Hi rock,
As you won't have to pay any closing costs, you can refinance your mortgage at the interest rate that you're getting. However, in order to refinance the mortgage, you need to have at least 20% equity in your property. If you have that equity, then you will be able to get a refinance.
Thanks,
Jerry
As you won't have to pay any closing costs, you can refinance your mortgage at the interest rate that you're getting. However, in order to refinance the mortgage, you need to have at least 20% equity in your property. If you have that equity, then you will be able to get a refinance.
Thanks,
Jerry
Thank you Jerry.
You do not need 20% equity in your property in order to refinance.
Just out of curiosity, why would you new rate be so high at 5.375%?
Is your credit score below 680?
Is it an investment property?
Is it a 2 to 4 family property?
Normal rates today for no cost would be about 4.500% or a little less.
Just out of curiosity, why would you new rate be so high at 5.375%?
Is your credit score below 680?
Is it an investment property?
Is it a 2 to 4 family property?
Normal rates today for no cost would be about 4.500% or a little less.
