Showing results for 
Search instead for 
Did you mean: 

Time to refinance?

Frequent Contributor

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?

Message 1 of 3
Established Member

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 



Message 2 of 3

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.

FICO 04 scores: 809 (EQ) 812 (EX) 818 (TU)

Amex Platinum NPSL - Citi HHonors Sig. $58k - BMW Ultimate $40k
Chase Sapphire Preferred $62k - Merrill Lynch + Signature $41k - USAA Rate Advantage $28k
NFCU Flagship Signature $50k - USAA Cash Rewards AMEX $28k
Citi Platinum Select / AAdvantage Signature $31k - Chase Amtrak Rewards World MC $41k

Message 3 of 3