In November of 1998, you took out a 20-year note for $220,000 to buy a house. The interest rate was 7.5% per year. The payments were set up on monly basis. Determine if it would be beneficial to refinance for the remaining term of hte lon at teh current rate of interest. Document current interest rate, loan fees, bank.
2006-12-06 02:44:31 · 5 answers · asked by Victoria T 2 in Business & Finance ➔ Renting & Real Estate
Take a ten year loan at 5.375%
www.lendingsolutionsnetwork.com
Eric will be able to help you
2006-12-06 03:19:22 · answer #1 · answered by eric k 3 · 0⤊ 1⤋
If the current interest is 2% lower than the original then yes, refinance. If less than 2% run the numbers. Also, shop around and find who charges the best fees. If you are a good risk then make the lenders work for your business. They are in the business of making loans.
2006-12-06 02:54:08 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You have not stated what your goal is? If you are just refinancing and not consolidationg debt or gettting cash out then no. The situation you just described was basically just refinancing for the sake of refinancing. There must be some goal in which you are looking to achieve. Additionally you may be able to get a lower rate than what is currently being offered to you. Log onto http://www.justgetaloan.net we specialize in assisting people of all credit backgrounds find the best possible deal available for them including low rates, great terms and service. Also you may contact me direct at 866 530 7300 ext 7305 or by email at jfreeman@justgetaloan.net
2006-12-07 07:53:53 · answer #3 · answered by Anonymous · 0⤊ 1⤋
This web sites can help you determine if you will save money in interest.
Matt
http://www.diversifiedlender.com
http://www.homemortgageminnesota.com/
http://www.refinance-second-mortgage.biz
http://www.minnesota-mortgage-rates.net
2006-12-06 03:53:12 · answer #4 · answered by Matt J 3 · 0⤊ 1⤋
It sounds to me like you are trying to get someone to do your homework.
2006-12-06 02:53:28 · answer #5 · answered by cajohnson667 3 · 1⤊ 0⤋