Questions about refinancing home mortgage? i put this in the wrong section?

Tips and Deals Forums Home Mortgage Questions about refinancing home mortgage? i put this in the wrong section?

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    • #206372
      Anonymous
      Inactive

      with the fed cutting the rates so low, now would be a good time to think about refinancing right? my mortgage interest rate is currently 6.25 fixed, i think we owe about $95,000 on it. my husband and i have excellent credit, and we’ve been in our home for 5 years. would refinancing lower our monthly payment significantly, how much does it cost to refinance?

      oh weve also paid our mortgage through march, so how would that work if we did decide to refinance

    • #262143
      Anonymous
      Inactive

      We were in the middle of locking in 4.875% for a refinance today when rates went back up. We’re hoping they’ll go back down. Like you, we’re at 6.25%. The closing costs I was quoted today were about $3500. Our payment would reduce by about $130 per month, so it would take us 27 months to recoup upfront closing costs. We plan to be in our house for more than that so it will be worth it for us to refinance.

      You should use some mortgage calculators (try bankrate.com) to see how much you’ll save per month and how many months it will take you to make up those costs. Then decide if you will be in your home long enough for it to be worth it.

      As for what you’ve paid upfront it may depend on how its been allocated. If its sitting in an escrow account you’ll get a refund.

    • #264144
      Anonymous
      Inactive

      Now is a good time to refinance. I hear rates could be as low as 4.75%, so it is definitely worth refinancing. Refinancing will lower your payment, but something to consider is reducing the # of years on the mortgage to a 15 or 20 year, the payment difference is not that much, but the difference in what you pay out in interest over the life of the loan is HUGE!!

      In regards to your mortgage being paid thru March, just lowers the amount of the payoff at the time you close and lowers the amount you need to borrow in order to refinance.

      Start shopping rates with your bank institution first, credit unions are great. You want the best rate, but you also need to consider the closing costs involved.

    • #267999
      Anonymous
      Inactive

      This is the right section

      Enter your numbers here.

    • #433574
      Anonymous
      Inactive

      ontact an independant insurance agent. Most have the ability to quote multiple companies.

    • #433575
      Anonymous
      Inactive

      I would check out InsureMyHouse.com They list local agents by zip code.

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