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What do I need to qualify for a 4% home refinance?

I currently have a mortgage for a 235k home, I believe there is 60-70% of the loan to value still there. My credit is decent, roughly around 760 and my wife and I have been working for more than two years. We bring home a combined total of 85k before taxes and haven't been late on our mortgage once. We started with a 30 year and we're roughly 9 years into it. Can I refinance into another or should I do a 20 year, and if so will I get the 4% rate? I think my payments would be cheaper if I went from a 7.785% rate to 4%. by jessie_854_528 from Sugar Land, Texas. Dec 21st 2011 Reply


Martin Farris, CFP (Martin)
#38 ranked lender in Texas - 16 contributions

From what you've told me so far I think I could do this loan at 3.875% with no closing costs (lender would pay all your lender and title fees). You could also go down to a 20-year fixed at 3.75% with no or very low closing costs. To find out for sure you would need to fill out a loan application.Martin Farris325-651-2100

Dec 21st 2011
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Colby Neal (cnealVA)
#99 ranked lender in Texas - 2 contributions

Jessie - what type of mortgage are you interested in: Conventional or FHA?So we can move forward and pre-approve you for your refinance please email me your contact information at cneal@vahlg.comColby NealMortgage BankerSenior Government Mortgage Specialist

Dec 21st 2011
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Brad Cahoone (info@globalhomefinance.com)
#91 ranked lender in Texas - 1,042 contributions

Jessie, Good evening. We might be able to do a 15 year for what you are paying now and pay it off even sooner with a 3.25% interest rate. Brad Cahoone -NMLS ID:184176 -Global Home Finance Inc - NMLS ID: 316441 - phone: 972-724-3222 - globalhomefinance.com

Dec 21st 2011
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,823 contributions

To answer your last question first, Absolutely you can improve you financial condition significantly by refinancing. 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. He/She will also be able to work up several different scenarios that will show you what will happen to your rate and payment with various different terms. If your current payment is not uncomfortable, then looking at a shorter term and a much lower rate may be the answer. Either way your chosen Mortgage Banker/Broker can properly guide you. Make sure you check out the credentials and history of your chosen Originator at www.NMLSConsumerAccess.org.

Dec 21st 2011
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Jessie, It sounds like you are in the perfect position for a refinance and there is definitely the opportunity for significant savings with rates below 4%. I am a local loan originator in your area and would love to discuss your options with you. Having a local lender makes the process easier as they are familiar with the unique conditions of your property and more accessible during the application process. My goal is to be by your side every step of the way and even at the closing table to insure you have the most stress free process available. Please contact me at 281-798-8838 or chalet.morella@sbcglobal.net and I look forward to hearing from you!Chalet Morella, Senior Loan Officer, Texas Supreme Mortgage

Dec 24th 2011
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