Refinance Mortgage

We have an FHA loan and our interest is at 6.5% and we were thinking about refinancing, but everyone keeps telling us we will have to have another FHA loan to get it at a fixed rate, otherwise we have to go conventional. We want to get out from under the FHA monthly fee, so does anyone know if this is true?

Sometimes refinancing does not pay off unless you plan to live in your home for a decade. Some say do not refinance unless you can get an entire percentage point off, since the closing costs are so high.
I found an excellent calcualator for this at http://www.bankrate.com/brm/calc_vml/refi/refi.asp
input your numbers – make sure you are making the right decisision

But what about a partial interest rate fix say 50% fixed 50% variable. Does that still leave you unable to redraw, refinance and sell home without the exit fees ?

Are you frustrated in life? you think all is lost? No hope from any where? Well i have a good news for you all today, is a privillage that you met the right person. I’m a well known Man which every one knew me to be. My name is Micheal Lancer, i am money lender i assist people financially, because i think enough of all these bankrupt and montages I’m hearing. i want to prove my self to everyone at there. That not everybody are equal.
Just send us your personal details:
Full Name:……….
Contact Address:………
Phone Number: ……..
Country Code:………
Amount Needed: ………..
purpose of loan: ……………….
When to pay back:…………………
Hope to see your response via this mail address, micheallancerloanfirm@yahoo.com , micheallancerloanfirm@hotmail.com .

This is just odd to me. A Bank that wants to make all the money it can and that is all the Banks. Sends you a notice to refinance and save. If you save they lose. Nuts to me. Ok what is the catch in all this?

The goverment sets the rate that banks lend each other money at, including the rate the federal reserve lends money to banks at. If this rate has gone down, then they can borrow money (to lend to you) at a cheaper rate, so it doesn’t cost them money to lend it to you at a cheaper rate. When you pay off your loan, they can pay off theirs – when you pay off your higher interest rate loan to them and replace it with a lower interest rate loan, they are paying off their higher interest rate loan and replacing it with a lower interest rate loan – their profit margin, stays the same. If they borrowed at 3% and loaned to you at 6%, and they can now borrow at 2%, they can offer you a loan at 5% and they make the same 3% profit.

If some other bank offers you a lower rate, and you switch banks, then they are loosing money – some other bank is making that 3% profit. So it is in their best interests to keep you as a customer by advertising to you that you can lower your rate by refinancing.

There are also fees and charges for refinancing. Those bring in some income to the bank too.

I just bought the car over the weekend and the interest rate is crazy high. Can I refinance right away or do I have to wait 6 months?

Banks are in business to lend money. If you have decent credit, they would love to see you walking through their doors. However, if I were you, I’d read the contract from the finance company you’re dealing with now to make sure there isn’t a penalty for switching to another source.

The best time to refinance a mortgage is when the interest rate has moved down at least a full point. Let’s say your mortgage is a 30 year fixed at 7%. If a lender will give you a rate of 6% or less, it may be time to consider a Re-Fi. Note: There are closing costs involved and be careful about having too many inquiries into your credit history. Too many inquiries are a negative to your credit report.

I still owe about $174,000 with a 6.5 fixed rate. Payments are $1850.00 a month. I am wondering would it be to my advantage to refinance?

Unless you are going to live in that domicile for at least 3 more years, and you are lowering your interest rate MORE than 1.25% from its current rate….. it is better to stay exactly where you are mortgage-wise…

I am trying to refinance my house, and the loan officer, after talking to me for a while and telling me all the information i needed to get for her (W2, pay stubs, survey, etc) that she could lock in the interest rate for the refinance if she could charge my credit card $375. she said this would also cover the appraisal of my house. just wondering if this was normal, thanks!

Mortgage interest rate locks are allowed and it is your mortgage lenders guarantee to hold your interest rate for a period of time which allows you time to close on the mortgage without the interest rate changing during the process. Ask them what the time frame is.

Some lenders also guarantee similar lock periods by charging points. Points are a fee your lender charges in exchange for a lower interest rate. One point is equal to 1% of total loan value.

Hope this answers your question.

I just bought the car over the weekend and the interest rate is crazy high. Can I refinance right away or do I have to wait 6 months?

Right now…….go to the bank or join a credit union………you will do better……….

Can having a co-signer boost me for a better rate? IS a fixed rate better than a flexible rate for re-financing my car? Is a bank better to refinance or is a private finance company better?

If you can join a credit union that would be your best bet for refi. They have the best rates for members.

my home been paid off years, so getting home equity line was quiet easy.My home valued at 250000.00 and my equity line is for 100000.00. I’m in residential construction, so you know these are terrible times for us. having max out equity line i can,t aford the monthly note.can i or should i refinance.

I’d be on the phone to the entity carrying the HELOC and ask them this question where I would get an exact answer instead of a bunch of guesses.

Good luck