Comments on: How do you go about refinancing your mortgage?

By: anthony n

anthony n — Sun, 09 May 2010 06:10:45 +0000

The first question that I would have is how much lower have the rates dropped? What is the amount of your mortgage? There are many factors to consider when thinking about refinancing your mortgage. Just because rates have fallen doesn’t always mean that it would be a win to refinance. First of all most banks today want to see at least six months and some up to a year of seasoning on a new mortgage. What this means is that you have had the loan for that period of time. In some cases banks will make an exception, but it would not be considered the norm. Second consideration have the rates dropped enough to justify spending money on closing cost and typically adding to the amount of the loan? Remember on a 5 year interest only ARM your rate is fixed for five years and you have the option of only paying the interest. Five years in the financial world is a long enough time for anything to happen. In the case where rates have dropped a point or more it may be worth considering. Always do your homework and stay away from the hype; what makes sense for someone else doesn’t always make good financial sense for you. Good luck…

By: mortgage help

mortgage help — Sat, 08 May 2010 02:25:49 +0000

If you need a lower payment because of financial stress, then yes, just do it. If you want to see if it makes sense over the long term, do an analysis. here is a calculator to help with that:
and some more insight on refinancing:

By: Brent M

Brent M — Fri, 07 May 2010 11:50:30 +0000

It is a good question, I need more info to properly answer it. Ask yourself these questions? How much lower? How much will you save by refinancing? How much will it cost you? And finally how long do you think you will live there? A good example would be if say rates were .50 lower than when you purchased. Great you can save $100 per month and it will cost you say $1,800 to refinance. And you know you are going to live there at least 3-5 years. Then the answer is obvious, you should refinance, skip the payment and save money for years to come. Use this model to determine what you should do. If you only save $25 per month and it still costs you $1800 to refinance then you are wasting time and money. Of course you could always count on skipping that payment which could put some cash in your pocket around the holidays. Contact an HONEST loan officer who will put it in writing and explain the pros and cons like I did. And yes I am a loan officer. Email me if you like for more information.

Thanks,

By: J O

J O — Wed, 05 May 2010 18:50:56 +0000

Although rates have dropped you should do some math on how much you will actually save. Let’s say for example that the condo was originally purchased for $200,000 interest only (IO) loan at 8% even if rates have dropped a full point (questionable depending on credit) to 7% you would save 167 dollars a month by doing a refi. That is a significant amount and unless you are being raped on fees by your mortgage guy is probably worth it (should pay itself off in 10 months). But if the rate for you has only dropped half a point to 7.5% you save $83 dollars a month, nothing to sneeze at but that would take you almost two years to save. You must ask yourself if you will be there that long. Also remember that interest on a mortgage is tax deductible so the actual difference is only 2/3 the amount of what I posted. I’m sure this is a bit confusing and not the most eloquent thing to read, feel free to email me if you have any questions, I have a couple referrals already from Yahoo people.

By: inowhere

inowhere — Sun, 02 May 2010 18:53:27 +0000

Hi, This is Greg Darlin with Choice Finance in Rockville, Maryland. 301-881-8900, ext. 106. I am the most Sr. Mortgage Broker with my company. Now for your answer . . .
It depends on your current interest rate, how long you intend on keeping your property, the current rates today and your closing costs. Sounds like a mouthful but those are the considerations.
Go to my website, then e-mail me at:.
Sincerely,
Greg Darlin