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If I could just get my FICO back over 700 I would LOVE to Refi. I want to get a HELOC too to capitolize on the equity I have but no-one is touching a 680 any more. And Stated Income is a HUGE nono now.
is it time to refi again? I missed the boat last time but saw on bankrate one for < 417k loans for 5.375???? not for a refi but new loan.
If I could snag 5.5% over our 6.0% assuming it costs $5500 to refi (I really do not know how much it is going to cost????) on 308,000, we will be even with with our current mortgage in exactly 4 years if we put the difference ($100 less per month) back into the new mortgage. If we continue on that path we'll be out of the mortgage 28 months earlier....or 52 thousand bucks. Which will probably will be chump change in 2035 or 2037. HMMMMMMM.
is it time to refi again? I missed the boat last time but saw on bankrate one for < 417k loans for 5.375???? not for a refi but new loan.
If I could snag 5.5% over our 6.0% assuming it costs $5500 to refi (I really do not know how much it is going to cost????) on 308,000, we will be even with with our current mortgage in exactly 4 years if we put the difference ($100 less per month) back into the new mortgage. If we continue on that path we'll be out of the mortgage 28 months earlier....or 52 thousand bucks. Which will probably will be chump change in 2035 or 2037. HMMMMMMM.
The real question is- will the house appraise high enough to get a new loan for the existing loan amount?? There are plenty of people who would love to refi their loans, but since they put so little down and/or the prices on their homes have dropped so much, the banks won't give them the new loan.
our LTV is well under 80%. i am just not familiar with the refinancing process and what all will need to happen... not sure if we need a lawyer for that. what fees we'll need to pay again (title search/insurance i would guess...)
You shouldn't need a lawyer for a simple refinance. I would suggest calling your current lender and asking about the process and fees. Might want to call one other lender to get a comparison, but often your current lender will offer the best deal on fees. Twenty minutes on the phone should get you all the basic info for your specific situation. And many lenders should be eager to help you out as they're happy to find qualified borrowers with attractive LTV's like yours.
I called our bank, and their CURRENT rate (obviously way behind today's rates) is 6.25 and they were not willing to renegotiate. Unfortunately we do like our bank as they are local, and have a physical presence. However, money talks.... I talked to 2 banks both with reasonable fees ready to give me 5.375.
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