Should I refi now? Living in the same house for 10 years. Refinanced once in 2002. Note currently has 23 years left at 6.375%. First refinance, I lost 2 years of payments and about all the principal put into the note. The clock was reset back to 30 years, and I wound up owning MORE (points added to the loan) than I had when the house was first bought….but the MONTHLY payments were about $100 a month less.
For awhile – until the government tax people got creative, and I lost most of that gain. My taxes went from $900 a year in 2000 to $2000 a year. The note is about $410 principal/interest and about $200 taxes. Should I jump in and refinance to 4.5% now???? I plan on staying in this house for the remaining years I have. I’m 54. Been here for 10, might as well go for the duration.
Its a good little 1200 square footer single level 3/2. Nothing fantastic – nothing terrible. Property value was about $210,000 last year – dropped to about $160K. Owe about $61K on the note as it stands. Do I benefit from a 6.3% to 4.5% refinance?
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The rule is if you can get a 1% reduction on your interest and plan to stay for more than 5 years.
Do not let these bankers screw you over though.
Stick to 15 or 30 year fixed – no arms, balloons, options or fixed for a year or two.
They are hurting for money and will try to sell you this stuff – don’t fall for it.
Before applying for a mortgage, always check your credit reports for free at
annualcreditreport.com
make sure there are no errors, and make sure you don’t have any outstanding balance on your credit card before applying for a mortgage.
Bankrate.com will give you a list of the best mortgage rates going along with the bank names.
At 54 I would strongly go for a 15 year fixed.
You do not want a mortgage upon retirement – that is the single biggest mistake a human being can make financially.
Also, fight with your tax people – ask them to re-appraise your home.
I did it – and they found out my house was overvalued and lowered my taxes.
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Peter Schiff sees socialization of United States bubble economy will sink the Federal Reserve Note.
US mortgage giants Fannie Mae and Freddie Mac are facing growing pressure as fears intensify about a potential calamity at the firms, which underpin trillions of dollars in home loans.
Together they own or guarantee some US$5.2 trillion in loans, or about 40 per cent of the total value of home loans in the United States.
Peter Schiff at Euro Pacific Capital said the two giants were likely to need government bailouts in view of the “dubious quality of their mortgage portfolios”.
“Together both firms have less than US$90 billion in capital reserves to ensure losses on more than US$5 trillion in mortgage debt … Clearly, Fannie and Freddie would have no ability to survive without a government bailout. This means that taxpayers will be on the hook for hundreds of billions of losses, perhaps even more than one trillion.”
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Home mortgage interest rates are at fifty-year lows, but prospective mortgagers face stiffer review from banks, reports CBS News’ Anthony Mason.
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(Best Syndication) This video will explore the option of refinancing a loan as opposed to taking out a second mortgage. When you refinance a mortgage you are taking out a secured loan that will replace your existing mortgage. As the numbers of foreclosures increase around the country, it is important to consider all of your options.
But why refinance as opposed to taking out that second loan? The first consideration is the interest rate. If a homeowner has been making their payments on an adjustable rate mortgage that has reset to a higher rate, they may be better off applying for a refinance mortgage. Depending on the credit history, a fixed rate mortgage may be available.
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