Frequent Contributor
Posts: 272
Registered: ‎09-30-2012

Time to refinance?

I have a 15 year mortgage that is in year 11 at 5.8% I owe approximately $66,000 and our house is appraised at $160,000. I have a few dings on my report, my wife has one ding. I have about 6-7 CC apps out there and 5 approvals. I'm wondering if I can save a significant amount of money getting a fixed rate 5 year or maybe something more flexible. Any advice?

Starting Score: 530 - 2/12
Current Score: EX - 720 EQ - 714 TU-690 WM-720
App free since 5/7/2014
Established Member
Posts: 22
Registered: ‎08-16-2012

Re: Time to refinance?

I would definitely refinanice if you qualify for 3% rate..

however, the rate is dependent on your credit score and how long the dingiest have been in your credit.  Lenders prefer you don't have any dingiest or lates for at least a  year.


you have enough I would start the process if you are at least 700 on credit 



Posts: 567
Registered: ‎10-04-2012

Re: Time to refinance?

Run it by some lenders and see what they come back with. I wouldn't do it personally unless I could get at least a point out of it, and ideally more.

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