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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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Welcome becky,
I think you will be able to refinance. But you should shop around a bit before zeroing on a particular plan. This will help you in getting an idea about the market rates and terms. Thus, it will help you in selecting the one which you can afford.
Moreover it is not necessary to refinance the mortgage with your current lender. So you can check out the plans available with other lenders as well. This community also has a number of lenders from whom you can seek a no obligation free mortgage consultation. Let's hope they will be able to help you.
_________________
Procrastination is the enemy of your financial sucess |
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rasars
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Post subject: When to combine a home equity and mortgage? |
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Rates are low about the same as our current mortgage 5% we also have a home equity loan that we used for an addition to our house. The interest rate which is variable, is great rate right now but ...
So what is the conventional wisdom on when to combine the two and refinance? |
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smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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Hi rasars!
Welcome to forums!
Yes, mortgage rates are going low. I have seen that a lot of people are refinancing their mortgage to take the advantage of the lower rates. You can try refinancing now. Check out the rates and terms with your current lender. You can also contact other lenders to find the rates and terms they are offering. This will help you in getting a fair idea about the market.
You can also seek a no-obligation free mortgage consultation from the lenders of this community. This will also help you in comparing the market rates.
Feel free to ask if you have further queries.
Sussane |
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rasars
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Thanks for the follow up. I have started talking with my current lender and with my previous mortgage broker (who said to go with my current lender as they could not match their rates.) This was great info. but I am after more wisdom.
For instance, one of the rules of refinancing is at least 1% rate decrease. This understandable for a primary but what about when you have a fixed primary and an adjustable home eq that you would like to fix and combine with your primary.
Right now rates are such that they equal my primary. So there is no benefit in fact a loss. But having the opportunity to fix my home eq and rolling it together with my primary is worth something. Just not sure what.
In the ideal world getting a 1% decrease would be great but 4% interest probably ain't going to happen. The other factor is that our primary is only $15k more than the home eq. (both are in $100k-$125). |
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| As the rates are quite low nowadays, it would be better if you can refinance your fixed mortgage and the home equity loan together. I think it will help you in the long run. The rates will not be low always. So its better to refinance both the loans into a fixed loan. |
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BB
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Post subject: refinance? |
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| Hello. I have a 30 yr fixed at 6.125% and would like to reduce my monthly payment from $1400. we have owned the home for 1.5 yrs now and are located in Prattville, AL which is currently booming. I have seen are rates around 5.5%. should I use the 2% rule as a minimum for refinancing? The only benefit I am taking advantage of is paying bi-weekly. the home value was 235K when purchased but county assessment in beginning of 2008 valued it at 203K |
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Niicss
Joined: 03 Oct 2005
Posts: 2620
Location: New Jersey
409.63 Dollars($)
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Hi BB
I think refinancing is a good option for you provided if you are planning to live in the property for a long time. Remember that while you refinance the mortgage, you will have to pay the closing costs as well. You can speak to your current lender as well as the other lenders of your area and check out the rates and terms prevailing in the market. This will help you to decide whether you will be able to afford the payments or not. This community has a large number of lenders. You can speak to the lenders of this community and seek a no obligation free mortgage consultation. They will help you know what kind of rates you can expect to get.
Thanks.
_________________
Good is the Enemy of Great. |
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Brownis
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Post subject: Should I refinance |
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| Should I refinance a 30 yr loan down to 15 yrs. My current rate is 6%. I have 24 more yrs to. My 15 yr loan will be 4.75%? |
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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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Hey Brownis,
I feel it's a good idea to refinance the mortgage at a lower rate. Moreover refinancing will also lower the term of your mortgage as well.
_________________
Procrastination is the enemy of your financial sucess |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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brownis, if the value of your home is adequate to cover your refinance, i am in agreement with adonis that you'll benefit by going ahead with that transaction.
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George M. Akerley
Loan Consultant
860-221-5044 |
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Robert C. Brown
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Post subject: RE_FI |
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| I am looking to re-fi my home and consolidate a 2nd mortgage and a credit card balance. My current mortgage is 137,000 @ 6.245% w/ 24 yrs to go. My 2nd mortgage is 37,000 @ 8%, credit card is 13,000 @ 10% for a total of 185,000. I am also considering an escrow for taxes= 7,500 & insurance 600yr. The loan rate is 5.50 % for 30 years. We plan on living in our home for the rest of our lives, we are 50yrs old. Is it wise to roll every thing into a new loan? At the present time the listed above expenses is about 2500 a month, a new loan would be around 1800 with eveything included. The lender says we can re-coop closing cost in 14 months. HELP ME |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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what kind of help are you looking for robert? it would seem you've thought this all out, and plan on moving forward. if that's the case, are you simply looking for validation?
if you can recoup your costs in a little more than a year, and you can be very, very conservative with your spending otherwise, it would seem a good move. just keep those credit cards in your wallet, or even better, in the freezer and don't make any big-ticket purchases if you can help it.
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George M. Akerley
Loan Consultant
860-221-5044 |
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Jo Ann
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Post subject: Refinance rental home |
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| When we bought our new (to us) home 4 years ago, we didn't sell our smaller home because we wanted to do some upgrades and repairs to sell. Then we decided to keep it as a rental until the market improved (ha!). We have a fixed 7.55% loan, with a $35K balance and a HELOC of $66K. I would make a wild guess that the property would appraise at about $125K to $150K, even today. Should I try to refinance the 7.55% first or try to get into a lower fixed for the full $101K? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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frankly, jo ann, refinancing investment properties is not a very popular item these days, but it's certainly possible. you'll find that it's going to be at a much higher price than what folk are paying for residential mortgages these days. if your value is in the upper range that you noted, then i'd think it would you'd be in good shape to refinance the whole package. right now, on a conventional, investment loan, you're looking at 75% as a maximum loan to value ratio to give you the best pricing, i believe. you can go to 80%, but (at least with rates i see at this moment), it's going to be costly at your closing.
you would want to try to determine actual value as best you can at this time. check with a realtor to see if you can get a value estimate, and that will allow you to make a proper decision on what to do next.
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George M. Akerley
Loan Consultant
860-221-5044 |
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sheryl
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Post subject: refi of past due 30 yr mortgage |
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| hi , we have a 30 year mortgage with 19 years left. 8.5% int. We are 2 months behind. The bank is offering hardship modification . Should we ask for 20 year or 30 year at lower interest rate. Payments are 375.00 taxes are not escrowed. Should we just ask to move payments to end nothing else. |
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