I have inherited some money and I want to use it to pay down the debt on my house and to make the payments lower. Would it be better to pay the mortgage down 0K and then refinance the K balance or Should I refinance the 5K and put a downpayment of 0K? Maybe it would be the same difference, but I just wanted to make sure I am using this money in the best way. Thanks!
I want to take advantage of the decline in intest rates by refinancing my mortgage. When I search online I find a lot of rates quoted for new loans but not much for refinancing. Is it safe to assume the refinancing rates will be similar to the new buyer’s rates (with the same terms and credit rating of course)? Thanks.
Hi,
I am in need of a "calculator" or set of calculator that helps me make a decision on my personal situation. Here is brief:
I am planning to refinance my house. Trying to decide 15 year mortgage vs 30 years. I have already completed about 4 years of mortgage.
Now here is dilemma:
If I do it for 15 years I save about 160K in additional interest payment. So that is a good news. However, it sets me up with 800$ per month extra in payment. Now, IF I go for 30 years ( which frees up 800$s ) — and if I consistently invest in stock/funds etc and assuming ( 6% on average return, 8% is too aggressive!! , OR I want to see various returns % ) and at the same time I save in taxes for additional 15 years. Which is better 160K I saved OR 30 year option.
Also, consider that after 15 years I would have freed up the whole mortgage payment so I could very well invest those money for additional 15 years. But then tax benefit for last 15 year would go away. Also, I might need to factor in inflation as well.
Any calculators on the market OR any direct help from the community would help me determine this ? I am just trying to do various What-IF scenarios to make up a decision.
Thanks
– Jignesh.
I have recently received a few quotes on refinancing my mortgage, and 5600.00 in fee’s seemed a little high. Loan was for 175k. Are these guys trying to rip me off, or is that about right for a refi?
I bought an apartment in 2007 and the mortgage rate for 30 years is 6.5%. I recently went to a bank and they gave me the rate of 4.9% (as of April 09) for refinancing. It seems like Obama’s plan is working which is great. But do you think the rate will even go lower? Should I wait longer or better to settle now?
Which one to pay of first or to prepay on all of them equally
I have 3 loans against my house, when I bought my house for 145K 3 years ago I had a 80/15/5 loan (to avoid PMI). And 2 years ago I got a HELC for 15K
Loans – (current balances) [monthly payment]
#1 – 116K (112K) @ 6% fixed for 30 years [6]
#2 – 21,750 (19,860) @ 6.75% fixed for 30 years [5]
#3 – 15K (14500) 4.25% adjustable for 20 years
My monthly payments for #1&2, including taxes are 01. (I prepay my insurance) payment for # 3 varies but is 5 per month right now.
I CANNOT refinance, I have tried for 3 months now, with different companies, the numbers don’t make sense, and there is too much cost for it to help me.
I dont live in the property; it is a rented for 50 per month.
I dont have any plans to sell it.
maybe i will try to refi or sell in a year
If you know of an online calculator where is can put in all of my figures and do it myself, i looked but coulnt find one.
Just wanted know to if anyone successfully refinance your mortgage with Citimortgage throught the Making Home Affordable Program? I have been calling Citi and left my infor. and there is no one returning call. Its frustrating, I just wanted to take advantage of the low rate. I don’t know if the same thing happen to other people.
I got my mortgage in September at 6.5%. Rates have now dropped. The people I’m with say they won’t refinance even though their rates are at 5%. What’s a good company to refinance with in Boston area in Massachusetts?
Thanks.
Heard of Bait and Switch? Here’s an example. Joe at Wells Fargo Financial calls and says - "Come in to our office, we can refinance your auto loan, give you 0 cash back and lower your payments!" Of course we went in to check out what they could do. We get there and the guy is ALL about our MORTGAGE, which we have with a different bank. After explaining that we are NOT interested in home equity loans or refinancing the mortgage through Wells Fargo, suddenly he CAN’T do anything for us on the auto loan. He actually started arguing with us about how it doesn’t make any sense to him that we wouldn’t take him up on his fabulous offer!! WHOA NELLY! What the hell just happened here? You don’t get your grubby f-ing hands on my house, and the deal is off? Well, all I can say is, that guy is damn lucky my 8 yr old daughter was sitting there with my husband and I because if not, I think he may have found his little calculator crammed down his goddamn throat. Better Business Bureau, here I come
I am late for August and September on my mortgage, my mortgage amount is more than the home is worth on the market today, is it possible to refinance the mortgage.
