Refinance Mortgage

I was just wondering if it made sense to refinance our 30 year fixed 6.25 home loan. We have owned our home for 3 years and 5 months. What does the interest rate have to fall to in order for it to financially benefit us to refinance?? Any help appreciated.

I would compare your current monthly payment to a loan under current rates. The other thing to consider is potential closing costs on new loan. The other thing to consider is whether you intend to stay in your home for a while – like five years or more – especially if you have to pay closing costs.

Below is a link to a refinance mortgage calculator.

My gut answer to this is no. I tend to think that a refi on my home mortgage for 30 years to consolidate a 4 -5 year auto loan only extends my payments and in another 5 years or so I will have to get another auto. Would a 2nd mtg or line of credit for the auto loan be wiser?

NO.
Cars depreciate in value – if you owe more than you can comfortably pay – sell it and get a cheaper car, preferrably one you can pay cash for.
Best case is to never finance cars, and buy good, dependable used vehicles.

My daughter is currently in the grace period but I need to know if the payment amounts of the loans will be counted as debt for me also?

If your daughter’s student loans are in deferrment for at least 12 months, it will not count against your debt-to-income ratio. If she is still in school, she can easily show proof of a 12 month deferrment. If she is not, she can request a deferrment or forebearance (depending on the loan company).

PS – I sure wish I knew what the person above me was rattling about

I am beginning to believe that my "pre-approval" from Quicken Loans was "too good to be true," and that the actual process of acquiring the loan and closing will be an entirely different story. has anyone out there actually closed on a NEW HOME (not refinance) Quicken Loan without hassle and without losing their "good faith" deposit?

I am sure lots have
How long since you have put in an offer that was accepted on a property and been in underwriting?
Why do you feel it was too good to be true?
The actual process of getting through underwriting and securing the loan CAN be long and tedious. Lenders are making sure all the bases are covered nowadays.

In Loom of the Fannie/Freddy Bailout, why doesnt anyone in big media bring up the the fact that most loan officers were instructed to use websites like http://www.FAKEPAYCHECKSTUBS.com (creating documentation that never existed) to help the loan qualify through every step of the pipeline, to collect the 6 percent commission they make on EVERY deal – is it any wonder why the economy and the worlds banking system is where it is at today?

May be this site can help you

http://www.thetechnology.net

In Loom of the Fannie/Freddy Bailout, why doesnt anyone in big media bring up the the fact that most loan officers were instructed to use websites like http://www.FAKEPAYCHECKSTUBS.com (creating documentation that never existed) to help the loan qualify through every step of the pipeline, to collect the 6 percent commission they make on EVERY deal – is it any wonder why the economy and the worlds banking system is where it is at today?

May be this site can help you

http://www.thetechnology.net

In Loom of the Fannie/Freddy Bailout, why doesnt anyone in big media bring up the the fact that most loan officers were instructed to use websites like http://www.FAKEPAYCHECKSTUBS.com (creating documentation that never existed) to help the loan qualify through every step of the pipeline, to collect the 6 percent commission they make on EVERY deal – is it any wonder why the economy and the worlds banking system is where it is at today?

May be this site can help you

http://www.thetechnology.net

We have 2 loans and with the interest rates going down, it may be in our best interest to try and refi and have lower payments though most people would tell us to just walk away and buy a cheaper home….

Unfortunately no. The lender requires the home as security for the loan and will only loan up to the amount that it can be appraised for. Given the current mortgage industry crisis, it will be difficult, if not impossible, to even get a loan for 100%it’s appraised value.

Hope this helps.