Posted on: 06th Dec, 2010 04:51 pm
hello all,
i got a loan in 04-2010, i have a new born and now a car note. i was at $75,000 my home was appraised at about $77,000. if i stay a year with original fha loan is it reasonable after one year to try to refinance to pull excess money out of it to eliminate some excess debt. i am only 24 this is a starter home so max i will stay another 3 years. if this is reasonable what should i be looking for when i refinance what terms? i make about $61,000 a year, i am still in school so student loans are deferred at least a year, credit score high 600's, i have debt with my car excluding student loans of approximately $32,000. hopefully that is enough information to give me some recommendations.
i got a loan in 04-2010, i have a new born and now a car note. i was at $75,000 my home was appraised at about $77,000. if i stay a year with original fha loan is it reasonable after one year to try to refinance to pull excess money out of it to eliminate some excess debt. i am only 24 this is a starter home so max i will stay another 3 years. if this is reasonable what should i be looking for when i refinance what terms? i make about $61,000 a year, i am still in school so student loans are deferred at least a year, credit score high 600's, i have debt with my car excluding student loans of approximately $32,000. hopefully that is enough information to give me some recommendations.
Hi Cheeks!
Welcome to forums!
You are not planning to stay in the property for a long period of time. In such a situation, I don't think it will be a good option to refinance the mortgage. While you refinance the mortgage, you'll be liable for paying the closing cost. Unless you stay in the property for a longer period of time, you won't be able to offset the closing costs.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You are not planning to stay in the property for a long period of time. In such a situation, I don't think it will be a good option to refinance the mortgage. While you refinance the mortgage, you'll be liable for paying the closing cost. Unless you stay in the property for a longer period of time, you won't be able to offset the closing costs.
Feel free to ask if you've further queries.
Sussane