 Is a cosigner frowned upon for a mortgage? |
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<... |
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Joey W | Should I refinance my 7/1 ARM 2 years early? |
I have great credit and 40% equity in my home. I took out a 7/1 ARM 5 years ago and have 2 years left. I got a good faith estimate from a couple lenders and found I can refinance and my current mortgage into a 30 year loan and it would go up about $50 more a month. Would it be wise to refinance now or wait until Im closer to the end of my 7/1 ARM? Nobody seems to want to answer that question. I get the "You will have the piece of mind it will never go up again and for only $50 more a month" line.
Additional Details
I have not considered taking equity out. |
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Randall Parker, MBA
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Your best bet is to contact your lender, and see what they are willing to do for you. You can probably refinance into a better loan without all the charges you would pay to a broker.
That would be my recommendation of your first step.
The brokers sold you on the peace of mind of a fixed payment, but my guess is that you can do better on your loan. Your ARM is probably above market rates right now, so you should be able to reduce your payment by getting a fixed rate; not pay an increase.
Also, if you are increasing your payment by $50 for a 30-year loan, you are getting hosed. You have 25 years left on your current mortgage. I don't know your balance or your payment, but let's say it is $1,000 now, and will be $1,050 after you refinance:
360 x $50 = 18,000 (Your $50 increase)
60 x $1,000 = 60,000 (Your extra five years of payments)
Your fixed rate, under this scenario, is costing you $78,000 over the life of your loan? Is your "peace of mind" worth that much?
Call your existing lender and/or keep shopping.
Good luck to you! |
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bianca
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if you plan to stay in this house for more then 3 years- i will refinance for fixed rate, if not- live your mortgage alone. if you can afford to pay higher payment- consider 20 years mortgage- it will make a difference with paying down your principal compared to 30 years mortgages. |
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GodBlessAmerica
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I would do it now because rates could be much higher when the arm adjusts and that could put you into a situation that will cause a financial burden. Take advantage of the low rates. I have a friend you should contact, if you show him the GFE I’m sure he will use his pull to beat whatever you have Mike@afbankloans.com
Good Luck!! |
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StockTrdr
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well it sounds like you are only speaking to those who want to sell you a new mortgage. the fact of the matter is that it is a gamble for you. The rates right now are pretty good and the question that you will have to answer is do you think that the rates will get better or do you think that they are as good as they are going to get? (nobody knows the answer to that by the way) |
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The Authority
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Are you taking the equity out of the house when you refinance? When are you planning on selling it? Rates are really good right now so its a good time to refinance for that reason alone.
Think about this, if your ARM adjusts higher you may be paying a lot more than $50/mo. without having any control. I would say pull the trigger on that Re Fi and call it a day. |
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Jennifer
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Hi,
I used "Credit Solution" to settle my loans.They managed to reduce my loans up to 58% .It's legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://d6b0.easyurl.net |
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Ohio State Hopeful
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Try using http://Refinance-Today.info to get refinance quotes from the top lenders. It only took me a few minutes. |
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godged
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Hindsight being 20/20, you should have refinanced when 30 year fixed rates were down around the interest rate you have now.
But moving forward....
I'd suggest refinancing now. Mortgage rates are up and down lately, but the trend is up. With so much economic uncertainly being shoveled up by the media, this trend will probably continue. Lock in the best rate and terms you can find. |
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MortgageGuy
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Hello Asker,
This is a great question that alot of people across the country are thinking about right now.
Many people do not realize but the vast majority of foreclosures across america are due to ARM expiring and payments soaring to unaffordable levels. The sad thing is that over the next 2 will years, over 4 trillion dollars in ARM's are set to adjust that were originated within the last 5 years. That doubles the numbers that we have seen lead us to the mortgage crisis we are in today.
Not that you will have this problem, but if you wait it will become your problem.
Heres the thing, since the mortgage crisis began in late 2006 (when banks started collapsing due to excessive defaults) mortgage lenders across the board started tightening guidelines, and rates began to rise. That is until just recently when the FED decided to try to pre-emptively put liquidity back into the market to help soften the blow this upcoming wave of ARM Mortgages are going to cause.
So in other words, because the forecast ahead unfortunately looks much worse then we have seen thus far. The worse it gets, the harder it will be to refinance your mortgage.
The recent decrease in interest rates it a plan put into place by the Federal Reserve to help homeowners with equity and average or better credit to lock into better rates.
This plan hopes to help banks in need of creditworthy borrowers that for the past 4-5 years have had no need to refinance due to the higher interest rates. Now that rates are at historic lows, refinancing is finally becoming attractive to homeowners in good standing again.
So, to finally answer your question :) YES it is the right time for you to refinance into a fixed rate. Rates will not be lowering any more then what they are now, because the Federal Reserve simply cannot bail out the banks anymore then they have. They have pumped billions of dollars back into the market, and this is their last shot to prepare for the next couple of years of crisis.
I have been advising all of my clients, and in fact calling past clients to make them aware of this same message. I work with a nationwide wholesale lender, based in Chicago IL. Ive helped numerous people from Yahoo Answers both refinance and purchase a home. I welcome you to visit my profle, see some of my "best answers", most of which are now clients and friends. Feel free to email or call me with any additional questions.
I wish you the best of luck!
Jason Fry
Licensed Mortgage Consultant |
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