Refinance : after 2 years bk 7 chapter

[forget]

We are in the process of refinacing our home we owe 125,000 it appraised for 139,000 we are cashing out 5,000 for bill owe at a 6.35 % 30 years fixed . We will wind up oweing 135,000 after refinanace .. Is this good thing to do ?
My score was a 620 and we were just looking to put it all together the mortgage will be around 1100.00 with taxes and insurance. Currently it is 987.00 with out the ins taxes included at a 8.75% rate . taxes are 800.00 a year and insurance in 500.00 a year . Any thoughts on this would be helpful.. Thanks

[angelaohio]

you should search online. i know there are calculators that help you determine if a refi makes sense in the long run. i used them before. just search "refianance calculator" or something like that. i think that is the best way to answer your question.