Posted on: 13th Jun, 2010 09:15 am
i purchased a condo in march 2010 for $239,000. fha loan at 4.87%. i have now sold my old condo and have $130,000 cash. should i refinance, restructure, pay a significant amount toward current loan? do nothing? i currently pay $1592.00 for current loan (30 year) i want to pay less monthly over shorter than 30 year period. please advise. thnanks
Welcome lenpau,
You won't be able to refinance your present mortgage immediately. You'll have to wait for 8-10 months before you can refinance the loan. You can pay a significant amount towards your present mortgage and lower your mortgage principle.
You won't be able to refinance your present mortgage immediately. You'll have to wait for 8-10 months before you can refinance the loan. You can pay a significant amount towards your present mortgage and lower your mortgage principle.
That is simply not true you can pay off your FHA loan at any time. If you have the cash it would be advisable to put down 100k to pay down the principal and remove the MI that would be required for 5 years. 15 year conventional rates are very attractive right now and would pay off your mortgage in half the time.