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bksugar | Is it wise to re fiance if I have 15yrs left to go on payment? |
My question is Well Fargo will refiance at no cost to me. I have 8% interest now and they fiance at 6.7%. Do they start out taking the majorty of the payment as interest. Will I come out the same or better. |
 |
 
You are loved
 |
Then by all means do refinance your home, the question is, is it a fixed rate? The rate seems higher for a 15 yr loan and if you have a good fico score, you should definately be getting a much lower rate.
Don't refinance if your loan will not be at a fixed rate, it sounds that they are offering you an ARM loan in which case, I wouldn't do it, until your fico score goes up, work on that. |
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Dolev
 |
There is always a cost ( sometime it is hidden )
Nobody is giving out the store.
It is reccomended you'll have at least 2% difference before you'll re-fi.
However -
Interest rates have stabelized - and the FEDS are done raising the interest rate ( For now. )
Yield rate of 10 yrs treasury notes are at 4.76% ( Last Frday )
Wait a while - by Novemebr - you may see lower rates.
Also - make sure your credit rating is still above 700 Pt. score. if it is lowered - you may be asked to pay a higher rate.
Keep in mind for other changes in your life that may influence your bowrrowing power ( Job , Open loans , CC debt, etc )
Do the math - or let Wells Fargo do it for you .
Good luck. |
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bianca
|
if the rate they offer you is for 30 years- i will not refinance, because even your new rate will be lover, but again you going to pay this mortgage for 30 years. this refinancing only make sense if you will get 15 years mortgage. wells fargo maybe will not charge you nothing, but how about other charges like title, appraisal? ask them for good faith estimate and read very carefully what you going to pay for. |
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Dan
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There are two ways for banks and mortgage brokers to make money. One is with closing costs and the other is upselling the interest rate. It appears Wells Fargo is offering you no closing costs but is upselling the rate. What that means is normally your rate could be 1% lower. There is a price to do business no one is going to do the work for free. I do have a slight problem with you refinancing. If you are not doing some type of debt consolidation or taking some cash out or even getting into a 15 year fixed loan I do not recommend it as there is no benefit to you. I hope this helps you but if you need any help or have any further questions please feel free to email me or visit my website www.dantadgerson.com. |
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Robert s
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The real question is do you need cash out? Or do you need to pay off some debt? You could get a 15 -20 year mortgage. The main thing is "Do you need the first two questions I just asked" If so you could save alot of money per month, by consolidating your debt. and since you have had the loan that long. I'd say you have alot of Equity in the home. If it's under 80% loan to value, your credit score is above a 680 and your debt-to-income ratio is below 55 percent. I can get you a 6.25 on a 30 year loan and or a 5.875-6% on a 20 year note. This is my profession, and I could easily beat wells fargo. Let me know if you need osme help. www.equityconsultants.com is the comany i work fors website and our toll-free number is 800.546.9080 ext 199 |
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tadopoly@sbcglobal.net
 |
Lower rate equals lower interest. Mortgages are not like car loans. They are not frontloaded with interest. The deciding factor is if you can recover your costs in the timeframe you plan to keep the new mortgage. If you have only 15 years left, you can choose from a new 15 year fixed or even a 30 year fixed if you would like to consider a lower payment...Very wise if you plan to retire or budget issues may arise in the future. While WF may not charge you fees, there is most likely outside fees like title company, escrow, appraisal, credit, etc to consider. I'm a nationwide mortgage broker with 20 years experience. Contact me for a free no-obligation quote on your specific scenario.
Regards,
Steve Larson
steve@slarson.com
www.slarson.com/contact
Due to the nature of the questions and limited answer space, all answers provided are not to be considered legal advice. Please double check with your chosen professional before acting on any advice supplied over the internet. All information is considered accurate at the time, but is not guaranteed. |
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John B
 |
If I understand you correctly, you want to re-finance a loan that you have been paying on for 15 years and have 15 years to go?.. I would say no, unless you are talking about making a 15 year loan. If you increase the length of the loan then you are not really any better off. The difference between 6.7% and 8.0% is only 1.3%. That amount is too small to consider it. Unless you are going to do a bill consolidation loan then possibly that might work. Its confusing and not a simple answer but in most cases I would say no. |
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helpme1
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what about points? If the interest is lower, that's a good thing but they often make you pay for it. What about finance charges? Even if they say no cost to you, it is most likely added in at the end. If there a balloon pmt? Same term? Fixed rate or variable? check all this out.
If everything checks out and you get a fixed rate, go for it.
If it's a variable rate, stay where you are. |
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samsam1s
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i have to agree with the first answer although it confusing. There is always something hidden and no free lunch at all expecially where money and banks are involved. be careful .... |
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