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phinallydone03

Joined: 02 Jan 2008
Posts: 3
2.45 Dollars($)
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Posted: Wed Jan 02, 2008 12:45 pm Post subject: Your opinion is appreciated!! |
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| I bought this house 3 years ago, and I did 5/1 ARM. I know it will be up by the end of 2009. What should I do? Refinance or sell it? If I refinance, do I need 20% down? What is the best solution. Happy New Year! |
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larry

Joined: 27 Jun 2007
Posts: 3328
474.49 Dollars($)
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Posted: Wed Jan 02, 2008 12:56 pm Post subject: |
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Hi phinallydone03,
Welcome to the forum and a very Happy New Year to you.
The market is down. So can you get a good price for your house? If you get good price for it, you can do it. Otherwise I think refinance is a much better option. You may get a lower interest rate also. This is not necessary that you have to refinance from you lender only. You can shop a bit for lenders and may be offered a lower interest rate.
Feel free to ask if you have any further questions.
Best of luck,
Larry |
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banker0679
 Community Experts

Joined: 15 Nov 2007
Posts: 332 Location: Charlotte, North Carolina
1.41 Dollars($)
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Posted: Wed Jan 02, 2008 1:23 pm Post subject: |
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there are a lot of things to consider!
what is your current rate?
what is your current LTV (Loan to value)
what is your current credit score.
What is the loan amount.
What city/state are you in. This will help to determine if you're in a declining area.
FHA allows up to 97.75% for rate/term refinancing.
95% for cashout transactions.
If you go conventional/conforming it will vary with your score/ltv/etc _________________ Mortgage Refinance
Loan Modification
North Carolina Mortgage Rates |
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brad

Joined: 17 Dec 2007
Posts: 80 Location: Florida
20.67 Dollars($)
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Posted: Thu Jan 03, 2008 7:38 am Post subject: |
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you have many options! Did you purchase your home @ 100% if so odds are you may owe more than what your home is worth. I have been working with a lot of clients in this situation over the past year. As long as you can verify your income you will have the option of FHA at 97% of the appraised value of your home.
If your property is in a declining market than Lenders are currently take 5% off the allowable amount you can finance. Please let me know if you need any further information. _________________ Bradley D. Gertz
V.P. Lending Operations
Office: 561-746-1484
Cell: 772-607-1925
Fax: 561-746-7383
email:
www.accesslendinginc.com |
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uptightmortgageguy

Joined: 25 Nov 2007
Posts: 21 Location: WV
8.00 Dollars($)
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Posted: Thu Jan 03, 2008 1:36 pm Post subject: Remember |
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If you are close on your loan to value, you can pay your principle down in order to to get it in line. It would be a shame to pay that higher payment if you could just pay the note doen a little. _________________ A slightly irritable loan officer in the trenches offering advice on all types of mortgage issues.
http://uptightmortgageguy.blogspot.com |
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gmakerley
 Community Mentor

Joined: 09 Nov 2007
Posts: 7448 Location: bloomfield, ct
70.12 Dollars($)
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Posted: Thu Jan 03, 2008 2:10 pm Post subject: |
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i have to leave this one alone - too many others have already responded. _________________ George M. Akerley
Loan Consultant
860-221-5044 |
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lisascherzer

Joined: 04 Jan 2008
Posts: 755
1.07 Dollars($)
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Posted: Sun Jan 06, 2008 2:24 am Post subject: |
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No you dont need 20% down. You should be able to do a refinance with no out of pocket expense just depending on what your home appraises for. Interest rates are very good right now on a 30 year mortgage. Right around 5.50 to 5.75 so I think it is an excellent time to refinance. The likely hood of the interest rates being higher at the time of your mortgage adjusting is likely. Basically because there is more room for them to go up than to go down from here. If you are looking to stay in your home long term (more than 5 years) then I would definately look into refinancing now. _________________ Lisa Scherzer
Allpointe Mortgage
Expert Mortgage Broker
440-521-7060
Free
Mortgage Quotes
Get
Mortgage Information
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Real Estate Agents Here |
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lisascherzer

Joined: 04 Jan 2008
Posts: 755
1.07 Dollars($)
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Posted: Sun Jan 06, 2008 2:27 am Post subject: Top 10 Mortgage Mistakes |
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Just want to give you these tips so that if you decide to refinance that you get the best possible loan. Don't make the mistakes below.
[System detected duplicate content; converted into image] _________________ Lisa Scherzer
Allpointe Mortgage
Expert Mortgage Broker
440-521-7060
Free
Mortgage Quotes
Get
Mortgage Information
Search
Real Estate Agents Here |
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