I pay extra principle each month on it and would like to refinance enough to pay off my vehicle and to do some remodeling on my home, painting, etc. I would appreciate all insight. Thanks!!
2006-07-24 07:22:58 · 14 answers · asked by Anonymous in Business & Finance ➔ Investing
Usually it takes about 5 years to make it worth refinancing. However, if you have a very high rate of interest already on your mortgage, and you have been paying on principal with paying more than one payment per month, you may be able to refinance now. Interest rates are passed 6 percent now. If your mortgage is 7 or 8 percent and you've paid down on the principal, you may want to talk to your mortgage company or your closing attorney. They may be able to help you.
2006-07-24 07:26:47 · answer #1 · answered by Anonymous · 3⤊ 1⤋
It completely depends on what rate it is financed at, and what rate you can get. Most people will be trading in a lower rate for a higher rate now, as interest rates have risen a lot in the last 2 years. If you have a variable rate, though, you may look at getting a fixed rate instead. If you want to keep your old mortgage, look at getting a home equity line of credit, and you can remodel with it. Be careful about putting your vehicle on it, as you don't want to be paying on a car for 10 or more years. I know the interest deductibility looks nice, but you have to be sure you have the financial discipline to get it paid off. Many people are refinancing to pay off their credit cards, effectively paying for that lunch you had over 10 years.
2006-07-24 07:29:52 · answer #2 · answered by medoraman 3 · 0⤊ 0⤋
Usaully u refinance with in the 1-5 years because u will pay extra money with interest the quicker the better.
2006-07-24 07:27:22 · answer #3 · answered by lu-lu 2 · 0⤊ 0⤋
what's your prepayment penalty in case you should have one? Than get some comparables interior of 5 miles out of your position if suburba or 10-20 if rurual. Calculate subtract the such as your man or woman loan volume that you took on the resources than which will be your fairness. in case you fairness can cover your 2d than definite refinance and get into one loan. Couple of possibilities right here on concepts: Heloc/eloc-abode fairness Line of credit is a revolving abode mastercard which prices of pastime flucuant with marketplace fee. So even as the marketplace fee alterations up or down so does your fee. solid- is you dont might want to appraisal your position and occasional value. large spot is a credit union or interior of sight economic organization you at the moment economic organization with ought to or may no longer waive the price's. finished refinance and pull from the fairness received and purchase down the speed. you could pull although funds you want from the fairness and purchase down the speed with the fairness contained in the abode. So there are some concepts wish it helps any questions please ask.
2016-10-15 03:54:59 · answer #4 · answered by ? 4 · 0⤊ 0⤋
find out how much equity your house has earned. also be very wary of those refinancing scams, make sure you read all of the small prints and are aware and understand the new terms of the new mortgage.
Besides, pay attention to what you are using the money you take out of the house on. Would want to owe money that you spent paying off your car, after 30 years? the car wont even be around by that time.
2006-07-24 07:29:24 · answer #5 · answered by Chiquita 3 · 0⤊ 0⤋
you are in a good position now, it seems like. If you have been in property for over a year most any lender will work with you. If you woud like, I own a Mortgage Company, you are welsome to email me at TS.AIMortgage@sbcglobal.net and I can get you some more accurate info based on the situation. No matter what you do make sure you tell whomever you work with what your long term goals are so they can help you. Good luck!
Tiffany
2006-07-24 07:27:46 · answer #6 · answered by tiff"N"kai 1 · 0⤊ 0⤋
it depends on how much of the loan you have left.
also what is the difference of the interest rate. as I know the interest rate 2 years ago might be lower then what they are now. check with bankers and see what they can get you if its not under 1% its not worth it. also remember there are the finance charges from the banks unless you find one that don't charge it very unlikely unless they charge a higher rate.
2006-07-24 07:26:47 · answer #7 · answered by Jeff L 4 · 0⤊ 0⤋
Why ever would you even consider this move, just now, with the home mortgage interest rates reportedly 4 times higher than ever?
Wait ---- and Watch --- for a decrease in rates (interest).
Oooooppppssss - I just read all the answers 'above' mine ---
My info may just confuse you --- so ---- ultimately, only you can research the current market/situation and decide what's best for your individual, unique situation. . .
2006-07-24 07:27:58 · answer #8 · answered by Anonymous · 0⤊ 0⤋
you should refinance a house about every 2 or three years that way you finish paying for it faster and you might also earn money
2006-07-24 07:29:36 · answer #9 · answered by dianafedez 3 · 0⤊ 0⤋
Ask the mortgage expert
Moshe Gluck 718-486-3500 ext 15
I used him and he was really great. 1) his deep knowledge 2) very friendly and down to earth.
He will answer you for now charge
2006-07-24 07:35:11 · answer #10 · answered by Daniel I 1 · 0⤊ 0⤋