Posted on: 22nd Mar, 2009 10:27 am
hello,
my wife and i currently have a mortgage that was done in-house through our local credit union that was designed for first time home buyers. we have had this house/mortgage for about 1.5 years and are looking to refinance. we both have very good credit, and can easily afford the payments - but we want to get into a 30 yr. fixed rate loan.
here are the details of our current mortgage:
30 yr. arm (3yr. fixed @ 7.125) w/ 1% cap
no pmi, no down payment
orig. loan amt. $92,000
current loan amt. aprox. $91,000
current home value $92,000-$95,000
we live in a pretty stable market, so we are not upside down in the home or anything. this loan seemed like a good option for us at the time, but we are feeling uncomfortable with it now and would like to be locked in to a low fixed rate, even if we are paying pmi. i greatly appreciate your help and advise!
my wife and i currently have a mortgage that was done in-house through our local credit union that was designed for first time home buyers. we have had this house/mortgage for about 1.5 years and are looking to refinance. we both have very good credit, and can easily afford the payments - but we want to get into a 30 yr. fixed rate loan.
here are the details of our current mortgage:
30 yr. arm (3yr. fixed @ 7.125) w/ 1% cap
no pmi, no down payment
orig. loan amt. $92,000
current loan amt. aprox. $91,000
current home value $92,000-$95,000
we live in a pretty stable market, so we are not upside down in the home or anything. this loan seemed like a good option for us at the time, but we are feeling uncomfortable with it now and would like to be locked in to a low fixed rate, even if we are paying pmi. i greatly appreciate your help and advise!
You can definatley save money on a refinance since you can lock in an interest rate now of 4.875$-5%.
It seems like a refinance makes tons of sense for your situation.
It seems like a refinance makes tons of sense for your situation.
fha guidelines allow up to 97% of value on a no-cash-out refinance. doing so makes sense to me, also.
just be aware of cost associated and how long it will take to amoirize them also 40875 mwans still aying all cost 1000 -2 000 may be a equity question let me know if you need a eaxt cost quote
don terry
pan american bank
don terry
pan american bank
