Re-finance

asmp1130 · Joined: 02 May 2008 Posts: 1 1.31 Dollars($)

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?

gmakerley · Posted: Fri May 02, 2008 2:53 pm Post subject:

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.

larry · Joined: 27 Jun 2007 Posts: 2951 411.26 Dollars($)

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

AlaskaDES · Joined: 04 May 2008 Posts: 27 12.39 Dollars($)

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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