Should I Refinance My Mortgage
You should always weight the risk of refinancing
your mortgage. Best way to do this is to work with one of our online calculators. By putting the numbers in you will see instantly weither or not it would be worth looking into refinancing.
This is also a great way to tell if a mortgage loan officer has your best interest at heart or not. If you can see the numbers just are not adding up but yet a mortgage loan officer is still stating it is a great move – then you know it is probably time to look for another loan officer to work with in the future.
Refinancing your mortgage is a great way to get debts paid off, some home improvement done or just any number of things that the extra cash flow could help with. One main reason alot of people do this is when the interest rates drop lower – they want to refi to save on their monthly mortgage payments. Again use the calculators and figure if this move would really help save you money or only add to the backend debt of your home mortgage.
If you need help with figuring this up – please contact us here at GetLoansCheap.com and we will be happy to assist you in learn more about the calculators and figuring what is best for you – at the current time you are in.
Watch the video related to refinance loan mortgage
Recently a friend called me. He and his wife have applied to refinance their mortgage and get an associated line of credit. They were turned down for the line of credit. And my friend didn’t understand why, because he thought his credit history should’ve been perfect. Last 20 years he and his wife were always working, generating good 6-figure income. They bought their house 15 years ago. They were always paying bills on time, were not carrying any balances on their credit cards. But – they …
Help answer the question about refinance loan mortgage
How can I get a High-LTV ration mortgage refinance loan?I have a recently purchased Condo in DC with a value that continues to tank with the economy. Currently have 2 mortgages on it making the LTV somewhere in the neighborhood of 110 percent. Looking to refinance (I have relatively high income, excellent credit) Property value approximately $250,000 and I owe $270,000 combined. Anybody know if I can even expect to find a lender in this economy willing to lend in this situation?
About Author
ABOUT THE AUTHOR:
Tamara Schmitt is currently a Loan Officer with 1st United Mortgage. Tamara is also the top loan officer at Get Loans Cheap, an internet business geared solely to educate and aid the consumer in assessing and obtaining the right loan for their specific needs, as well as, helping rate mortgage Professionals in all fields. View the site for more articles on mortgages and refinancing, or other home loan needs. You can view Tamara’s home page and see her feedback and more articles she has written at Mortgage Information
Posted on September 29, 2009 | Under Finance Loan Mortgage | 9 Comments
Related Articles:- Best Loan Mortgage Refinance
- Why Now Could be a Great Time to Refinance Your Mortgage
- Questions to Answer Before You Refinance a Mortgage
- Keep Yourself Off The Breadline With The Best Refinance Home Mortgage Loan Rate
- FHA Loan Mortgage Refinance – Use A FHA Home Loan To Refinance!
Comments
9 Responses to “Should I Refinance My Mortgage”
Leave a Reply
DeeDee, what does your mortgage indicate? Is there a pre-payment or other penalty? Has your homes value decreased? Do you have equity in the home.
If your home is in a declining area, your lender may require a 5 percent payment available from the equity of your home. (95 percent LTV)
I would check all your paperwork and speak to your current mortgage company. None of us know what will happen to interest rates or home values in the next 18 months.
Yes, refinancing is really your only option.
The cost of your partner filing a quit claim is minimal. It's the cost of refinancing that will be a bit more significant – these are going to be mostly comprised of an appraisal, title fees, and escrow (or closing attorney) fees. But if you increase your total loan amount a little, you'll be able to cover these costs with the new loan without having to pay for them out of pocket.
I think the only big question for you is whether you can qualify to cover the payments for the new loan (paying off both existing loans plus closing costs) on your income alone. I say this because you probably qualified previously using both your incomes. However, if the new monthly payment totals less a third of your gross monthly income, you shouldn't have a problem. Good luck.
Super!
Excellent, very helpful!
The bigger question you have to calculate the answer for yourself. Will I save any money OR will my payment be smaller.
So why do you want to refinance ??
First, get the amortization schedule for your current mortgage; then calculate an amortization schedule for the proposed mortgage. Comparing the two in light of your objective should give you the obvious answer.
Dave Ramsey recommends Churchill Mortgage. I emailed them for a quote and received a phone call from an associate. Absolutely friendly and nice person but the rates aren't low enough to do me any good.
Good Luck
With that much credit card debt, you might not qualify for a low interest loan. You might still see yourself paying 8+% interest.
Which after paying all the closing costs might not be worth it.
Catch 22 isn't it?
/
Honestly the rate changing a little bit doesn't make a huge difference. 4.9% is a great rate and waiting longer takes on a risk of it going up too. I'd just lock in now and get your payments down. The longer you wait, the longer you are making your higher payments too.
This is perfect information. Very important to know.