Mortgage Appraisal Refinance
I have a 5 year ARM mortgage and i need advice on refinancing to a fixed rate mortgage?
When I bought my house it was worth 291,000 where I made a down payment of 20,000 and now I am having an appraisal getting done and with the housing market as it is, i’m sure its worth much less. I originally had a 5 year ARM mortgage at a 5% rate but am now looking to refinance to a longer fixed rate mortgage. What are my options?
Call your mortgage servicer. The LIBOR index is DOWN. Your rate may not adjust UP! Or not very much. Find out what the current MARGIN and INDEX are on your current mortgage.
As long as the LIBOR stays low (which won’t be for more than say 2 years) it might be better keeping your current mortgage.
It may not be worthwhile to pay refi closing costs to get a somewhat higher fixed rate. Today’s rates are 6.5% 30yr fixed on FHA 97.75% refis today (600+ credit).
Best of luck!
Refinance Mortgage Rates
Ask lender to beat better rate before starting over refinancing process
QUESTION: I have been following your column in my local newspaper and never imagined I would have a question to ask one day. Two months ago, I applied for refinancing with my current lender and was offered 4.875% (90-day lock rate) compared with my current 5.75%.
The above mentioned are the basic requirements in order to qualify for a home loan. Secondly, I was interested to know how big a home loan I could get considering Mortgage Appraisal Refinance. As soon as I knew how much, I could start searching for a house.
Mortgage Appraisal Refinance
75% of my condo not built, so that it can not refinance?
Recently I applied to refinance my mortgage. After my assessment returned, he said that since 75% of my condo has not finished being built … I am unable to refinance. Anyone heard of this? Thanks!
Yes, it is quite common for lenders (FNMA) and for 75% of employed persons in development before the refinancing. Do not give up though as some lenders do not sell mortgages in the secondary market so ask your bank if they know of a lender that holds mortgages in its own portfolio. Good luck!