i'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
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?
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.
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.
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.
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.
