Posted on: 12th Aug, 2010 08:48 am
i am looking for some advice on my situation.
first this is the current state of my mortgage:
original loan amount : 71,500
interest rate: 6.5%
origination date: 2002
current amount: 63,800
property value (guestimate) 95,000
monthy payment $597
payment break down:
p. & i = 451.93
taxes & ins = $80
pmi – 64.95
my wife and i are expecting our first child and i was looking for some ways to save us some money and i though that a refinance would lower our montly payment and maybe even allow us to put a new roof on our house and replace carpet in the soon to be nursery.
in my searching it seems that most banks don't want to deal with a loan under 100k. maybe i am wrong and i am not in a good position. i don't know. what do you guys think?
first this is the current state of my mortgage:
original loan amount : 71,500
interest rate: 6.5%
origination date: 2002
current amount: 63,800
property value (guestimate) 95,000
monthy payment $597
payment break down:
p. & i = 451.93
taxes & ins = $80
pmi – 64.95
my wife and i are expecting our first child and i was looking for some ways to save us some money and i though that a refinance would lower our montly payment and maybe even allow us to put a new roof on our house and replace carpet in the soon to be nursery.
in my searching it seems that most banks don't want to deal with a loan under 100k. maybe i am wrong and i am not in a good position. i don't know. what do you guys think?
Welcome rlhenry,
I haven't heard any such news that the lenders are not refinancing the mortgage which are under $100k. You can speak your current lender for a refinance. As you've equity in your property, I don't think the lender would deny you a refinance. If your present lender does not offer you good rates and terms, then you can seek a no obligation free mortgage quote from the lenders of this community. This quote will help you know what type of rates and terms you would receive.
I haven't heard any such news that the lenders are not refinancing the mortgage which are under $100k. You can speak your current lender for a refinance. As you've equity in your property, I don't think the lender would deny you a refinance. If your present lender does not offer you good rates and terms, then you can seek a no obligation free mortgage quote from the lenders of this community. This quote will help you know what type of rates and terms you would receive.
That's nuts! We lend under $50K. Do your research! You'll find someone to assist you!
rlhenry, there are several institution that will refinance
but think twice before doing it
you might get lower monthly payments, but the final sum will be bigger, you realize that
if you think long term, think how much many you could save for your child (college etc.)
you are doing fine, i think you and your wife should manage with $300 each, no?
Brian
but think twice before doing it
you might get lower monthly payments, but the final sum will be bigger, you realize that
if you think long term, think how much many you could save for your child (college etc.)
you are doing fine, i think you and your wife should manage with $300 each, no?
Brian