Looking to refinance my house to 15yr need some suggestions
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Thread created 10-01-2012 by dtmcnamara
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Check out www.aimloan.com, www.amerisave.com, and www.provident.com
Put in your info and see what rates/fees they offer you.
I have worked with the first two and had a good experience. Have...
Looking to refinance my house to 15yr need some suggestions
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Thread created 10-01-2012 by dtmcnamara
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Is it actually worth refinancing a $51k mortgage? I'm guessing the fees would be kind of a lot and any credit that you could get to offset them wouldn't be worth it because the balance is so low....
Looking to refinance my house to 15yr need some suggestions
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Thread created 10-01-2012 by dtmcnamara
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Penfed has a 5/5 arm with no closing costs. Most home equity loans/HELOC have no closing costs. Also could look at 0% credit card offers for that low of balance.
Looking to refinance my house to 15yr need some suggestions
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Thread created 10-01-2012 by dtmcnamara
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Quick excel amortization schedule:
$51k @ 5% for the remaining 27 years = $42,000 in interest with a payment of $287/month
$51k @ 3% for 15 years = $12,395 in interest and a total payment of $352...
Looking to refinance my house to 15yr need some suggestions
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Thread created 10-01-2012 by dtmcnamara
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It maybe difficult to refinance, since you have high closing cost refinance (closing fees vs mortgage amount) not a lot of companies work with high closing cost refinance, since this is a red flag...
Looking to refinance my house to 15yr need some suggestions
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Thread created 10-01-2012 by dtmcnamara
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I wouldn't advise you to Re-Fi this mortgage into a 15 year. The interest rate is already low, and assuming your purchase price was $70k, your monthly payments are only about $375 a month. Holding a...
Looking to refinance my house to 15yr need some suggestions
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Thread created 10-01-2012 by dtmcnamara
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$51k is a car payment, not a mortgage! You could pay it off in under 5 years. Wish I was in that boat.
Looking to refinance my house to 15yr need some suggestions
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Thread created 10-01-2012 by dtmcnamara
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To make a long story short I owe $51,000 left on my house and its valued at $85-95,000. I have owned it for almost 3 years, but when I purchased it I did a 30yr fixed mortgage to keep the payments...
Looking to refinance my house to 15yr need some suggestions
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Thread created 10-01-2012 by dtmcnamara
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I'm sitting at 4.375 on a 67k loan. I can't find a way for it to make sense to do. Our loan amounts are too low for any real savings I think.
Just pay a second payment to principal each month....
Looking to refinance my house to 15yr need some suggestions
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Thread created 10-01-2012 by dtmcnamara
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Might not be worth it to re-fi at the end of the day since your rate is really not that high to begin with. Have you thought about just paying more every month and applying the difference directly...
Looking to refinance my house to 15yr need some suggestions
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Thread created 10-01-2012 by dtmcnamara
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Research the rates and fees in your area. You may actually want to stick with a 30 year mortgage depending on the rates you find and how comfortable you are with other investments. Mortgage rates...
Looking to refinance my house to 15yr need some suggestions
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Thread created 10-01-2012 by dtmcnamara
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LOL
Maybe in your world.
Looking to refinance my house to 15yr need some suggestions
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Thread created 10-01-2012 by dtmcnamara
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I agree with this comment. Most lenders have a minimum loan amount due to the high cost guidelines and those who will do them have significant pricing add ons.
Prepay the best you can and enjoy...
Looking to refinance my house to 15yr need some suggestions
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Thread created 10-01-2012 by dtmcnamara
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Depends on the current rate your paying, how much you'd have for a down payment, etc.
Fire up an amortization schedule online using the various figures and you'll see the savings right before your...
Looking to refinance my house to 15yr need some suggestions
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Thread created 10-01-2012 by dtmcnamara
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What is the interest rate on that 30 year fixed?
Looking to refinance my house to 15yr need some suggestions
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Thread created 10-01-2012 by dtmcnamara
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interest rate is %5 and thats why I want to refinance. I dont want to pull any money out, just lock in a lower interest rate and get it paid off faster
Looking to refinance my house to 15yr need some suggestions
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Thread created 10-01-2012 by dtmcnamara
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I guess I need to see how much longer it will realistically take for me to pay off the house. I do not plan on selling the house because of the insanely low mortgage. I would rather rent it out, or...
