I refinanced into an ARM 4 years ago and wanted to refinance into a 30-year FRM to take advantage of the steadily low rates. I've never been late on a mortgage payment and the LTV right now is 65-70%. If my credit is okay (750ish) and my income has been solid for the last 8 years, I know the current 30 year rates are much better than my current 6.25% ARM rate. Any help would be appreciated? by eric.n_501_200 from Jacksonville, Florida. Dec 9th 2011
Absolutely, 3.875% with a small cost 4% with lender credit may inch higher Monday so time is of the essence get started with your application I can be reached via email at ballen@accessnational or phone 240-750-8315 cell.
To be safe, refinancing right now would be your best bet. Interest rates for 30F loans are in the high 3s to low 4s. However, if you have a 5-year ARM that will adjust next year, you probably will get a lower interest for at least 1 year, or more, depending upon the economy and recovery of the housing market. However, depending upon the ARM that you have, the interest rate could adjust annually, and there's no telling where it will wind up in then next few years. Based upon the info you provided, you should easily qualify for a 30F refinance as long as your debt-to-income ratio--your monthly revolving/installment debt divided by your monthly gross income--is in the right place, 40% to 45%, and some other financial criteria is met.
Eric, I do not lend in Florida. I just want to confirm what has been said. To me, it would be foolish to stay with your high interest ARM. You didn't mention your loan amount. Even if it is a jumbo loan, you can do much better than what you currently have.Happy funding, Rudi
Eric, How are you? Sounds like you "MAY" be a candidate for a refinance..Rates are excellent now..Please call me anytime for a free mortgage evaluation---we will conduct a property vlauation free of charge---NEIL SHERRY FLORIDA MORTGAGE CONSULTANTS 561-732-6376 NEIL SHERRY -PRESIDENTFlorida Mortgage Consultants, LLC1-561-732-63761-561-596-5605 cell1-561-423-8089 faxneil@flmtgcon.com-NLMS 328117 DO NOT WAIT!!! LOCK IN YOUR LOW INTEREST RATE TODAY!!!!!! FLORIDA MORTGAGE CONSULTANTS 561-732-6376
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