Posted on: 11th Sep, 2010 05:28 pm
i have a 7 year adj loan (conventional)- rate adjustment date 11/01/12
w/ rate 5.625% - original $420,000.00 , now $369,296.05
Question- should i start looking at refinancing or wait till 2012. The houses in my neighborhood varies in prices though exact house behind mine sold for $499,000 this past December. I have a 2nd mtg with same bank for $ 60,465.08. My income is ~ $120,000. Credit card debt ~$1000. FICO 780.
w/ rate 5.625% - original $420,000.00 , now $369,296.05
Question- should i start looking at refinancing or wait till 2012. The houses in my neighborhood varies in prices though exact house behind mine sold for $499,000 this past December. I have a 2nd mtg with same bank for $ 60,465.08. My income is ~ $120,000. Credit card debt ~$1000. FICO 780.
as the rates are going quite low right now, you can apply for a refinance. as you've a good credit score, i don't think you'll face issues in refinancing the loan. if you've equity in your property, then it will be easier for you to qualify for a refinance. however, it would be a good option to refinance only if you plan to stay in the property for a long time.
No one can predict the future but, if I were you; I'd take advantage of where rates are now ( that is if you're planning on staying in that home long term). Rates are extremely low right now.
