i purchased a home 1yr ad 3 months ago i been having a hard time paying the mortgage one of my loans has a 10.0 intrest the other a 7.0 wich are both high so my payment is 2300 ,,, i have a 5 yr fix loan ,..soo i have to refinace before i hit 5 yrs ..to much but i also notice the rates when down now soo i want to rifinance but iam not shure if its a good choice anyone have any good suggestions????
2007-03-14 08:57:57 · 7 answers · asked by CHRIS A 1 in Business & Finance ➔ Renting & Real Estate
If you have a 100% loan....that ship has sailed. All subprime funding has gone the last two weeks. You will need to document your income and make sure to have the credit score.
2007-03-14 09:00:13 · answer #1 · answered by Anonymous · 1⤊ 1⤋
It sounds like you need to refinance and combine the two mortgages into one. Your payment would be much less. You should use an amortization calculator (there is one on yahoo finance) to determine how much you will save over the life of the loan if you do refinance. You are paying all interest for the first five years so, the sooner you refinance, the less interest you pay in the long run. If you wait the 5 years, then refinance, you will have about the same principal and will start over in the amortization schedule meaning all interest payments once again.
2007-03-14 09:07:52 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You should definitely refinance your home now and take advantage of the low interest rates. Make sure you don't have a pre-payment penalty though. If you do then you have to wait until after the pre-payment penalty to avoid a fine for paying your loan off early.
2007-03-14 09:02:41 · answer #3 · answered by Vikki 2 · 0⤊ 0⤋
You can certainly refinance whenever you like, but just make sure that your credit score if up to par.
You need a score between 650 - 800 to get a decent interest rate. If your credit rating falls below 650....interest rates are higher.....so you might not be able to get a rate better than you are currently paying.
2007-03-14 09:06:38 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I would also recommend checking into it now while rates are low. There is allot of turmoil in the market right now as long as your credit scores are high enough you should not have a problem. If they are not you will at the very least know what you need to do to help get you in the position to do it at a later date. I would be more then happy to give you a quote you can contact me at my web site. http://homefrontmortgage.us
2007-03-14 20:44:22 · answer #5 · answered by CAS 2 · 0⤊ 1⤋
that would be up to you. put i can see why you would want to refinance your home. you can refinance any time that you want. you could have refinanced your home the day after you brought it if you wanted to. the only way you will not be ble to is if you have a prepay. if you don't have one you can do it now. depending on what state you live in i may be able to help you with you refinance. I'm a loan officer. shot me an email.
2007-03-14 09:02:44 · answer #6 · answered by cmruffin1 2 · 0⤊ 1⤋
www.rodneyanderson.com
2007-03-14 09:00:39 · answer #7 · answered by Blunt Honesty 7 · 0⤊ 2⤋