Should I refinance my home? - when refinance a home do you have to pay closing costs again
My mortgage is as follows:
1. Mortgage - $ 146,000 @ 4.875% 30 years time, I have to pay 5 years
2. Mortgage - $ 36,000 @ 7.855% 30 years - 2 years in payment (182K total)
I have more than 20% of the capital
I think a refinancing of 4.625% was offered to more than 30 years to consolidate the two loans with closing costs for the loan. The cost of the refinancing of 2.5 years would be offset by the monthly savings and has no intention of moving.
Is there something I'm missing or is a breeze. My concern is that the financing and begin the 30-year loan again so I think we should pay more for depreciation in 25 years since the age of five years in my current loan.
Seeking the views of experts in the field of mortgages.
Sunday, January 31, 2010
When Refinance A Home Do You Have To Pay Closing Costs Again Should I Refinance My Home?
5 comments:
As you can see more than 220k should be good. To make sure it really is a fixed-rate loan.
The only drawback is that you pay on the closing costs. You pay interest on all the funds. If you find the closing costs, you can make more money.
With 30 years is very good if you want a smaller amount, but you can always reamortize later, after refinancing, or make an extra payment a year or money on top of paying for one or two years and then reamortize. You are on the right track, anyway.
It is possible to make a score of 20 or 25 years. FHA only 30 and 15 years, but the marks of Fannie and Freddie may, in increments of 5 years at ages 10 and older will be
I am a mortgage banker in TN & KY
Although I am not a professional mortgage, why not refinance for 25 years, to him at the 2nd and does not extend the first one. And also, put up in 4625, on mortgage of 20 and 15 years - they tend to decrease in April, a little, and the economies of the 2nd come, you may be able to turn the largest payment system, and save tons of interest (in view of the economy, but if you have a very stable, do not spread) too low.
Because you are not moving is the only drawback I can see the formal valuation (taking into account the recent market) values and ensure that their capital remains below 20% in the 2nd and rolled into the refinancing costs (do not want to pay the PMI).
Edit:
A final option would try to take advantage of current low prices and say the refi 2NS on a HELOC to the first plus 1 The disadvantage is that if and when we started out of the recession and the first sentence starts up again, they would again have to 2 in a fixed refinance again. The first is approximately 3.25, 4.25, it would be very important, 1Starting with a low 1st and 2 Payments enough where you can pay a lot faster.
No, No, No, No, Why would you start the payment of any interest in the early years of the new loan. Only a loan of 4.875% for the first year if paid for. The truth is that 95% or more loans. Lenders do not want you to know. They have only begun to pay the top, not from scratch. Additional payment on the $ 36,000.00 and pay as soon as possible, then use the $ 36,000 payment to the $ 146,000 charge for 5 times as fast as you own the property. Never listen to the lenders, they want YOUR MONEY!
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