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leeelliot61 · Joined: 13 Sep 2009 Posts: 188 0.01 Dollars($)

Joelle
you can continue with merging option.
Secondly you have a plan to continue in home for min 5-10 yrs.

As a rule of thumb, you should be able to recover closing cost during your stay in the house.

otherwise you are not saving anything

Guest

Hi,
We currently have a 6% FRM on $88,000 home. We've lived here for over 6 years. We do not have a penny and are not planning to move anytime soon. We would like to refinance to help us with our debts. Our credits are average. I would like to know if we qualify for refinancing. Thanks!!

jameshogg · Posted: Wed Nov 25, 2009 12:26 am Post subject:

Hi Guest,

If you want to qualify for a refinance you should have a stable income and a good credit score. Apart from this you should also have equity in the property. If you want to take a conventional mortgage, then you should have a credit score of at least 720-740. If you satisfy the required criteria by the lender, then you would be able to get a refinance.

Thanks

snvservices · Joined: 20 Nov 2009 Posts: 17 3.29 Dollars($)

Hi,

Refinance option according to me is no doubt very good as, this will definitely work out a great help for you. as, for this you need to require good credit score and stable income which will help you to achieve good.

Thanks!

Guest

Thanks for your inputs. I found out that my credit is not the perfect average score I had thought. My credit scores are in the high 600s. I know this is not good enough. I am not sure what to do now...

adonis · Posted: Wed Nov 25, 2009 10:35 pm Post subject:

Hi Guest,

You can apply for a loan modification with your lender. The lender will agree to your request depending upon your financial situation. In this process, the lender may reduce your interest rate in order to make the loan more affordable for you to pay it off. However, the term of the loan may get increased in this process.

Guest

Don,t forget to add the cost of the extra years you will have to pay on the loan. You could have paid 8 years of payment now you will have to go back to 30 years. That is an additional 8 yrs times 12 months equals 96 months at full payments. Refinance doesn' sound to good to me.

Guest

I am considering refinancing to lower payments. I am 57 yrs old, plan to live in this house forever, owe 149,000, 24 years at 1080.00 a month. The current rate offered is 4.6 and my payment would be 930.00 for 30 years. Please advise.

jerry · Posted: Sat Jul 10, 2010 3:04 am Post subject:

Hi Marilyn,

As you're planning to stay in the property forever, it will be a good idea to refinance the loan in order to take advantage of the lower rates. If you have the financial situation to afford the payments, then you can refinance the loan.

Thanks,

Jerry

Guest

I understand the 2% rule but my question is this point thing? what does that mean. I am trying to refinance my house 120,000 we got our home in 2008 @ interest rate of 6.75% and right now I have heard its running around 4.75% which would be very beneficial but I don't understand the points that if stay in your home after you have refinance for two years more you get your points back...I hope someone can help!

Thanks!
Rose

Posted: Sat Jul 17, 2010 1:36 am Post subject:

Are you speaking about the break even period? It is the minimum length of time that you must hold the new mortgage to make the refinancing pay.

Guest

Do you have to have excellent credit to refinance?
What if your credit is above your means

adonis · Posted: Mon Aug 23, 2010 12:55 am Post subject:

Welcome Tina,

You should have excellent credit scores in order to get a mortgage refinance. If you want to qualify for a conventional loan, you should have a score of 700-720 whereas for FHA loan, you should have a score not below than 580.

Guest

I need to refinance $203,000 at a rate of 4.875% with no closing fees. Currently my rate is 5.5%> I am planning to stay for a long time in my house. Please advise

adonis · Posted: Fri Aug 27, 2010 12:44 am Post subject:

Welcome Huda,

I feel it would be a good option to refinance the loan with type of rates and terms you are getting. Moreover, you won't have to pay any closing costs even. Thus, it would be a good option to refinance. However, you can speak to the other lenders of your area in order to find out if someone can offer you a further low interest rate. If you receive a further low rate, then you can go for it.

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2% rule of thumb in refinance