Posted on: 10th Oct, 2012 01:02 am
i need to check out whether or not it's worth refinancing. my house is in north carolina, my wife and kids live in it full time. i work and 95% of the time, i live in california. we purchased the house about 2 1/2 years ago for $173,000. at the moment we owe around $130,500 on the mortgage. it's a 30 year fixed at 4.85%. in today's market situation, will it be good to refinance?
Hi Jovial,
You need to check out whether or not there is equity in your property. Unless there is equity in your property, you won't be able to refinance. Apart from this, unless you plan to stay in the property for a long period of time, it won't much sense to refinance as you won't be able to offset the closing costs that you will pay.
Thanks,
Jerry
You need to check out whether or not there is equity in your property. Unless there is equity in your property, you won't be able to refinance. Apart from this, unless you plan to stay in the property for a long period of time, it won't much sense to refinance as you won't be able to offset the closing costs that you will pay.
Thanks,
Jerry
Hi Jovial!
Welcome to forums!
Rates are going quite low and it will definitely be a good option to refinance the loan if you have equity in your property and want to stay in it for a long period of time. To know all about refinance, you can check out the given page: http://www.mortgagefit.com/refinance.html .
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Rates are going quite low and it will definitely be a good option to refinance the loan if you have equity in your property and want to stay in it for a long period of time. To know all about refinance, you can check out the given page: http://www.mortgagefit.com/refinance.html .
Feel free to ask if you've further queries.
Sussane
You need to find out if there is equity in your property. Since the interest rates are usually low for refinancing, it will be a good alternative to go for refinance if you want to stay in it for a long time.
You need to find out if there is equity in your property. Since the interest rates are usually low for refinancing, it will be a good alternative to go for refinance if you want to stay in it for a long time.
Is the loan backed by Freddie, Fannie, VA or FHA?
Is your credit above 600?
Is your debt to income below 45%
If so give us a call rates are in the mid to high threes, depending on your credit, debt, income and how much lender compensation you require for closing costs.
Is your credit above 600?
Is your debt to income below 45%
If so give us a call rates are in the mid to high threes, depending on your credit, debt, income and how much lender compensation you require for closing costs.
Mortgage rates are now hovering around historic low levels. In such situation, it would indeed be a very good idea to opt for refinancing.
if you want to live for a long period of time in the house then you can refinance it. it is worth refinancing. but if not, then you should not opt for it.
Deciding whether to refinance your home mortgage or not,it depends Various factors like
* Your Credit score
* how long you plan to stay in the house
* What type of loan etc.
[External linking deleted as per forum rules. Thanks.]
* Your Credit score
* how long you plan to stay in the house
* What type of loan etc.
[External linking deleted as per forum rules. Thanks.]
Most economists predict that Interest rates will rise in the near future, so if you qualify for a refinance, this is the best time to take one.