Can I refinance my home loan for a better rate?
Currently I have a home at a 4.75% rate, credit score of 780 and no bad mortgage payments. Would I be able to refinance to a cheaper rate without buying points, or would I just be spending roughly the same money? Spending $1,590 a month right now, 0.5% PMI at $104 a month. Home is worth 275k. About 6 months into the mortgage. by steffa_484_994 from Bellevue, Washington. Dec 14th 2011
Dave Skow (daveskow)
#1 ranked lender in Washington - 455 contributions
Would need to know the following to answer the question accurately : loan balance , monthly mortgage insurance amount ? is present loan FHA or conventional ? I assume present loan is a 30 yr fixed and that you are interested in another 30 yr fixed ?Dave SKow Cobalt - Seattle dave.skow@cobaltmortgage.com
Cindy Ellis (cindye)
#9 ranked lender in Washington - 1 contribution
I would need to know your current loan balance to be able to run figures for you to see if it would be a benefit for you to refinance. Would you be interested in a 30 year fixed or possibly a 15 year fixed? Please email me and I will answer you back or feel free to call me @ 360-731-5396. Thank you, Cindy Ellis cindye@vintagemortgagegroup.com
Brian Allen (ballen)
#43 ranked lender in Maryland - 193 contributions
Yes you can get to 3.875 cutting .875 off your rate I can be reached at ballen@accessnational.com
Blake Kleckner (BlakeK)
#391 ranked lender in California - 261 contributions
Based upon a $1,590 payment at 4.75%, your original loan amount was in the $305,000 range, and the current loan balance should be about $302,700. If these numbers are accurate, and your home is worth $275K, its LTV is 110%, which probably takes you out of the realm of being able to refi at a much lower interest rate. You would have to do a HARP refi and could only do it if your loan was purchased by Fannie Mae or Freddie Mac, purchasers of roughly 50% to 55% of all mortgage loans.
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