Currently I have a home at a 4.75% rate, credit score of 780 and no bad mortgage payments. Would I be able to refinance to a cheaper rate without buying points, or would I just be spending roughly the same money? Spending $1,590 a month right now, 0.5% PMI at $104 a month. Home is worth 275k. About 6 months into the mortgage.
Bellevue,WA | Dec 14th 2011
by steffa_...
Answer
by daveskow
Would need to know the following to answer the question accurately : loan balance , monthly mortgage insurance amount ? is present loan FHA or conventional ? I assume present loan is a 30 yr fixed and that you are interested in another 30 yr fixed ?Dave SKow Cobalt - Seattle dave.skow@cobaltmortgage.com Dec 14th 2011
by JenniferT
I agree with Dave...would need to know this information to give an exact quote but just looking at where rates are at today you would definitely be saving not just on your monthly payment but also on your long term interest which could be substantial. Please email me directly at jennifert@gofirstrate.com and we can discuss more in detail to see the exact benefits you could be expecting. Dec 14th 2011
by Rich Rano
by cindye
I would need to know your current loan balance to be able to run figures for you to see if it would be a benefit for you to refinance. Would you be interested in a 30 year fixed or possibly a 15 year fixed? Please email me and I will answer you back or feel free to call me @ 360-731-5396. Thank you, Cindy Ellis cindye@vintagemortgagegroup.com Dec 14th 2011
by ballen
by BlakeK
Based upon a $1,590 payment at 4.75%, your original loan amount was in the $305,000 range, and the current loan balance should be about $302,700. If these numbers are accurate, and your home is worth $275K, its LTV is 110%, which probably takes you out of the realm of being able to refi at a much lower interest rate. You would have to do a HARP refi and could only do it if your loan was purchased by Fannie Mae or Freddie Mac, purchasers of roughly 50% to 55% of all mortgage loans. Dec 14th 2011 |
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