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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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well, that's a start - generally, assessed values are a percentage of appraised (real) value; in my area, it is 70%. it will be worth your trouble to check in with a local lender - fha seems like a quite viable product in this situation. if the lender can't at least give you an inkling of what the home might be worth, see if you can get a local realtor to provide an estimate.
as i said, you can go to 97% of value if you're not cashing out on the transaction. that would accommodate your loan amount plus some closing costs, if you needed to finance them.
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George M. Akerley
Loan Consultant
860-221-5044 |
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kw
Guest
0.10 Dollars($)
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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: 3852
Location: ALASKA
120.89 Dollars($)
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Anything less than 6.375% will help you in lowering your payments. At present the interest rate for 30 year mortgage is around 5.30%. If you refinance now, you may get an interest rate of 5.30%.
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Procrastination is the enemy of your financial sucess |
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kw
Guest
0.10 Dollars($)
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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: 7405
Location: bloomfield, ct
62.63 Dollars($)
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let me check my crystal ball...
drat! it's broken! oh well, crystal balls don't work anyway.
that's about how well we can estimate interest rates, too. there are far too many factors that come into play concerning rates, etc. and there's no way that any predictions you'll get will be based on fact - it's all conjecture.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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fred
Guest
0.10 Dollars($)
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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 $500,000. Does it make sense to refinance to the 5.25% fixed rate? |
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smithsussane
Joined: 18 Sep 2008
Posts: 3709
Location: Alaska
556.69 Dollars($)
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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: 7405
Location: bloomfield, ct
62.63 Dollars($)
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paying interest only is counter-productive. refinancing to a much lower rate makes a great deal of sense.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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