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7 Steps to follow while refinancing your current mortgage

Refinancing is a good option that can help you to get rid of high interest debts. But you can only benefit from it if you can secure a lower rate on your loan and also make minimum payments to the lender. You can try shopping for some of the best rates and costs while you are into refinancing. Besides, an awareness of the entire loan process also helps you get through the deal easily. This article contains an overview of the [url=http://www.mortgagefit.com/refinance.html]refinance[/url] process in simple steps so that it will be easier for you to interpret what the process is all about.

[b:9e138cf1bf]Steps to follow:[/b:9e138cf1bf]

  1. Decide how long you are going to stay in the property.
  2. Contact your first lender and find out what he has to offer. Otherwise start shopping with other lenders.
  3. Get pre-qualified for the loan
    • Decide upon the type of mortgage
    • Check out the factors that may influence the interest rate on your loan. These are:
      1. Your credit score.
      2. Loan amount.
      3. Number of points paid.
      4. Lock-in-rate.
  4. Compare the interest rate on offer with that of your existing loan.
  5. Get pre-approved with a lender.
    • Calculate the monthly loan payments
    • Subtract new payments from current monthly payments. The difference gives you the savings that you can earn by getting a low rate.
    • Divide the monthly savings by the total closing costs. That gives you the number of months within which you can recover the closing costs. This time period is known as the Break-even period.
    • Compare the months obtained with the time period you're staying in the house. If it exceeds the time period, then refinancing may be a good choice.
  6. Follow the simple steps that will take you to loan closing, that is, towards finalizing the deal.
  7. At closing time you'll have to sign the loan documents and the mortgage note. Besides, you will have to pay for the closing costs and prepayment penalty.

Related Readings
[list:9e138cf1bf][*:9e138cf1bf]Which Refinancing Option suits your situation?[/list:u:9e138cf1bf]

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Dee!

Welcome to forums!

You will have to refinance the total mortgage that you have in the property. In order to refinance you should have at least 20% equity in the property. You should contact your lender and he will let you know the cost of refinance.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Thu, 01/13/2011 - 00:05

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I went to the bank who holds the mortgage, the amount to refinance is going to be $250,000 to cover $105,000 1st mortgage, pay off heloc $42,000, and and $108,000 to give other brother for his share of house since he is moving. I thought I can refi the $105,000 write my brother a check for difference and take out $45,000 to cover heloc and have some leftover. I thought the loan would of been $150,000 not $250,000

Like | Dislike | Share | Posted: Thu, 01/13/2011 - 05:32 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome zannas,

The rates are still quite low. If you have equity in both the properties, then you can contact your lender and apply for a refinance on your investment properties.

Like | Dislike | Share | Posted: Wed, 10/13/2010 - 00:36

jimgilly's picture
jimgilly | Joined: January 27, 2010 11:53 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

First, property taxes have nothing to do with your mortgage. If you escrow property taxes and taxes go up, so will your monthly payments.

The main criteria regarding whether or not to refinance should be does it make financial sense and not the number of times you do it.

If it puts you in a better financial position or solves a financial problem then refinance. The key is to know how to determine if that will be the outcome.

To get a specific answer you would need to provide details on your current loan/property value plus any credit problems, credit scores and employment status.

Just saying if you have equity to contact your lender and apply for a refinance is bad advice that could end up costing you a considerable amount of money. Do your homework and compare what's available and what you qualify for before making a final decision.

Like | Dislike | Share | Posted: Thu, 02/24/2011 - 23:49

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am paying on a loan (a 10 year [url=http://www.mortgagefit.com/refinance.html]refinance[/url] from 5/6/10, at 3.99%. I only owe 87,962 on my loan, and I make about an $100 extra payment each month-so I pay $1300 to my loan monthly. The new offer is to refinance at 2.75%, for a 10 year term, but there are about $1500 in closing costs, and they want to roll them into the loan, making the balance actually a bit higher. I can pay the costs outright. Your recommendation, please.

Like | Dislike | Share | Posted: Sat, 03/09/2013 - 09:41 | Post subject:

sara's picture
sara | Joined: July 5, 2006 03:16 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

As you don't have equity in your property, you won't be able to get a refinance. The lender would refinance your property only if there is around 20% equity in it. You can check out the given page in order to know about the Home Affordable Mortgage Refinance (105% refinance):
http://www.mortgagefit.com/problems/homeaffordable-refinance.html

Take care.

Like | Dislike | Share | Posted: Tue, 05/04/2010 - 03:20

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

can u get a loan if u are behind on mortgage

Like | Dislike | Share | Posted: Thu, 05/13/2010 - 08:02 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Dee,

You should contact your lender and clarify the matter. You should let him know the exact amount of mortgage that you want to take out.

To bbnewk,

As you have equity in your property, you can refinance the mortgage and cash in the equity. As you're planning to stay in the property for the rest of your life, you will be able to offset the closing costs that you will be paying. So, it is a good option.

Thanks

Like | Dislike | Share | Posted: Sun, 02/20/2011 - 23:20

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i need to refi to keep my house but it appraises now for about 82g's and i owe about 116. credit is not good but i don't want to loose my house. it's actually my childrens, not mine! any suggestions on finding a lender willing to work with me?

Like | Dislike | Share | Posted: Sat, 06/19/2010 - 15:03 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi kleroy,

It is always better to shop around before you plan to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] the loan. This will let you know what type of rates and terms you would receive from the other lenders. There might be lenders who can offer you lower rates than what you've received from your current lender.

Thanks

Like | Dislike | Share | Posted: Wed, 08/25/2010 - 00:57

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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 [url=http://www.mortgagefit.com/refinance.html]refinance[/url] to the 5.25% fixed rate?

Like | Dislike | Share | Posted: Tue, 09/15/2009 - 18:26 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

Like | Dislike | Share | Posted: Tue, 09/15/2009 - 22:17

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I would like to refinance but I am not sure if that is a good idea

Like | Dislike | Share | Posted: Wed, 08/25/2010 - 08:05 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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?

Like | Dislike | Share | Posted: Tue, 06/08/2010 - 18:43 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome jerri,

As you don't have equity in your property, you won't be able to refinance the mortgage. However, if you want to save the property, then you should get in touch with your lender and apply for a loan modification. Depending upon your financial hardship, the lender will let you know whether or not your request would be accepted. If your request is accepted, then your monthly payments will be reduced and your loan term will get extended.

Like | Dislike | Share | Posted: Mon, 06/21/2010 - 00:09

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Jessica, My wife and I are considering refinancing to pay off debts and lower the mortgage payment. We owe about 33500 and our equity is approx. 50000. As I am 60 years old and soon to retire, we have decided to stay in our home after considering moving. An accountant freind advised me that if I stay in the same house to refinance a 30 year fixed mortgage because as I get older I'd still have to pay rent somewhere. As I do not need to leave anything to children is this a good idea. I could pay off credit cards etc. and really reduce debt. My current rate is 8.75 percent. My credit rating is 720. Any advice. Thank you

Like | Dislike | Share | Posted: Sat, 02/19/2011 - 10:23 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

Like | Dislike | Share | Posted: Thu, 05/13/2010 - 23:43

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

Like | Dislike | Share | Posted: Wed, 06/09/2010 - 00:14

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

paying interest only is counter-productive. refinancing to a much lower rate makes a great deal of sense.

Like | Dislike | Share | Posted: Wed, 09/16/2009 - 06:36

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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?

Like | Dislike | Share | Posted: Mon, 05/03/2010 - 16:41 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi, I have 2 brothers one lives out of state the other brother lives and co-owns house we bought last year from mothers estate gave out of state brother his share of $108,000 got mortgage at 5% $105,000 left for that amount, also took out a heloc at 5% owe $42,000 now brother wants to move out my husband and I want to buy him out give him his share for approx $108,000 how much do we refinance? and what are our options, how much will it cost?

Like | Dislike | Share | Posted: Wed, 01/12/2011 - 07:28 | Post subject:

jmross's picture
jmross | Joined: April 27, 2010 04:28 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

This information is very helpful. Thanks for posting.

Like | Dislike | Share | Posted: Mon, 05/03/2010 - 18:25 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i am thinking about refinancing my mortgage as the rates are now significantly lower than my current rate. i have however run into some problems as some lenders say I can not refinance because my debt to loan ratio is to high. I am having trouble understanding this as the monthly payment would be much lower if I were to refinance and therefore even more able to make the payment. I have never missed a mortgage payment in 10 years. Do you have any advice for me?

Like | Dislike | Share | Posted: Tue, 07/27/2010 - 13:27 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Marlo!

Welcome to forums!

You need to give some details regarding your situation. Unless you do so, it's difficult to say whether or not refinancing is a good idea for you.

Sussane

Like | Dislike | Share | Posted: Thu, 08/26/2010 - 00:42

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have refinanced twice in the past 6 years of owning my home. The first time was to get a better rate with one mortgage company. The second was to get rid of that mortgage company and replace it with another who could do honest transactions. As the surrounding property taxes increase, so does my mortgage and I am considering refinancing again. I currently have a fixed rate loan. Could one refinance too often?

Like | Dislike | Share | Posted: Wed, 02/23/2011 - 13:48 | Post subject:

zannas44's picture
zannas44 | Joined: October 12, 2010 09:51 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I moved out of my home June 2009 and relocated; have 2 houses on my property, both rented now. Is refinancing still a good idea for investment property, or are the rates going to be higher?

Like | Dislike | Share | Posted: Tue, 10/12/2010 - 10:25 | Post subject:

ckalvesmaki's picture
ckalvesmaki | Joined: January 28, 2006 06:28 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Yes you can refinance your home in TX. It would be considered an investment property and would fall under those guidelines for rate etc....Is it currently leased?

Like | Dislike | Share | Posted: Wed, 02/15/2006 - 15:44

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

I think it's quite possible. Have you talked to your lender?

If there is any problem with your current lender, you may shop around with different lenders with your matter and get the possible program for you.

If you need any more help, you may post it here.

James

Like | Dislike | Share | Posted: Wed, 02/15/2006 - 11:57

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

can I refinance a home I own in Tx which is currently rented? I live in Il.

Like | Dislike | Share | Posted: Wed, 02/15/2006 - 11:29 | Post subject:

Sam's picture
Sam | Joined: May 21, 2005 03:08 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

Welcome to the Forums.

For the interest rate on a refinance 30 year mortgage, its been a week where the rates has fluctuated.

Traditional Mortgage Refinancing Rates is running 20% (Down)

30 Year Fixed Conforming Loan Refinancing Rates:

Rate --- Points --- Lender Fees --- APR --- Payment
5.125% --- 2.873 --- $0.00 --- 5.402% --- $1088.97
5.250% --- 2.241 --- $0.00 --- 5.470% --- $1104.41
5.375% --- 1.697 --- $0.00 --- 5.546% --- $1119.94
5.500% --- 1.303 --- $0.00 --- 5.636% --- $1135.58
5.625% --- 0.773 --- $0.00 --- 5.712% --- $1151.31
5.750% --- 0.354 --- $0.00 --- 5.799% --- $1167.15
5.875% --- 0.000 --- $0.00 --- 5.892% --- $1183.08

Hope this information, will make things clear about the trend on intrest rate for refinance.

Thanks

For MortgageFit

Sam

Like | Dislike | Share | Posted: Sun, 09/18/2005 - 03:00 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

what is the current rates on a refinance 30 year mortgage

Like | Dislike | Share | Posted: Sat, 09/17/2005 - 07:17 | Post subject:

Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Lenders have certain criteria which you need to fulfill in order to [url=http://www.mortgagefit.com/Mortgage-Basics/do-i-qualify-for-a-mortgage.h... for a mortgage[/url] refinance. If you do not meet the required criteria of the mortgage lender, then you won't be able to qualify for a refinance. Though you haven't missed your payments, you won't be able to get a refinance as you do not meet the debt to loan ratio as wanted by your lender.

Like | Dislike | Share | Posted: Wed, 07/28/2010 - 03:01

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

We have a 30 yr loan at 5.25 %,23 yrs left to pay on it.We can refinace for approx. 2K closing costs with our current lender BOA for 15yrs at 4.25% or 20 yrs at 4.50.Is this a good deal or should we shop around?We have lots of equity and plan to stay in the home at least 5-10 yrs. THX so much. Karen LeRoy

Like | Dislike | Share | Posted: Tue, 08/24/2010 - 11:05 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi KC,

One can refinance the mortgage provided he or she has equity in it. If you have equity in your property, then you should contact your lender and apply for a refinance. Apart from that, you should have a stable financial situation and required credit scores in order to get a loan.

Thanks

Like | Dislike | Share | Posted: Wed, 02/23/2011 - 23:09

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

If you can pay the closing costs outright, then you can go ahead and do that rather than rolling the closing costs in your loan. If you pay the closing costs outright, then your loan balance won't be higher.

Like | Dislike | Share | Posted: Sun, 03/10/2013 - 22:29 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My mortgage loan is with a private lender, will this make it harder to get refinanced and will the process be the same.

Like | Dislike | Share | Posted: Wed, 02/06/2013 - 06:38 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Richie!

Welcome to forums!

You may face difficulty in getting a refinance if you don't have a lump sum equity in your property to refinance the loan.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Wed, 02/06/2013 - 22:33 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am newly divorced and my ex has signed a quitclaim deed to the house we bought 7 years ago. With me being a single mom with 3 kids and low income, where do i go from here? the monthly mortgage payments will be almost impossible to make. Is there programs out there to help me? If i refinance, can it just start from this time period or will i have to get a whole new loan?

Like | Dislike | Share | Posted: Thu, 01/31/2008 - 09:32 | Post subject:

larry2's picture
larry2 | Joined: June 27, 2007 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Chachi,

You will take a new loan on you name and pay the due of the mortgage to the present lender. The rates are down now. So you should get affordable rate and term. If monthly payments seem higher for you, make the duration of the loan period longer and decrease the monthly payments.

How much do you owe to the lender? Can I ask you about your monthly income?

Best of luck.
Larry

Like | Dislike | Share | Posted: Thu, 01/31/2008 - 17:19 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am trying to refinance my older mobile home and at the same time add $8,000.00 to replace my heating and air condition unit. My credut score is 642, my husband 699. I have hear NO so many times. I am running out of places to call. If you have suggestions, I would be grateful for any information you can give me. Thank you

Like | Dislike | Share | Posted: Wed, 03/26/2008 - 15:17 | Post subject:

larry2's picture
larry2 | Joined: June 27, 2007 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Janice,

Welcome to the forum.

Your credit score is not too bad but refinancing depends on many other things like your monthly earnings, employment history, do you have any kind of other debts etc.

I think it will be better fill up the "No-obligation free consultation" form to get free counseling from the mortgage lenders and to know if you can be able to refinance with affordable rates and terms at http://www.mortgagefit.com/

Feel free to ask if you have any further questions.

Best of luck,
Larry

Like | Dislike | Share | Posted: Wed, 03/26/2008 - 15:46 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

how do i go about getting on the mortgage without refinancing

Like | Dislike | Share | Posted: Thu, 10/23/2008 - 17:02 | Post subject:

Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi vivi!

If you are speaking about transferring the mortgage in your name, then refinancing is the best way. Even lenders prefer it. As you do not want to go for refinancing, you can go for the process of [url=http://www.mortgagefit.com/know-how/novation-mtg.html]novation[/url]. You can visit the following link to know more about novation:
http://www.mortgagefit.com/know-how/about5787.html

Thanks.

Like | Dislike | Share | Posted: Fri, 10/24/2008 - 01:57 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Does it make sense to refinance my first and second mortgages into a single mortgage? First mortgage is 30 year at 6.25, second is 10 years at 6.35. New loan would be a 15 year at 5.75 but closing costs are adding an additional $6000 to the loan for a total loan of $150000.

Like | Dislike | Share | Posted: Thu, 11/27/2008 - 17:31 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi srh!

Welcome to forums!

In my opinion, it will be a better option to refinance both the loans into one single mortgage. If you get a refinance on the rate and terms that you have mentioned here (15 year at 5.75), it will be a good deal for you. As far as the closing costs are concerned, you will have to pay it in any kind of refinancing.

Feel free to ask if you have further queries.

Sussane

Like | Dislike | Share | Posted: Thu, 11/27/2008 - 22:25 | Post subject:

Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Jason

Thank you for sharing the information with the community members. A lot of people will definitely be benefited from this.

Thanks.

Like | Dislike | Share | Posted: Fri, 12/05/2008 - 02:28 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i recently found out about loan modification to get my own property modified. i think it is much better than refi especially if you qualify. i think you can get rates really low and sometimes balance modified. it is worth testing out there are many sites out there helping out with loan modification. this one looks the best so i used these guys. LoanShrink.com

There is also a gov site that has lots of information on it.

Like | Dislike | Share | Posted: Thu, 12/04/2008 - 23:08 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have a 30 year first mortgage at 7% that I pay bi-weekly with about 10 years to pay off. I also have a monthly 20 year [url=http://www.mortgagefit.com/second-mortgage.html]second mortgage[/url] with about 18 years left at 8% of $95,000 that I pay monthly. Should I refinance just the second mortgage? If so, what is the % rate for second mortgage refinances?

Like | Dislike | Share | Posted: Sun, 12/28/2008 - 18:04 | Post subject:

Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Jimmy Jams

Yes, you can refinance the second mortgage. You can even refinance both the mortgages into a fixed rate mortgage. At present the rates are going low. Before refinancing the property, you should do some mortgage shopping. This will help you in knowing about the market rates. You can then compare the rates and go for the best deal. To know about the current mortgage rates, check out the following link:
http://www.mortgagefit.com/rates/

This community also has a large number of mortgage lenders. You can speak to them and seek a no obligation free mortgage consultation from them. Let's hope they will able to help you.

Thanks.

Like | Dislike | Share | Posted: Mon, 12/29/2008 - 02:28 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

For how long I can leave in the property if I stop paying the mortgage.

Like | Dislike | Share | Posted: Tue, 12/30/2008 - 20:22 | Post subject:

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