Questions on refinancing my mortgage?

Question by honeybaby729: Questions on refinancing my mortgage?
I’m hoping someone can help. I am confused. My current loan is an ARM, for 30yrs. My payments went up this month. I need to refinance ASAP.

My loan is interest only, does that mean everything I paid in the last two years is lost?

I’m uncertain how much my house value as changed since the market is off. I had a bad experience with my last broker, right before closing my rates went up.

Are there any benefits dealing with a local bank? And are those rates they show on their websites legit? How would you choose the right one?

Who will most likely charge less in fees?

thank you : (
my “balance” is $ 165,000. Two years ago before I sent around $ 15,000 on improvements my home was appraised at $ 210,000.

Best answer:

Answer by goz1111
you are in the same position as many other people in the USA

on the interest only note, it means over the last two years you have only paid the interest on the note and not the principal

on can you refinance need to know more facts best to talk to some one but if you have a 100% note and the value of your home has decreased in the last two years you probably will not be able to refiance

What do you think? Answer below!

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4 Responses to Questions on refinancing my mortgage?

  1. says:

    interest only loans dont make principal payments.
    this means your original loan balance is the same.

    if you refinance to a 30yr fixed….then your payment WILL go higher as you will be paying on the principal now.

  2. Tiare says:

    you may have a hard time refinancing because you have no equity in the house, in fact, you may owe more than the house is worth at this point. the money you paid in the last 2 yrs was interest only, so in a way, yes you just lost all that money. forget what you are reading in the paper and start calling some real banks and lenders and talking to real people about your situation. you dont want this arm to go up again and only be paying interest.

  3. TheMom says:

    It sounds like you might owe more on the house then it is worth.

    Drive down to the local bank and see what they have to say. Do NOT get a mortgage over the internet, 99% of what you will see will be a scam.

    100% of any offers posting in Answers will be scams.

    Shop locally, live and in person for a mortgage.

  4. raniokoye says:

    The best scenarios for you to consider mortgage refinancing is when you owe a large amount and you still have many years of paying off your home loan. In consortium with other factors, your credit rating will determine either the approval or decline of your mortgage refinancing application; thus, efforts should be exercised in making sure that at least your credit score remains high.

    While disclosure is required under the law many homeowners do not understand or pay attention to what they’re agreeing to when mortgage refinancing. Knowing the wholesale interest rate you qualify for when mortgage refinancing gives you an advantage and can help you avoid paying retail mark-up.

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