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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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well, that's a start - generally, assessed values are a percentage of appraised (real) value; in my area, it is 70%. it will be worth your trouble to check in with a local lender - fha seems like a quite viable product in this situation. if the lender can't at least give you an inkling of what the home might be worth, see if you can get a local realtor to provide an estimate.
as i said, you can go to 97% of value if you're not cashing out on the transaction. that would accommodate your loan amount plus some closing costs, if you needed to finance them.
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George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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kw
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Post subject: refinance |
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| If my interest rate is 6.375 now, how low would it need to be to make a difference in my payment? |
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adonis
Joined: 22 Oct 2005
Posts: 10242
Location: ALASKA
1042.50 Dollars($)
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Anything less than 6.375% will help you in lowering your payments. At present the interest rate for 30 year mortgage is around 5.30%. If you refinance now, you may get an interest rate of 5.30%.
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Procrastination is the enemy of your financial success |
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kw
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Post subject: interest rate |
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| Do you think the interest rate is going to drop back down below 5% |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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let me check my crystal ball...
drat! it's broken! oh well, crystal balls don't work anyway.
that's about how well we can estimate interest rates, too. there are far too many factors that come into play concerning rates, etc. and there's no way that any predictions you'll get will be based on fact - it's all conjecture.
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George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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fred
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Post subject: REfinancing on an interest only loan |
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| Refinancing on a 6.75% interest only loan to a 5.25% fixed rate loan , but have allready paid $85,000 the past two years in interst payments on original loan of $500,000. Does it make sense to refinance to the 5.25% fixed rate? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10030
Location: Alaska
919.49 Dollars($)
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Hi fred!
Welcome to forums!
It will depend upon the fact as to how long you want to stay in the property. If you want to keep the property for the next 5-8 years, then it can be a good idea refinancing the loan at a lower rate. But you should remember that you will have pay the closing costs while you refinance the loan.
Feel free to ask if you've further queries.
Sussane |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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paying interest only is counter-productive. refinancing to a much lower rate makes a great deal of sense.
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George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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Interested in refi
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Post subject: Refinancing |
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I have a first and second on my home. The first is 200K and the second is 60K. My interest rate is 7% on first and 10% on second. My home is probably worth about 215K right now.
Can I just refinance on the first? I went to my bank and they were talking about only going 95% LTV and Obama's 105% thing. Can you explain more of this to me? |
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jmross
Joined: 27 Apr 2010
Posts: 7
Location: Milwaukee, WI
1.91 Dollars($)
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Post subject: Great post |
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This information is very helpful. Thanks for posting.
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Jason Mross
www.lifesmartmortgage.com |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 2645
Location: New Brunswick, New Jersey
488.43 Dollars($)
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to tall
Guest
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Post subject: refinanc |
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| can u get a loan if u are behind on mortgage |
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smithsussane
Joined: 18 Sep 2008
Posts: 10030
Location: Alaska
919.49 Dollars($)
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Hi Guest!
Welcome to forums!
If you are behind on your mortgage payments, then you won't be able to refinance it.
Feel free to ask if you've further queries.
Sussane |
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Flex
Guest
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Post subject: New Purchase |
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| How long after you purchase a property can you refiance to bring down your monthly payment? Also will the monthly payment be lower if additional downpayment is made? |
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jameshogg
Joined: 20 Dec 2005
Posts: 10148
Location: Nevada
941.94 Dollars($)
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Hi Flex,
You will have to wait for a year in order to refinance your newly purchased home. Additional down payment may help you in lowering your monthly payments.
Thanks |
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