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Mortgage Loan Refi?
At what point in a 30-year mortgage does it make sense to refinance? Is a refi based on equity in the house or is it based on another factor? After a br, when is the time to refi? What credit score is minimum to refi? Mine is over 650. Also, my property has increased in value, there’s new construction, both commercial and residential, near my house and the football field.
I ask because one banker told me to wait until I owned a quarter of the house in equity. Is that accurate?
Thank you.
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It depends on what your goal for refinancing is. IF you want money out….then that is one goal.
If you want to lower your payment, then take the difference in your current payment, and your projected payment, and then divde the rei cost by that, it will tell you how long to pay off the refi, over 2 -3 years…its probably not a good idea:
current payment 100, new payment 80, refi cost 1000/20=50 months to pay back or 4 years…BAD IDEA
*at least 2 years after your BK discharges or you will get HOSED on the rate**
Good Luck
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LikeDislikeYou could refi anytime you want as long as you are getting a lower interest rate than what you are paying right now. As long as your property value is going up it is good for you and you could even take cash out of the refi and still come out ahead.
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LikeDislikeHi,
I used to work for a bank. The main reason people refinance is to get a better rate, or to borrow more using equity in the property.
Equity- if you bought your house for $ 200k 5 years ago, it would have increased in value to maybe $ 250 or $ 300k. So the difference between what you owe to the bank and your market value of the house is really how much equity you have in the house.
Since you have had your mortgage for suck a long time, i would consider “shopping around”. See what deals you can get. Once you get the best deal ask your current bank to match or beat it. If they don’t go elsewhere.
The only thing to worry about, if you current loan is fixed, you will incur a fee for breaking the loan. If not fixed then you can leave at any time.
Hope this helps.
Carla
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LikeDislikeYou can refi when it suits you best. You may want cash out to pay off other debt, do a home improvement, get a better rate, etc.
Check out the free evaluation form at
http://www.totaldebtsolutionsllc.com
and a loan officer from their network will call you direct to answer all of your questions. Good luck.
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