Questions tagged [refinance]

for questions that relate to refinancing of debt. A country tag should also be included when asking about refinancing.

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7
votes
3answers
335 views

Is it advantageous for me to refinance my house at a lower rate?

I bought my house about two years ago, the interest rate is 5.25%. I'm seeing interest rates as low at 4.50% now. Is it worth refinancing my house this soon, or is it likely the fees will out-weigh ...
6
votes
2answers
1k views

Is it possible to eliminate PMI (Personal/Private Mortgage Insurance) on a mortgage before reaching 20% down on principal?

I am a relatively new home owner, having purchased my first home in October 2009. Overall, I feel I got an excellent deal on the loan, which was 5% no-cost, no points, and 12% down. I had to take on ...
8
votes
2answers
735 views

Can I refinance my student loans?

I have student loans from graduate school with an interest rate of 6.625%. I see that interest rates are quite low. (Mortgage rates are at 4.6% for a 30 yr fixed.) So I am wondering: Is it possible to ...
8
votes
3answers
156 views

Under what circumstances might getting an ARM be warranted?

Specifically, I'm curious about the 7/1 and the 10/1 ARMs. I'm half-way seriously considering refinancing into one of these, mostly because I doubt I'll still be in this house in 7-10 years. I'm ...
5
votes
2answers
242 views

How to compare current mortgage to re-finance?

I'm trying figure out how long it will be to recoup the cost of refinancing our present mortgage. I'm doing this for 2 reasons a) b/c the interest rate I could get is about 0.75% less than I pay ...
2
votes
2answers
370 views

Is it worth it to re-finance my car loan?

I have 60-month car loan at 4.75%. My bank sent me a note saying that I am able to re-finance at 3.25%, to either 60 or 48 months. I am calculating that it will probably save me about 400-500 ...
5
votes
1answer
241 views

Credit check for refinance inquiry?

I'm thinking of refinancing my mortgage. I called my current lender, and was given a quote for a refinance with a lower interest rate, and $1200 in closing costs. Now I'm trying to shop around for ...
3
votes
2answers
1k views

Take new loan to pay off old one, what would you do in this scenario?

This is my current loan. Loan Amount : £11,750 Total Interest : £6,422.40 Interest Rate : 21.2% per year Total : £18,172.40 Pay per month : £306.19 Term : 60 months (5 years) I'm 2 years into the ...
4
votes
2answers
4k views

How to calculate incremental interest rate for home refinancing?

Summary: When you refinance your house and borrow more money, how to calculate the incremental interest rate you pay? I currently owe $95K on my house, 4.75% interest rate, $510 monthly payment (...
5
votes
1answer
204 views

When and how do I lock a mortgage rate while shopping for a refinance?

We're in the process of hunting around for a lender in our area (US) to refinance our mortgage with. I'm having a hard time understanding the steps in the application process. In particular once I'...
3
votes
3answers
393 views

Advantages/Disadvantages to refinancing online?

There's a fair amount of ways to refinance online via sites like Zillow marketplace and lendingtree. I'm hesitant to dive into using these services, I prefer dealing with a person directly. However I'...
5
votes
2answers
235 views

I'd like to refinance; how can I shop around at different banks without it affecting my credit?

I want to take advantage of the lower rates... and I want to shop around at different banks (unless you think that is unwise). What must I know/do before each bank runs my credit report?
5
votes
3answers
1k views

FHA Streamline Refi causes principal balance to increase $9000?

I am in the process of doing an FHA Streamline Refi from a 5% 30-year-fixed to a 2.7% 5/1 ARM. I will only have to come up with slightly less than the amount of my monthly mortgage payment at closing ...
4
votes
2answers
228 views

Should I renew the rate on my ARM to a lower one, considering the fees charged?

I have a 5-year ARM at 4.5% APR. I can renew the rate at 3.25%. However, that would cost $800. The current loan value is $156,219. Is it worth it for me to renew the rate? How long would it take to ...
2
votes
1answer
3k views

What are the state and county taxes for refinancing a mortgage in Virginia?

I'm in the process of refinancing a mortgage, and want to know what state and county taxes apply. I'm not talking about property tax here, but the recordation taxes and fees charged by the county and ...
2
votes
1answer
351 views

Can I refinance a rental property that is currently only 75% loan to value?

I have two separate rental properties that each have a LTV of about 75%. I'd like to leverage these properties to buy another investment or rental property so I am considering refinancing with cash ...