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Should I refinance, is it worth it

Current rate is 5%, not the worst, and rates are dropping this week, but concerned about going through this process and not locking soon enough. i'm at 75% LTV. I don't know what kind of loan I have its not government tho by kahnjennings5643157 from Clovis, New Mexico. Aug 15th 2014 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,707 contributions

There is most likely an advantage, but more details would be necessary.. Try contacting a LOCAL mortgage broker and apply with them. Once they look at your complete loan scenario, they will be able to advise you properly and show you exactly what benefits there might be by refinancing. By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Aug 15th 2014
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MIKE CONVIN (mconvin)
#6 ranked lender in Delaware - 202 contributions

hi there:I can definitely assist. if you look on your monthly mortgage statement should state it on there. do u currently have a fixed or an arm loan do u know? I can go over the new monthly payment should your new rate be 1% or more for your advantage if you'd like. You the borrower would have to benefit from this new refinance (Tangible Benefit) ...Mike 703 505 5300 ..Lending Nationwide NMLS 754875

Aug 15th 2014
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Kathleen Smith (info@superjumboloans.info)
#233 ranked lender in Florida - 25 contributions

Hi,,depending on the loan size our standard private banking rates are better then conventional lending starting at 2.5% this week, and change maybe once a month because we are based off the LIBOR index. we can also offer an interest only product for any term to make your payment very low. for more info feel free to chat with us online at www.superjumboloans.info

Aug 15th 2014
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Charlie Sparks (CharlieSparks)
#9 ranked lender in New Mexico - 397 contributions

You ask good questions! The answers depend upon what your goals are. To refi into a 30 year fixed would be very marginal and probably not worth it as rates are in the mid 4's. However if you think you may sell this home in 5-7 years there are adjustable mortgages that are fixed at lower rates for the initial 5-7 year period. If you intend to stay indefinitely a 15 year fixed in the mid 3's should save a significant amount of interest in the long run. Lastly, if you are over 62 a reverse mortgage will eliminate your house payments all together. I am with a direct lender in Albuquerque and have nearly 30 years mortgage finance experience. If you would like to go into more detail I would glad to speak with you. Charlie Sparks, 505-350-3745 or www.pcmloan.com/charliesparks - MLO# 195031

Aug 15th 2014
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,240 contributions

It really depends on the details and what your goal is: pay off the home more quickly? lower your monthly payment? Get a little cash out? Some combination these? The smaller the loan the bigger the difference in rate needs to be to offset the transaction costs. For someone with a $400,000 loan as little as 0.5% difference in rate may be well worth refinancing but at $100,000 or less the rate difference will normally need to be a lot more to make it worth doing. An experienced and reputable mortgage lender will help walk you through the calculation.

Aug 15th 2014
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Gina Bell (GinaBell)
#8 ranked lender in New Mexico - 26 contributions

Whether or not refinancing is worth it depends on your plans for the property and what you are trying to accomplish financially. The type of loan you have is typically identified on the your mortgage statement or within your online account. I am a local broker in Albuquerque and a Certified Residential Mortgage Specialist. I would be happy to discuss your goals and help you determine whether or not refinancing is worth it for you. Feel free to call me 505-323-0724 or via email at gina@accesfundinginc.com. I can be reached outside normal business hours. NMLS #222731

Aug 15th 2014
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,112 contributions

You will need at the cost vs. benefit to see if it will be worth your short and/or long term goals. Speak with a local loan officer and have them present you a couple of options to see what direction is best for you. Best wishes, Sean

Aug 17th 2014
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