Posted on: 20th Sep, 2010 05:13 am
i was thinking of refinancing my 30 yr mortgage - 22 yrs left approx. would the credit union where i refinanced 7-8 yrs ago consider a rate adjustment instead of a refinance? i am not really having a financial hardship so i dont think i would qualify for that program; i just want to lower my interest rate - currently 6.375%. also, my credit has gone down slightly since i last refinanced - will that be an issue if the credit union wont adjust the rate and tells me i should refinance instead? would applying for a credit card help my credit go up? i had one awhile back but cancelled it. i owe approx $84000 left on my mortgage now and have a home equity loan with bal of approx $18000 left.
Radar, don't apply for a credit card at this time; later, after you've refinanced, it may be worthwhile. At this point, it won't enhance your score, but reduce it slightly.
You can certainly request a modification of your interest rate at the credit union and they may be willing to do so, but they'll still need to re-verify things such as property value, your income currently, etc.
A modification would certainly be cheaper for you. But don't be surprised if they require a refinance, though. Not every lender is as progressive as they like to imagine.
You can certainly request a modification of your interest rate at the credit union and they may be willing to do so, but they'll still need to re-verify things such as property value, your income currently, etc.
A modification would certainly be cheaper for you. But don't be surprised if they require a refinance, though. Not every lender is as progressive as they like to imagine.
would it better to consolidate the home equity and mortgage and refinance into just one payment? We are considering paying off the current home equity and getting another - need to do some repairs on the house. I dont want another 30 yr mortgage - my husband is a little older than I am and he won't be working for another 30 yrs - maybe 20 but even that is only a guesstimate right now.
In that scenario, it makes the best sense, I'd guess, to refinance everything to a 20-year loan (15 years if you can handle the slightly higher payments). That would pretty much eliminate the thought of modifying the existing mortgage, of course. As for longevity in the workforce, people are working longer and longer these days - partially because they like to, and partially because they have to. I think the "have-to" may be slightly ahead nowadays, given the economic climate throughout the nation.