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patricia · Joined: 16 Jan 2008 Posts: 133 0.94 Dollars($)

We bought a house with a 20 year mortgage,Actually a farm.We have been paying for 11 years now.The interest rate goes up or down whatever the prime is at the time once a year. We are now paying the most ever as payment in 11 years. Should we shop around for a fixed rate and refinace. My hubby's credit rating is probly fare.He does have a lot of loans out though.When our rate is up for renewal maybe the rate will be down or up noit sure depends on when it is up for change.Whatever it is we will be stuck with it for another year.

gmakerley · Posted: Wed Feb 27, 2008 10:49 am Post subject:

shame, shame patricia...didnt we already have this conversation about the time to refinance? JK

seriously, though, prime rate (if that is really what they use) has come down in recent months, and is currently at 6%. do you know what they add to prime to get to your rate? that's going to make a difference.

as for whether it is worth shopping around...sure it is. you never know what you might find out until you make that effort.

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi Patricia,

I think as you are paying "for 11 years now" it is better not to refinance now.

Only the rate is too higher and you cannot afford it then shop around and see if you can turn it to FRM with better rate and terms.

Feel free to ask if you have any further questions.

Best of luck,
Larry

patricia · Joined: 16 Jan 2008 Posts: 133 0.94 Dollars($)

Do you say this because we are over half way there? Just wondering why you would say ,if we been paying for 11 years it isn't a good idea to refinance. Rolling Eyes

Samantha · Posted: Thu Feb 28, 2008 12:25 am Post subject:

Come on george, i hope it's a joke Smile

Patricia there's still 9 years left and if rates are favorable, though they have gone up slightly, I feel you can refinance if it's possible.

May god bless you.

Samantha

gmakerley · Posted: Thu Feb 28, 2008 7:18 am Post subject:

indeed, sam...only a joke.

and that's precisely what i was getting at (what you said). refinancing is always an option if it is for betterment.

charlesarmbruster · Posted: Thu Feb 28, 2008 12:08 pm Post subject:

I'd advise discussing this with your husband to determine what is your real monthly exposure. If you can afford 'his other loans' and your increased monthly payment, fine. If you cannot, you need to know why that is -- if the 'other loans' are part of his business, that's one thing.

The easiest way to answer your question is to approach your current lender, together. Ask! They'll be happy to help, and if you want to refinance, you'll find out what your options are. If you are not happy with your options, call a mortgage broker in the YELLOW PAGES to discuss what lenders might better address your circumstances. GOOD LUCK!! Please let us know waht happens...many people visiting this Community would like to learn from your experience.

patricia · Joined: 16 Jan 2008 Posts: 133 0.94 Dollars($)

9 years to go! If we could keep paying our present payment (hoping it will go down when it is time to change)I would just as soon pay for it in 9 years if it wasn't a hardship and soon it will be up for a change in payment anyway. I would rather pay in 9 instead of refinancing and dragging it out .The key is if we can keep paying without getting late or missed payment. May just have to wait and see.Refinacing could be an option if we get into a financial bind ,you think?

Samantha

Oh I like to be called Sam. Smile

But I'm quite suprised at how swiftly these rates go on changing. Only a few weeks ago we were shouting that it was time for refinance into fixed rates and now again fixed rates are up and ARMs will now be available with better rates comparatively. So, is it time for ARMs? or do we need to wait for some more time to conclude? I feel somewhere it's still a favorable time for refinance.

patricia · Joined: 16 Jan 2008 Posts: 133 0.94 Dollars($)

True ,we still cannot know which way to go.Things are changing to fast or going back.

charlesarmbruster · Posted: Mon Mar 03, 2008 11:21 am Post subject:

My advice is: make application -- you don't have to follow through!

If you make application, an appraisal will be ordered -- you may or may not have to pay for it, depending upon whom you apply with.

When choosing to make your move on refinancing, I recommend moving NOW. Waiting simply adds to your aggravation -- no one really knows what rates are going to do.

With 9 years to go, you may find that a 15-year mortgage might suffice -- start the process instead of just wondering. As I say, as long as don't pay an application fee, you're simply investigating your options.

patricia · Joined: 16 Jan 2008 Posts: 133 0.94 Dollars($)

Last year we started a consolidation loan with a loan company.We backed out at the last minute because the Interest rate was so high.I was glad we didn't go through with it. But they did want us to pay for the appraisal.

evolovik26 · Posted: Tue Mar 04, 2008 6:33 am Post subject:

Is this your primary property? Is this and agricultural farm or a hobby farm. Whats the acerage? What is fair credit? What is the value? What is the remaining balance? Where does your income comming from?
But you should definately look at a refi just to compare.
The best way to do so is to maybee take a 15yr fixed loan. As it will likely reduce your interest rate and payments and will not extend the life of your loan too much. You can also make additional payments to pay it off in 9 yrs.
If you have other debts to consolidate you might want to consider doing this as well as it can net more savings and allow you to put more towards your mortgage.
Good luck

charlesarmbruster · Posted: Tue Mar 04, 2008 10:03 am Post subject:

If the appraisal issue is a problem, find a reputable appraiser yourself -- order your own. Normally, the estimated value is good for 6-months with most lenders -- you can present your appraisal; they can choose to review it and downgrade it if they like. At least you'll have a figure to work with.

patricia · Joined: 16 Jan 2008 Posts: 133 0.94 Dollars($)

Yes this is our primary property. It is a house and 35 acreas. We do have cows and goats. My hubby does construction work self employed.We do have some income from cattle though. I think our last appraisal was like 75,000 can't remember .We bought it for 50,000 and did upgrades.We still owe 39,000 and 9 yrs left.I think that why my hubby does not want to refince if we don't have to as it would mean dragging it out.Sometimes you have to though.

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