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Refinance help???

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Old 03-17-2003, 08:43 AM
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OK. I think I'm finally going to do this refinance thing. I believe I can get an interest rate that can benefit me. Give me your thoughts, opinions, and advice. Here is why a want to refinance:

1. I am currently at 7% and I believe I can get under 6%. I live in the state of Ohio. How should I select a mortgage company? Do you have any I should try?

2. I would like to go from an 30 year FHA loan to an 15 year conventional loan and knock off payoff time.

3. Or go from a 30 yr FHA to a 30 yr conventional, lower my payment and roll some (about $7-10,000 of debt ) debt into refinance?

I will not move anytime soon, and if I do, it will be at least 12-13 years. Therefore, if I can convert to a 15 yr loan, then when I am ready to move, the house could almost be paid for.

I am not struggling with my monthly payments nor financially. Should I refinance or not? Is it beneficial in the long run? GIVE ME YOUR THOUGHTS!! THANK YOU FOR YOUR ADVICE.

Last edited by Luv-N-It; 03-17-2003 at 08:54 AM.
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Old 03-17-2003, 08:55 AM
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I have been in this house about four years.
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Old 03-17-2003, 08:56 AM
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My wife is vice pres. of the credit people, call her at 703-362-8014 that is her cell tell her Greg gave you her #. You may have to leave a mesg. If your beacon score is over 680 you should be able to get into th high 5's% rate. Her name is Donna Abrahams
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Old 03-17-2003, 08:56 AM
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I wouldn't settle for anything over 5% fixed right now. Go ahead for the 30-year deal, but get a loan with no early payment penalty, and pay it off at whatever rate you want. (Watch out for lenders that want too many points, though...)
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Old 03-17-2003, 09:31 AM
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OK,

First you need to refinance. You continue to pay MIP (mortgage insurace) on your FHA and you "may" be able to refinace to a conventional loan and not have to pay PMI, this will depend on your loan to value.

Second, I would first talk to whom ever you bank with; the first mortgage rate market is very competitive and if you have good credit you wont find 1/8-1/4 difference in rates from reputable lenders so it really comes down to someone you are comfortable working with, much like a boat mechanic. Be aware of your costs and prepaids. Sometime rates are quoted with a point or a 1% origination fee to make the interest lower. If it is compare it to a rate without the point or origination fee and compare the APR number. That is what tells you the actual cost of credit ove the life of your loan, the lower the APR the better the deal generally, but not always (too long a discussion for this forum.) If there is a prepayment penality then you are in the wrong place, I haven't made a house loan in 15 year that has a prepayment penality with the exception of a few super jumbo loans ($1,000,000+) and even those were very few and far between.

Third rates trended up a bit at the end of last week. I think we are at 5.125% on a 15 year loan, we also retain the servicing of our loans which may or may not be important to you when selecting a lender.

Fourth, you need to consider all your finances, if you have other higher rate, nondeductable debt you may want to take say a 20 year loan to take advantage of rates but take the payment savings and pay off credit cards or car loans, even boat loans sooner then once those are paid begin applying extra principal to you house payment.

Money is cheap these days especially on houses so reducing the rate is good, but also using that savings to accelerate payments on higer rate debt can be more adventagous.

Sorry we don't loan outside Missouri if I can help you any other way just let me know.

Mike

Last edited by Von Bongo; 03-17-2003 at 09:34 AM.
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Old 03-17-2003, 10:21 AM
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I can help anyone in any State. I work for Wells Fargo Home Mortgage so call me at 616-546-6309. We can do this over the phone and make it very easy. You should get a nice refund from HUD for the MIP you financed in the begining.
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Old 03-17-2003, 08:31 PM
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i'm a broker in N.C. , depending on actually how you want to attack this , there are interest only options available out there that make it possible for a vareity of situations to occur. one is using your house as a financial tool to save and invest more but using it another way can actually build equity faster for you than a 15 yr fixed. you have to think about what you really want your money to do for you right now. good luck in your endevour but definitley drop that rate now. if you've have any other questions about anything feel free to pm me and i'll get you whatever info i can. there are so many options right now!!!!!!bill
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Old 03-17-2003, 08:46 PM
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I am closing my refinance deal Thursday. Going from 6.75% to 5.125% with no points. Loan will be for 10 years, converted from a 15 with about 13 years remaining. Monthly payment will be only marginally higher and I drop 3 years off the life of the loan. I will pay essentially nothing at closing. This is in Pennsylvania.

BT
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