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Can I refinance my home to a lower rate?

I currently have a home (235,000) with around 180,000 in principal left on the mortgage. Been on time for my payments this entire time, however, my credit has dipped due to some credit card debt and currently have FICO scores of 693, 706, and 721. My current rate is 5.825% and I would like to know if a lower rate is possible. Thanks. by robert_685_389 from Pensacola, Florida. Dec 27th 2011 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

You can absolutely refinance right now, and your credit score is sufficient. Contact a local mortgage broker, not a bank, and apply with them.. they have access to numerous lenders and can match you to the right one for your particular scenario. WilliamAcres.com

Dec 27th 2011
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Aaron Brown (aaron.brown)
#77 ranked lender in Arizona - 37 contributions

It's worth finding out...Are you interested in a 30 Year loan term?Please let me know How I can help you out.Flagstar Bank: Aaron Brown888-760-8383 Ext: 226

Dec 27th 2011
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Farrell Bowden (fbowden)
#38 ranked lender in Kansas - 3 contributions

Sounds like refinancing might be in your best interest depending on how long you plan on staying in the home. You can look at a couple of options. One being a no cost option(for a shorter period of time), and than a non-lender paid closing cost option(which would provide you the lowest market rate). You can contact me by email @ fbowden@bncnationalbank.com..thanks Farrell

Dec 27th 2011
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,828 contributions

Absolutely there are better rates for you. My best advice is to contact a local Mortgage Banker/Broker, rather than one of the big banks. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. He/She will have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, He/She is trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. Your options include a shorter term that will allow you to pay off your loan much faster, or a new 30 year fixed. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org.

Dec 27th 2011
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Jonathan Davis (Jdavis863)
#110 ranked lender in Florida - 1 contribution

Depends what are you looking for 15,20,or 30 - They are all well below 5% now for the right customers - Your scores are fine and will be sufficient for financing

Dec 27th 2011
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Blake Kleckner (BlakeK)
#388 ranked lender in California - 259 contributions

Much of your ability to refi will depend upon the FMV of your home. Your mid-FICO is okay for a refi, however, it would be better if you can get it above 720, and; ideally, above 740. The 706 won't prevent you from being able to refi, but it might cost you a little more to do so. Your IR is extremely high. If all of a lender's qualifying guidelines can be met, you should be able to refi into a 30-year fixed in the low 4s. If you have been in your loan close to 10 years, or more, you might want to consider a 15-year loan which you should be able to get in the low to mid 3s. I only do loans in CA and can't help you with yours. However, you should contact a local mortgage broker and be able to get the loans I have suggested with no problem.

Dec 27th 2011
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Brian Allen (ballen)
#43 ranked lender in Maryland - 192 contributions

Yes, a lower rate is available and you should pursue redcing your payment I can be reached at ballen@accessnational.com or 888-354-3299

Dec 27th 2011
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Pamela Gordon (pam@thegordongroupinc.com)
#63 ranked lender in Florida - 11 contributions

Yes, you have a considerable amount to save! Based on your FICO scores and loan to value you will be able to drop your rate to about 4.375%. That is including the slightly higher rate for your credit scores. Please call me and we can discuss it further. There are other aspects of a refinance to discuss to be sure we are designing the best plan for your financial status.Pam Gordon, President, The Gordon Group, Inc. 941-758-0600 office or 248-770-7066 cell.

Dec 27th 2011
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Pamela Gordon (pam@thegordongroupinc.com)
#63 ranked lender in Florida - 11 contributions

You certainly can and you have a lot to save. Based on your FICO score and loan to value, you ought to be able to drop your rate to about 4.375% on a 30 year fixed loan. Please call me so we can discuss what is the bestplan for your financial goals. Pam Gordon, President,The Gordon Group, Inc. 941-758-0600 office or248-770-7066 cell.

Dec 27th 2011
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,006 contributions

All your scores fall in the good range. From a score alone standpoint, you should have no issues whatsoever to obtain financing. Contact a LOCAL and Licensed Mortgage Professional for a review of your options.

Dec 28th 2011
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