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Refinance Options?

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Booner72
Senior Contributor

Re: Refinance Options?


@pdog661 wrote:

@Booner72 wrote:

Good news on this end.  My neighbor who is an agent said we could easily get the 189500 needed to be at 80% LTV for a refi.  An online quote said my payment would go from 1151 to 961.  Interest from 4.75 to 3.5.  That's taking 2000.00 or so to closing.  Then an appraisal fee.  I don't want to take 2grand to closing.  We also will only stay here six years (maybe longer, who can predict that kind of thing anyway?)

 

Advice, thoughts?  How do I get out of the 2k?  If I got the appraisal # higher, could I get some cash to pay off my cc or car?

 

What credit score is needed for the best interest rate? My lowest score is EQ 690 - TU 720 - EX ???????????????????????  (Those should raise significantly when cc's are zero'd out and report this month).

 

 

THANKS THANKS!


Hi,

 

You could go conventional, and roll all cost into the new loan.  If you have over 10% equity some lenders will allow you to roll the cost of the PMI payment into the loan.

 

I did this with our home.  We only had 12% equity and we were in an FHA 5.25% loan.  We re-fied conventional, and rolled the PMI into the loan.  Our payment moved from 1659 a month to 1293 a month.  Our loan increase roughly 8K though. 

 

If you home appraises for 190K you have 22% equity.  You would only be able to cash out 3800 at close.  I do not see this being worth the headache or the hassle.  

 


Yes but what if I don't care about cashing anything out and I am looking for a lower payment and lower interest and no PMI? 

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
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