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bhuether
Joined: 28 May 2008
Posts: 2
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| Posted: Wed May 28, 2008 11:38 pm Post subject: Refinancing advice |
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We live about 30 miles north of Boston, MA. We currently have interest only loan. It is a HELOC. The rate equals Prime pretty much and changes monthy at times...
We are moving late summer. I am active duty military and when we first bought the house we took gamble that the value would go up during my 3 year assignment.
Right now the house is worth about the same as the loan value - $340K. I know banks don't like that ratio. So what should we do?
I want to refinance to a more normal mortgage type and rent the house til the value goes up. Just not sure what refinance option to take.
What should I expect for refinancing fees? Should I be paying for points? Do I really need to pay for title costs, etc, etc all over again? Just want to know what is realistic so that when I deal with a bank I know what to watch for.
thanks,
brian |
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liverichly
Joined: 10 Feb 2005
Posts: 195
Location: Orange County, CA
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| Posted: Sun Jul 20, 2008 12:30 am Post subject: |
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| I'd see if your HELOC offers a fixed rate option where you can fix a portion/all of the HELOC balance in. With you intending to move out later this summer, unless you want to pay your loan balance down to 90% or less of your home's appraised value, no lender is going to be able to refinance you considering your value is about the same as your loan amount. |
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kevinpS
Joined: 11 Sep 2008
Posts: 7
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| Posted: Tue Sep 23, 2008 12:56 pm Post subject: Refinance Mortgage Loan |
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| I think that a mortgage refinance with a lower rate of interest will be a good option for you. This will help you pay off the existing mortgage in a shorter period of time. |
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DaSchpiel
Joined: 11 Aug 2008
Posts: 5
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| Posted: Wed Sep 24, 2008 12:43 am Post subject: |
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To the all - Correct me if I am wrong here, but I thought that there was some sort of soldiers and sailors act that provided some sort of locked in interest rate if active duty military. I have a friend who is in Coast Guard who has taken advantage of this sort of thing and had his interest rates reduced from 9+% to 6%.
Something to check into - and I apologize if I am incorrect. |
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freddyb45
Joined: 28 Aug 2008
Posts: 15
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| Posted: Mon Sep 29, 2008 9:57 am Post subject: |
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Always be careful if your looking to re-mortgage your house, it the current economic climate you might end up worse off, although there are still a few reputable firms out there that will treat you well, and base each case individually based on your circumstances.
Regards
Freddy |
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