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 sia101009
Joined: 10 Oct 2009
Posts: 16
0.84 Dollars($)
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 Posted: Fri Nov 06, 2009 10:29 am Post subject: Information and advice on refinancing a high interest rate m |
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savior70
Joined: 25 Mar 2009
Posts: 1422
Location: Florida
168.75 Dollars($)
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| Posted: Sat Nov 07, 2009 6:23 am Post subject: |
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Hi,
I think you should refinance the loan at a lower rate. The current interest rates on home loans are quite low. If the mortgage is going to increase in June, you should not keep paying 9.9% interest on the current mortgage. If you have a good credit score and can afford to pay some amount of down payment, you should not find any problem in getting a loan at a lower rate. |
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Greg Cook
Guest
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| Posted: Sat Nov 07, 2009 10:36 am Post subject: Refinancing |
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Refinancing is not as easy as it used to be. A loan modification may be a better answer, but you have to look at the entire picture.
1) In order to refinance you have to have some equity, that will allow you to refinance the balance plus include whatever closing costs may be involved. Many homeowners across the country are "upside down" in their home, meaning they owe more than it is worth. If that's your situation, a traditional refinance isn't the answer.
2) Depending on your financial situation, you may qualify for a refinance or loan modification under the Making Home Affordable program. Contact your current lender and see what they can do for you.
Good Luck! |
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