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jessbaby
My boys!
Member since 1/06 5292 total posts
Name:
Jessica
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How do you find out if you can refinance?
I am clueless on this stuff. 
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Posted 1/19/09 2:52 PM  |
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Prudential Douglas Elliman Real Estate
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Mrs-D-Girl
Love my fur baby
Member since 8/07 5183 total posts
Name:
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Re: How do you find out if you can refinance?
Anyone can, it's just a matter of it making sense to do it or not.
How long have you been in your home and what is your current rate? You can call the bank you currently have your Mrtg with and ask them what they can offer, if not shop around.
It really depends on what your house is worth now, how much you would be saving a month, closing costs that are involved and a few other factors.
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| Posted 1/19/09 3:15 PM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: How do you find out if you can refinance?
Posted by Mrs-D-Girl
Anyone can, it's just a matter of it making sense to do it or not.
How long have you been in your home and what is your current rate? You can call the bank you currently have your Mrtg with and ask them what they can offer, if not shop around.
It really depends on what your house is worth now, how much you would be saving a month, closing costs that are involved and a few other factors.
Unfortunately not everyone can do it. If you don't have enough equity in your home then a bank may not refinance with you. Some of them require PMI if you don't have 20% equity. The best way to go about it is to call banks and find out given your specifics if they would do a refinance. That is what I have been doing.
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| Posted 1/19/09 3:49 PM |
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Re: How do you find out if you can refinance?
Posted by csorisi
Posted by Mrs-D-Girl
Anyone can, it's just a matter of it making sense to do it or not.
How long have you been in your home and what is your current rate? You can call the bank you currently have your Mrtg with and ask them what they can offer, if not shop around.
It really depends on what your house is worth now, how much you would be saving a month, closing costs that are involved and a few other factors.
Unfortunately not everyone can do it. If you don't have enough equity in your home then a bank may not refinance with you. Some of them require PMI if you don't have 20% equity. The best way to go about it is to call banks and find out given your specifics if they would do a refinance. That is what I have been doing.
This is true...I don't think we will be able to but once I get the comp's for my area I will have a better idea.
We purchased our home 18 months ago and put 20% down. Our current interest rate is 6.375%. I spoke to a loan officer last week at our current mortgage company and basically the home would have to be appraised at the same price or more as it was when we bought it other wise we would have to pay PMI and at that point it doesn't pay to re-fi.
They told me that they took the current loan payoff amount, added in the closing costs because that is what we wanted and then 20% for the equity. If the comps do come in, in our favor then we would save about $300 a month.
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| Posted 1/19/09 6:06 PM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: How do you find out if you can refinance?
Posted by Seles81
Posted by csorisi
Posted by Mrs-D-Girl
Anyone can, it's just a matter of it making sense to do it or not.
How long have you been in your home and what is your current rate? You can call the bank you currently have your Mrtg with and ask them what they can offer, if not shop around.
It really depends on what your house is worth now, how much you would be saving a month, closing costs that are involved and a few other factors.
Unfortunately not everyone can do it. If you don't have enough equity in your home then a bank may not refinance with you. Some of them require PMI if you don't have 20% equity. The best way to go about it is to call banks and find out given your specifics if they would do a refinance. That is what I have been doing.
This is true...I don't think we will be able to but once I get the comp's for my area I will have a better idea.
We purchased our home 18 months ago and put 20% down. Our current interest rate is 6.375%. I spoke to a loan officer last week at our current mortgage company and basically the home would have to be appraised at the same price or more as it was when we bought it other wise we would have to pay PMI and at that point it doesn't pay to re-fi.
They told me that they took the current loan payoff amount, added in the closing costs because that is what we wanted and then 20% for the equity. If the comps do come in, in our favor then we would save about $300 a month.
I would call Wells Fargo I spoke to a representative over the phone who told me they would do a consolidation which would save you some money on mortgage tax and lower your closing costss. It may be worth it to call them and see what they could give you. If you can save some money on closing costs then you wouldnt need a higher appraisal. good luck!
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| Posted 1/19/09 10:46 PM |
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Re: How do you find out if you can refinance?
Posted by csorisi
Posted by Seles81
Posted by csorisi
Posted by Mrs-D-Girl
Anyone can, it's just a matter of it making sense to do it or not.
How long have you been in your home and what is your current rate? You can call the bank you currently have your Mrtg with and ask them what they can offer, if not shop around.
It really depends on what your house is worth now, how much you would be saving a month, closing costs that are involved and a few other factors.
Unfortunately not everyone can do it. If you don't have enough equity in your home then a bank may not refinance with you. Some of them require PMI if you don't have 20% equity. The best way to go about it is to call banks and find out given your specifics if they would do a refinance. That is what I have been doing.
This is true...I don't think we will be able to but once I get the comp's for my area I will have a better idea.
We purchased our home 18 months ago and put 20% down. Our current interest rate is 6.375%. I spoke to a loan officer last week at our current mortgage company and basically the home would have to be appraised at the same price or more as it was when we bought it other wise we would have to pay PMI and at that point it doesn't pay to re-fi.
They told me that they took the current loan payoff amount, added in the closing costs because that is what we wanted and then 20% for the equity. If the comps do come in, in our favor then we would save about $300 a month.
I would call Wells Fargo I spoke to a representative over the phone who told me they would do a consolidation which would save you some money on mortgage tax and lower your closing costss. It may be worth it to call them and see what they could give you. If you can save some money on closing costs then you wouldnt need a higher appraisal. good luck!
That is who I called. What type of consolidation would I ask for? I only have one 1 mortgage and I think they considered it a streamline conformed loan (not standard and not jumbo).
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| Posted 1/20/09 9:23 AM |
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