when can refinance my house. i;ve bought it in dec 2005 with 30 years fixed mortgage at 6.375%?

Question

Now i am receiving all this letters telling me that they can get me a lower interest rate . I have a VA loans with 350,000 . i am new to this can somebody help me ? i will really appreciated

Answer 1

There's likely to be no point in refinancing for you, unless you got down to 5.5% and were there for many, many years.

You probably put no money down when you bought, since most VA loans have 0 down payment.

The VA refinance funding fee alone makes the costs prohibitive, plus all the closing costs on top.

Going to a conventional loan, and not having much equity, would cause your overall financing to be at a higher rate than you have today, assuming you either take mortgage insurance (something you do not pay now) or a higher rate 2nd mortgage.

The rate you have now is lower than what was available for about 35 of the past 40 years. Just keep it and ignore the offers coming to you, unless you see from the news media that rates are down at 5.00% again.

Answer 2

If you bought it in 2005 it may not pay to refinance it because you paid closing costs when you bought the house and there will be closing costs again. If you factor in these costs it may not pay to refinance unless there a huge difference of a point or more on the interest rate. 6.375 is a good rate. I have 7.125% and I haven't refinanced because I only owe $22,000 and the closing costs wouldn't pay.

Answer 3

You can refinance 1 day out of closing. However, check the closing costs and the fees. Your rate may be a little lower, but if it takes you 15 years to recoup the costs, is it really worth it?

Answer 4

I purely have been given out of the very own loan feild, after being a private loan broking service for the final 8 years. you have an exceptionally low intrest fee @ 5 %, yet how long have you ever been contained in the very own loan. while you're 3 or 4 years into the very own loan then a sturdy deal of your fee is going without delay in the direction of the theory intrest each month. in case you bypass to a 30 year fixed @ 5.seventy 5, it seems such as you're in basic terms paying .seventy 5% greater, yet in fact which you will no longer start to repay the theory for appropriate to the subsequent 10-15 years. bypass on line and seem for an Amortization Calculation, and plug inwhat you curently have and then plug contained in the very own loan which you're finding at, and then seem on the reall fee of entering right into a 30 year very own loan. i could leave the very own loan which you have on my own in case you have sufficient money the fee!

Answer 5

You really have no reason to refi right now if you just bought your home a year ago and you have a 6.375 rate. The conforming rates right now are right about 6.125 so unless you need to equity out your home which I don't recommend you really don't want to refi....... Enjoy your home and the holidays. If you have any further questions you can write me at [e-mail]

Answer 6

Hi ,
I don't know who is sending you those letters but can surely say that you can have a refinace now as the interest rates now are low . Please provide your credit score and i can ask my lenders about the rates at which you can get .
Normally rates now are going at higher fives and lower sixes .
write to me at
[e-mail] or call at 480.751.4125...

regards,
kish

Answer 7

Be very careful. What is the length of time for your pre-payment penalty? Your 6.375 is good but re-fi will cost you more closing costs and I'd be real careful.

Answer 8

You can in fact refinance it now; I would be very skeptical of all these letters however. We partner with many lenders throughout the U.S. and can most likely link you to an honest lender who can help you. [e-mail]