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Our house is for sale - can you tell me what you think - is it worth the price - do you like it - changed needed?
Thanks so much!
http://www.realtracs.com... |
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Additional Details
he said that once he had renewed it two times that he dont need to do it any more but i dont know if that is true or ... |
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Answer could include any practical/non practical reason. But please support your answer with genuine experience /sources.
Additional Details
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If so, what is the name of the mortgage company or bank.
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Galop | Should I refinance my house? Presently I am on 30year fixed with 5.875%? |
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mikesco
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That is a good rate already, typically by the time you pay the fees, it would take 5-8 years at a 1/2 percent interest reduction to break even. You should carefully consider how long you are likely to live in your house and the chance that you may need to move due to a job change ect. Be careful because a lot of the rates being thrown around that sound real good are adjustable. I think it would be a rare person that it would make sense to refinance at the rate you paying and where rates are currently at. |
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Ethan
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No. The current rates are pretty high. Unless you NEED a cash out I would not recommend a refinance. |
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auskan2002
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Why would you want to re-finance? You have a lower interest rate than you could currently get, so any re-finance would mean you'd be paying more per month, PLUS you'd have the re-finance charges up front. If you want to pay it off faster, just double up on principle payments. |
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nikkimccarty
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Unless for minimal costs they can get you a lower percentage still on a fixed rate then no. |
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jstrmbill
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you will not find a rate better than that, fixed or balloon.. |
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peekie
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Oh, I would definitely refinance your home for 15 years, if you could possibly afford the higher payment. You would be shocked out of your mind. A home financed for 15 years versus 30 years is not that much higher than the payment for the 30 year loan. Depending upon the amount you have financed, your payment may only go up between $100.00 and $300.00 per month.
If you can save 15 years of payments on your home, by only paying a small bit higher than the current payment, then don't be foolish! DO IT!
Good luck! |
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jcampos8782
 |
Everyone who has answered above has given a cookie cutter answer based on knowing only your rate and term. 5.875% is a good rate, but more information is needed before I can tell you whether or not you should refinance. If you answer these questions for me, I can give you a quote as to what rate I can get you and tell you what your best option is.
1) How long do you intend to live in this house? If the answer is less than 5-10 years, you should get out of your fixed rate mortgage and into an ARM. Why? Because banks charge a premium for the comfort of a fixed rate mortgage! Unless you plan on staying where you are at forever, an ARM is the way to go... The rates can be locked for 5, 7, or even 10 years so you won't actually have to worry about your Adjustable adjusting!
2) How is your credit?
3) What is your current mortgage payment?
4) What is the current principal amount?
5) How much monthly income do you have and how much monthly debt do you have?
6) What is the value of your home according to www.zillow.com
If you answer these questions for me, I will give you a personalized answer... not some out of the box "Yes" or "No" based on insufficient information. The people who said you can't get a lower rate are nuts... I just refinanced someone to a 5/1 ARM at 4.75%!!! |
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Charles S
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No. You will probably not get a fixed rate with an interest rate that low. Depending on how long you have had your mortgage, you might not even have enough equity in your house to even cover the closing costs of your new mortgage. Just stick with your current loan, and you will probably end up saving thousands in interest. |
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wildand5150
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Why fixed is perfect as long as you are affording the payments, better not refi. |
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boston857
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The average rate is currently at 6.11%...I would stick with the 5.875%..... |
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bostonianinmo
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Only if you want to pay MORE every month! Your current rate is below market right now for most loan programs. Refinancing would be a money loser for you. |
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mktgurl
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No. The primary reason to refi is so that they can lower their monthly payments. That is a good rate and whatever teaser rates you may be seeing in refi advertising won't last for the 30 yrs that your current rate is set at. Rates are higher than your 30-yr fixed.
Also, you'll have to pay closing costs again, so you might want to factor that into your calculations if you are considering to refi.
Items that you may have to pay for (again) with a refi:
Application fee
Credit check
Attorney fee(s)
Title search
Title insurance
Appraisal fee
Inspection fee
Local fees (taxes, transfers)
Doc prep
Bankrate.com has a refi calculator:
http://www.bankrate.com/brm/news/pf/YIRguide06-07/mortgage/calculator/refi.asp?caret=3 |
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doinou
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No, No, No. Absolutely not. Hold on to that rate. |
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AJ
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Very simply:
HELL NO |
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Bodacious Baby
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NO NO NO GREAT RATE U WOULD NOT SAVE ENOUGH $ TO JUSTIFY THE REFINANCE FEES THAT WILL BE ADDED TO YOUR MORTGAGE AMT. AGAIN NO |
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emourelatos
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You cant get a better rate than what you have now. Why would you do that? |
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NONAME
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That's the same rate you could get today. So, NO.
Even if you wanted to shorten your term, you'd accomplish 95% of the benefit by simply paying what a new 15 or 20 year payment would be. |
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Bobbie
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don't think it gets any better than that! your at a great rate right now.unless you really have to for cash out for bills or home repairs,i would not touch that.if you do,i would be sure that your rate stays low.if your rate stays low and you need the cash out,your payment should not change by much. |
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tadopoly@sbcglobal.net
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Only if you need cash-out. Your rate is good in today's market.
If you have any other questions, or need assistance, please contact me via my website http://www.slarson.com/contact or email me directly at Steve@SLarson.com |
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