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Question on refinancing


karwags
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hello,

I'm wondering if we'll be able to refinance at a lower rate. After 2 years of mortgage at 10.00 %, never a late on mortgage. Owe back taxes (being paid on monthly) 3 cc's written off last year. H's score is 562, mine 575. He makes more money. Would like to refinance w/additional $$ to pay off defaulted CC's and taxes. Owe 86,000. on mortgage, worth 150,000. Any good news for me? Thanks,

Karrie

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I appreciate your answer to my question. DH has been at his job for 20 years, and I at mine for 5. I've left a call with the broker, just gonna get my feet wet. Income is ok..not great, but ok with the both of us working.

Thanks again,

Karrie

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hello,

I'm wondering if we'll be able to refinance at a lower rate. After 2 years of mortgage at 10.00 %, never a late on mortgage. Owe back taxes (being paid on monthly) 3 cc's written off last year. H's score is 562, mine 575. He makes more money. Would like to refinance w/additional $$ to pay off defaulted CC's and taxes. Owe 86,000. on mortgage, worth 150,000. Any good news for me? Thanks,

Karrie

Based on your information regarding value and balance, I am showing you can borrow 120,000 and puts you at 80$ loan to value. So roughly 34,000 cash out not including closing costs ^_^ I'm guessing around 6.25 - 7.5% PAR rate perhaps lower though. Certainly lower than 10%!

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You might want to look into a fixed rate as well. Usually these can be had for about 3/4% higher. You would be at 6.7% and may not have to come back and ask us again in two years. (You can still come back and visit though.) Only if you will still feel comfortable with the new payment.

A 2/28 has the more attractive interest rate, but it is quite possible that you will want to refinance again in two years. There is comfort in knowing that you will not need to do this. If interest rates were to remain low after two years, then you will be able to refinance to lower your rate, not because you may possibly be subject to a three percent rate increase after the two years.

Just my two cents.

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You might want to look into a fixed rate as well. Usually these can be had for about 3/4% higher. You would be at 6.7% and may not have to come back and ask us again in two years. (You can still come back and visit though.) Only if you will still feel comfortable with the new payment.

A 2/28 has the more attractive interest rate, but it is quite possible that you will want to refinance again in two years. There is comfort in knowing that you will not need to do this. If interest rates were to remain low after two years, then you will be able to refinance to lower your rate, not because you may possibly be subject to a three percent rate increase after the two years.

Just my two cents.

"Nods in agreement" and always please do come by just to visit and chat after the close ^_^

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