Questions about refinancing home mortgage? i put this in the wrong section?
with the fed cutting the rates so low, now would be a good time to think about refinancing right? my mortgage interest rate is currently 6. 25 fixed, i think we owe about $95, 000 on it. my husband and i have excellent credit, and we have been in our home for 5 years. would refinancing lower our monthly payment significantly, how much does it cost to refinance? oh weve also paid our mortgage through march, so how would that work if we did decide to refinance- We were in the middle of locking in 4. 875% for a refinance today when rates went back up. We're hoping they will go back down. Like you, we're at 6. 25%. The closing costs I was quoted today were about $3500. Our payment would reduce by about $130 per month, so it would take us 27 months to recoup upfront closing costs. We plan to be in our house for more than that so it will be worth it for us to refinance. You should use some mortgage calculators try bankrate.com to see how much you will save per month and how many months it will take you to make up those costs. Then decide if you will be in your home long enough for it to be worth it. As for what you have paid upfront it may depend on how its been allocated. If its sitting in an escrow account you will get a refund
- This is the right section bankrate.com / brm / calc_vml / refi / refi. asp Enter your numbers here
- Get a 1st that is a HELOC instead of a 30 yr. With this you can leverage your savings and checking float every month to pay off your home fast and still have access to funds in case of emergency - you can not do that with a 30 year mortgage. You can payoff your home in as little as seven years and save tons of money with a home ownership accelerator HELOC
- Now is a good time to refinance. I hear rates could be as low as 4. 75%, so it is definitely worth refinancing. Refinancing will lower your payment, but something to consider is reducing the # of years on the mortgage to a 15 or 20 year, the payment difference is not that much, but the difference in what you pay out in interest over the life of the loan is HUGE! In regards to your mortgage being paid thru March, just lowers the amount of the payoff at the time you close and lowers the amount you need to borrow in order to refinance. Start shopping rates with your bank ins ution first, credit unions are great. You want the best rate, but you also need to consider the closing costs involved
Knowledge Base
Federal Interest rate vs. Home Mortgage Rates?
so when the rate is cut how long does it take to reflect the cut for home mortgage rates? i am thinking about buying a house and i just heard the federal interest rate is being cut to 1% historic low. when will home mortgage rates reflect this cut? how (home loan mortgage)
how much do you pay for your home mortgage?
online mortage calculators seem like they are fulll of lies. i exact same info used has be from 700 a month to over a 1000 for a loan of about 122, 000. i know taxes and interest rate will change, but about how much is your loan and what is (home mortgage rates)
Do we need to get a new le insurance when we refinance our home mortgage loan?
we bought a le insurance when we first got our home loan. we are now refinancing with another bank and they are requiring us to get a new le insurance. is this right?. i work at a mortgage company, and most banks require le insurance for every mortgage that they (home mortgage calculator)
Knowledge Base: Home Mortgage
Is this mortgage calculator accurate?
i found this mortgage calculator provided by a home builder. this one not only includes principle and interest, it also appears to include taxes and insurance although, not sure how accurate. in the link, c up top on "how much can i afford" and select "find out how much my (home mortgage)
Is it possible to sell a house with negative equity, and roll that into a new home purchase mortgage?
i want to sell my current home, but think i will get about $30 k under what i owe. would i be able to take that amount, and roll it into the new mortgage on the loan of a new home?. probably not. your present mortgagee will require the mortgage (home mortgage)
Can I use my current owned home as collateral on new home mortgage loan?
my family and i live in a home legally donated to us by my father. we have ownership. can we use this home as collateral for a mortgage loan on another home in another state? if so, how does that work?. is the home worth more than the home you (home mortgage calculator)
What are the key factors in obtaining a home mortgage loan?
my credit is not bad or fair. it's good, just below excellent. how good does your credit have to be and what other factors are key to successfully obtaining a home mortgage loan?. hi ronnie, your credit has to be at least a 640, so i am uming you will (new home mortgage)
Is it possible to get a new home mortgage after having a house foreclosed on you?
i think you have to wait a few years and clean up your fico score. most definitely!if it has been seven years since - a person can "start over". you must have a plan in place before you see a mortgage spe t. yes, you will be able to get (home mortgage rates)
Knowledge Base: Home Mortgage Refinancing
Questions about refinancing home mortgage? i put this in the wrong section?
with the fed cutting the rates so low, now would be a good time to think about refinancing right? my mortgage interest rate is currently 6. 25 fixed, i think we owe about $95, 000 on it. my husband and i have excellent credit, and we have been in our (home mortgage refinancing)
Home mortgage refinancing fees?
we bought our home less than a year ago and want to refinance. the bank that originally held our mortgage sold it to another bank. the bank that holds it now says they want us to pay for the le, lawyers and appraisal again. if all this was done less (home mortgage refinancing)
What is the Best Mortgage Calculator for Home Equity Loans and Home Refinancing?
i am searching for the best mortgage calculators. interest only calculators and simple home mortgage calculators and loan calculators. i used the ones at 1mortgagecalculator.net / index2.php and they seem pretty good. just looking for comparisons. i found some good resources for mortgages and mortgage calculators at calculator - mortgage. (home mortgage refinancing)
What is the best way to go about refinancing your home mortgage?
i generally know that i would try to find a bank or lending place that will offer me a lower rate than i currently have, but was wondering how to make sure the new terms are to my advantage. for example, my realtor helped me go over my mortgage materials (home mortgage refinancing)
What's the difference between home loan modification and mortgage refinancing?
home loan modification vs mortgage refinancing, are they the same thing?. no. home loan modification can mean lowering your overall debt to the bank / mortgage holder. refinancing doesn't imply this at all. go to my blog for more info. home - loans - jd. blogspot.com / . a mod (home mortgage refinancing)
