| Author |
Message |
jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
|
Post subject: |
|
|
Hi sheryl,
Loan modification is quite a good option in your case. I guess a 20 year term will be better than a 30 year term. You should also remember that you will have to pay the taxes apart from paying the monthly dues. If you are planning to accept the loan modification offered by the lender, I would suggest you to request the lender to explain all the details relating to the plan to you. This will help you in taking a decision.
Thanks |
|
 |
k b
Guest
0.10 Dollars($)
|
|
Post subject: current interest rate |
|
|
| what is the current interest rate as of today for 10 year mortgage |
|
|
Ana
Guest
0.10 Dollars($)
|
|
Post subject: |
|
|
| The current interest rate for 10 year mortgage is around 4.50%-4.55%. |
|
|
gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
|
|
Post subject: |
|
|
"current" in this case is as of the other day; rates are subject to change at all times, and at a minimum, daily. beware of any quotes you get blindly - they're only as good as the moment.
now, that's not to say that those rates above aren't reasonable. i'd expect rates to stay in that vicinity for a bit.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
|
|
A. Truong
Guest
0.10 Dollars($)
|
|
Post subject: Refinance Mortgate Loan! |
|
|
| I got a 15 year fixed-rate mortgage loan with 6% interest. My original loan is $117,000 and monthly payment is $988 currently. Now my current balance is $53,000. Please tell me whether or not needing to refinance??? Thanks in advance. |
|
|
smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
|
|
Post subject: |
|
|
Hi A. Truong!
Welcome to forums!
You can refinance the property as the rates are quite low these days. However, it will also depend whether you are planning to stay in the property for a longer period of time. If you plan to stay in the property for more than 2 years, then it would be a good idea to refinance. If you do not wish to stay in the property then it is not a good option to refinance as you would be required to pay a large sum of money in closing costs.
Feel free to ask if you have further queries.
Sussane |
|
|
gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
|
|
Post subject: |
|
|
"needing" to refinance is a personal decision. paying 6% for a 15-year loan right now is higher than what you can obtain should you seek a refinance.
as sussane has pointed, out you've got to analyze the cost efficiency of refinance (savings vs. cost). if it makes sense to you to refinance, then go ahead and do it.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
|
|
Elisa
Guest
0.10 Dollars($)
|
|
Post subject: refinance |
|
|
| We are trying to refinance our mortgage ($257,000), we also have a second mortgage (49,000). Our broker is telling use that since our house is appraised at 350,000, he does not think the new appraisal will come back that high and he is suggesting that we wait about 45 day? I don't understand this, can you please explain this to me... Is it possible not to include the 2nd loan and just get the 1st loan refinanced? You help is greatly appreciated. |
|
|
gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
|
|
Post subject: |
|
|
elisa, i dont get the 45 days at all, but if your second mortgage was obtained after your first mortgage, you'll be limited to 85% of the current property value in your refinance request. so, if your home is worth $350K, the maximum loan would be $297500, and that would leave you short of paying off the two loans. that might still work, as you may be able to resubordinate the remaining balance. your scenario of leaving the second alone might work also.
there has to be some sort of explanation coming from him to say why wait 45 days, why an appraised value of $350000 wouldnt be an appraised value of $350000 - a real puzzler.
he needs to be more forthcoming with answers; our answers will be less than satisfactory because he presumably has facts that we don't have.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
|
|
bob12345
Guest
0.10 Dollars($)
|
|
Post subject: |
|
|
| Is it true that as of April 1, 2009 the FHA instituted a new law in which the amount to be refianced can not exceed 85% |
|
|
Ana
Guest
0.10 Dollars($)
|
|
Post subject: |
|
|
| Well...I haven't heard anything of this sort. Where did you get the news from? |
|
|
gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
|
|
Post subject: |
|
|
85% is the maximum loan to value ratio for a cash out refinance only. purchases are still at 96.5% as are rate/term refinances.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
|
|
pp
Guest
0.10 Dollars($)
|
|
Post subject: refance |
|
|
| my current loan balance is 113000 on a 30year fixed rate at 6.5% lived in home for 2 and a half years home valued at 138000 is it worth to refinance |
|
|
gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
|
|
Post subject: |
|
|
pp, it is worth looking at refinancing. you can probably get a rate up to 2% less than what you're paying now, and perhaps a bit lower. calculate the savings in rate and how much it's costing to get to that rate to determine if it's worth it. if you plan to be in the home for several more years, it is likely worth your effort.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
|
|
Raj_yar
Guest
0.10 Dollars($)
|
|
Post subject: appraisalvalue is less than actual home value |
|
|
I bought my house 14 months ago at interest rate 6.5 and second lien at 9.25. Now I am doing refinance, new appraisal report home value shows $15000 less than purchased price. so Its missing 80 or 85% equity line.
I locked at 5.25% to refinance for first lien, in this case is it worth doing refinance?
To meet 85% equity line, I have to make a down payment around $20,000.
My home zip code is 75056
Please guide me.
Thanks |
|
|
Previous 1 2 3 4 Next 
