Please suggest me how long should i waite. should i pay more towards my principle?
value of the house is 580000 and about i want to refinance is 216000
2007-06-15 10:58:56 · 7 answers · asked by jayis19 1 in Business & Finance ➔ Renting & Real Estate
You're not going to find a rate much better than what you have right now. Assuming your current loan has no pre-payment penalty, just pay a little extra principal each month and you can pay it off in 20 years. If the current remaining balance is $216,000, you just need to pay $1,579/month and you'll pay it off in 20 years. That's probably not that much more than you're paying right now. If you take this approach, you can accomplish the same thing and not have to pay expenses for getting a new loan.
2007-06-15 11:42:52 · answer #1 · answered by Marko 6 · 0⤊ 0⤋
House value does not matter if you are not trying to get any of your equity out. I don't know what rates you've been promised or are in your area but 6.25% fixed sounds like a great rate to me (Realtor in Ocala, FL) I personally would just pay extra towards the principal on a regular basis. I remember doing an amortization schedule in the past on a $100k home and an extra $100 a month cut a 30 year loan down to about 17 to 18 years.... Check out the calculators at www.bankrate.com to figure yours out - they even have a refinancing calculator (see link below) Hope this helps!
2007-06-15 18:11:08 · answer #2 · answered by mytownocala 1 · 1⤊ 0⤋
Refinance sooner than later to pay down the principal quicker. A good loan officer can get you a better rate as well. I recommend First National Banc Corp. They do business in most states and are your best opportunity for someone to say yes. ADDITIONALLY, IF YOUR CREDIT IS SUSPECT, THEY SOMETIMES FRONT THE MONEY TO GET YOU INTO A CREDIT RESTORATION PROGRAM SO THAT YOU CAN QUALIFY FOR A LOAN. Check out the free evaluation form at the source website and a First National loan officer will contact you within 24 hours. Good luck.
2007-06-17 09:20:10 · answer #3 · answered by stephen l 2 · 0⤊ 0⤋
It appears that you have no interest in pulling out equity in this change of financing.
You seem to have very substantial equity in the property. Were I in your situation, I would simply increase the amount of my monthly payment and retire the mortgage earlier than the thirty year period. Why ? Because you won't save much at all, considering the costs of refinancing coupled with the slightly lower interest rate. Additionally, should you encounter a financial situation where money becomes a bit more tight than it currently is, you can always default to the mortgage payment required.
2007-06-15 18:32:14 · answer #4 · answered by acermill 7 · 0⤊ 0⤋
I doubt you will get a better rate than you already have. Another approach aside from making additional payments to principle monthly is to set up payments every two weeks. This adds an extra monthly payment every year. If you do that and add $50. every two weeks to the principle you will be done before you know it.
2007-06-15 20:37:15 · answer #5 · answered by Tom J 3 · 0⤊ 0⤋
http://www.rioshomeloans.com/ this guy help my sister refince her house anyway she was really happy because they go to the really big company for you and work one on on e and they arent cold about helping you i think that the same guy as a email there and JRIOS.A75385@mynlc.com he might be able to help he also got my uncle a pizza shop good luck !!!
2007-06-16 04:01:39 · answer #6 · answered by Anonymous · 0⤊ 0⤋
pay more on the principle,
2007-06-15 18:22:17 · answer #7 · answered by ron d 3 · 0⤊ 0⤋