Posted on: 05th Jun, 2009 10:53 am
we currently have a 20/80, 30yr fixed loan. together the rate is about 7.5%. we still owe over 270,000 on the loan. would it be wise for us to refinance?
Hi in present scinario It is not advisible that you can refinance........
In my personal opinion you should wait as market rates are going down.
In my personal opinion you should wait as market rates are going down.
rates have been rising for 2 weeks. if you wish to take advantage of lower rates, it might be beneficial right now. what is key is the value of your home - you financed 100% of the price; what is the current value?
jgrichardson,
The blended rate of 7.5% screams ..REFINANCE! However, we would need to know more about your scenario. What are the two rates? What is the balance of each loan and what is your property worth today? Any idea what your credit score is?
Sunil, you have other posts where you are asking questions that are basic or elementary for someone in the mortgage business. Meanwhile, you are also attempting to give mortgage advice to people. People are asking serious questions and are looking for legitimate answers. Out of respect for those who are here for real answers, please refrain from posting advice unless you are sure about the accuracy of your posts.
The blended rate of 7.5% screams ..REFINANCE! However, we would need to know more about your scenario. What are the two rates? What is the balance of each loan and what is your property worth today? Any idea what your credit score is?
Sunil, you have other posts where you are asking questions that are basic or elementary for someone in the mortgage business. Meanwhile, you are also attempting to give mortgage advice to people. People are asking serious questions and are looking for legitimate answers. Out of respect for those who are here for real answers, please refrain from posting advice unless you are sure about the accuracy of your posts.
