I have a 50k balance left on my mortgage. My house is worth about $300k. The issue is that it's an ARM and the new rate this year is 5.125%. FICO 8 is currently at 702
Is it possible to get good refinance rates with loan amounts that small? I've read mixed information online that it might actually be somewhat difficult. I tried talking the bank that has the mortgage now and they want $2400 in closing costs and an over 5% interest rate.
My next step is to call around to a few local credit unions.
How many years are left on it's current amortization schedule?
I would think you can get a 10 year or 15 year loan without too much of a loan level price adjustment and knock that last amount out without much trouble, but you really need to look and see where you are on the timeline for having the current loan paid in full.....
It was a 7/1 ARM that started I believe in 4/2012.
Total Loan term is 15 years. Since the rate changed in May, so I think based on that about 8 years left.
Edit: On the loan paperwork it says paid in full by May 1, 2027.