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millerja9 · Joined: 19 Jun 2009 Posts: 100 0.00 Dollars($)

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jveenstra · Posted: Tue Oct 13, 2009 10:25 am Post subject: Refinance

An important part of suggesting that it is or is not a good time to refinance is dependent upon the balances of the first and second mortgages.

The higher the mortgage balance, the more it makes sense to refinance.

You probably need a credit score of 740 or higher, or the rate may not be the lowest available.

The value of the house versus the sum of the mortgage balances is also important. If the value of the house is not high enough, you may onle be able to refinance the first mortgage and you will have to subordinate and keep the second mortgage.

If you want a better answer, tell us the balance of the first mortgage, the balance of the second mortgage and what you estimate the appraised value of the house to be.

It may also make sense to combine the two mortgages into one FHA mortgage.

marga1511 · Joined: 13 Nov 2009 Posts: 42 0.02 Dollars($)

Before going for any decesion please determine how will you benefitted from refinance.Several thyings add up to refinance process as closing costs, appraisal fees, broker fees, penalties, etc.I will suggest you to contact your current lender to confirm about refinance penalties will he going to charge or not.Then only you can contact different lenders for disscusion of loan terms they offer you. then only after comparision you can decide how you are benefited from both the ways.If you find that you will save more money by moving forward with a refinance now, then by all means, I encourage you to do so.

I wish you the best of luck in obtaining a refinance loan that will save you money over your current home loan.

cupplesjonathan71 · Joined: 04 Nov 2009 Posts: 82 0.00 Dollars($)

apart from this how long you want to keep this property is also a very important & deciding factor

eric1 · Posted: Sun Dec 13, 2009 1:01 pm Post subject:

again...Millerja posting a fake scenario and wasting everyone's time.

riseabove · Joined: 09 Nov 2009 Posts: 277 11.01 Dollars($)

refinancing can provide real benefits, but you need to know exactly what you're hoping to achieve by refinancing if you're going to get a good result.

First and foremost, will you save a lot in interest? If you can drop your interest rates significantly, you'll come out smiling, if not, then the cost of the refi may erode or even outweigh any benefits.

Secondly, do you have a lot of equity, sufficient income and a good credit score? If so then you may be eligible for discounts you previously werent, such as no longer needing PMI or getting access to more favourable rates.

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Advice on a good time to refinance