Posted on: 16th Apr, 2009 07:10 am
which repuatble lenders will refinance when you still owe about 97% of the homes value?...we were told us bank will, however it's an fhs loan and the closing costs will be almost 10,000.00! yikes! doesn't that seem high?? we're in an arm right now that will be up in 2011, so we have to do something soon while rates are this low. the other issue is we are with us bank, and have a prepayment penalty. if we refinance now, it'll end up costing us about 2,500.00. if we stay with them it could possibly be negotiated though.
there's more information you need to analyze before making a final decision. you mention that you've got until 2011 to make a move on your adjustable rate loan - usually that isn't a bad thing, but i gather you're paying a not so hot rate at the moment (based on the prepayment penalty).
you're right about the costs being high (maybe), but of course costs are all relative, and dependent upon the amount owed and the amount borrowed.
i don't have an answer to your question at this time, because i don't think you've given enough information to provide a reasonable answer.
you're right about the costs being high (maybe), but of course costs are all relative, and dependent upon the amount owed and the amount borrowed.
i don't have an answer to your question at this time, because i don't think you've given enough information to provide a reasonable answer.