropped faster than your refi rate. This will have a sobering effect on the euphoria of a lower interest rate. My place on the UWS was recently appraised at 10% less than I paid in April 2007. You can still refi, but depending on your goals (cash out, longer lower payments, faster equity build) you may have to put cash into the deal. As usual, caveat emptor!

I'm glad someone posted this, as I'm considering.

Does anyone know the advantage of paying the points up front vs. rolling them into the mortgage? Do you still get the same tax benefit?

All comes down to appraisals and man are they tigthening up....if you put 20% down you will almost certainintly have to put more into the pot to get back to that number if you have bought in the last 2 years...

Although I would wait as the Gov't is thinking about waiving appraisals for refi's (you cant make this stuff up), so while a horrible policy decision it will be a great opportunity for you....and mind you rates will go down even further so I would wait 3-6 months for both these things to happen....

Although anyone with a Jumbo forget it as the Gov't sees you as the "over $250,000 crowd" so there will be no help for those loans....on Fre/Fan eligible loans...

"Although I would wait as the Gov't is thinking about waiving appraisals for refi's (you cant make this stuff up),"

Does that mean I can take out a $900,000 HELOC on my $800,000 crapshack in NJ?

"Does that mean I can take out a $900,000 HELOC on my $800,000 crapshack in NJ?"

I said Refi's not HELOC's, genius!

But can't you refinance for more than what your current loan is and pocket the difference? Let's say you have a current loan balance of $300k. Can't you refinance for $500k and pocket the $200k difference assuming you have $500k in equity?

SomaliPirate - you can re-finance for 80% (or so) of the value of the property, and that value has probably declined a bit recently.

Example: you bought a place 6 months ago for $1 million, with an $800k mortgage. Your property may now be worth only $900k. If you try to re-finance, the bank would only lend you $720k - not even enough to cover the existing mortgage - meaning, no you cannot re-fi, unless you put more money into it. It would be a different case if you bought several years ago, and built some equity in it (by increase in the market value and by paying down your loan balance) then, yes, you could re-fi and pocket the difference.

Well....finally some good news regarding apartment values. Our 2B/2BA UWS place has re-appraised for only 1% less than we paid in '07. This means that on refinancing we'll save around $2K/month. If you are trying to refi, see if you can get the original appraiser back. Any serious departure from a prior valuation may call the appraiser's initial objectivity into question.