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 asmp1130
Joined: 02 May 2008
Posts: 1
1.31 Dollars($)
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 Posted: Fri May 02, 2008 2:26 pm Post subject: Re-finance |
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| I just bought a house in Maryland this past November and would like to re-finance at todays lower interest rate. Is this possible, and if so, what type of fees are involved in this type of transaction, and how long would it take? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 9749
Location: bloomfield, ct
35.02 Dollars($)
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| Posted: Fri May 02, 2008 2:53 pm Post subject: |
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yes, you ought to be able to refinance now and reduce your interest rate. what you pay for a rate will be dependent upon your credit score, and whether you are seeking cash out in the transaction or not. fees should run a few thousand dollars, and you'll undoubtedly have prepaids for taxes and insurance.
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George M. Akerley
Loan Consultant
860-221-5044 |
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larry
Joined: 27 Jun 2007
Posts: 3328
474.61 Dollars($)
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| Posted: Sat May 03, 2008 4:53 am Post subject: |
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Hi,
As George has said you can refinance but the rates and terms will depend on your credit report. You may also need to pay prepayment penalty for refinancing. BTW if you want to refinance the mortgage, talk with you lender. You may also shop around for lenders if your lender cannot able to provide better rates and terms.
Best of luck,
Larry |
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AlaskaDES
Joined: 04 May 2008
Posts: 28
12.75 Dollars($)
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| Posted: Mon May 05, 2008 12:52 am Post subject: |
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Refinancing is a great option, and I hope you are able to do that, but why? After its all said and done, you will still pay 140-200% of what the original loan was.
If you are able to get that refinance, good for you. If you would like to pay that newly acquired home sooner and not worry about foreclosure or having a mortgage.
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DJ Jennings
Alaska Debt Elimination Services |
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