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refinance mortgage
Posted by Frank Shelton on July 4, 2010 at 8:50 pmi’m pondering refinancing my mortgage and am wondering if anyone has done it lately and if there are any new hoops to jump through. we did it a few months after construction when the house was completed, but that was ten years ago and the world of refinancing has probably changed a bunch since then.
thanks in advance.
Frank
Lamon Miller at home replied 14 years, 2 months ago 7 Members · 6 Replies -
6 Replies
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I just sold a house(well waiting to close)to a lady who got a FHA 30 year MTG @ 5% with only 3%down. Isn’t that what got us into this mess in the first place?
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refinance mortage
we refinanced last week at 4.25%
No hoops.
I would say it is worth it! -
I guess it depends on the lender. Remember that your tax dollars went to bail out some of those banks. Some money is being loaned at this point, but I think they are still suffering from the sting they, their lobbyist and a failure to apply common sense brought to this economy.
Last week I heard the % dropped to 4.5. Although tempting…I’d read every word on the loan papers and not set yourself up for a downfall later.
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I refinanced a month or two back, going from 6.9% to 4.375%. When I look at that truth-in-lending form that says “If you make all payments as scheduled, you will pay this amount”, the difference between the two loans is enough to buy an entire additional house.
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the biggest obstacle in a refi right now is the appraisal. if you don’t have a lot of equity you could be in trouble because many homes are not appraising for the value left owed on them. if you have good equity and a steady income you should be fine. google ‘closing costs’ to find out about what you should be paying and make sure you are not getting ripped off. a refi can save you huge money right now. appraisers are some of the only people i know that are staying busy.
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I considered a refinance several months ago but stopped the process. The key to a refinance is the closing cost, how long you have left on your current loan and old rate vs. new rate. I have just under 12 years left and the $3,500 of closing cost was not worth it. Now if I had 20 plus years left on the loan it would make since.
The process seemed to be almost the same as it was 10 years ago.
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