mobgirl asked:


Here is my situation: We would like to put around $20,000 into our house. Should I refinance at a much lower interest rate for an extra 20 grand? Or should I keep our current mortgage as is and take out a home equity loan for $20,000. Currently we owe 70,000 on our home, have no other significant debt and our current interest rate is 7.150% with 25 years left to pay it. We have the option to refinance at 90,000 at an interest rate of 5.89% for a term of 20 years. Which makes the best sense?

Ramon

Claudio F asked:


I want to refinance my ARM to a fixed rate mortgage, what are the steps to take?
I have $67,934 mortgage+ $22,000 home equity loan=$89,934.
I want to pay it off in 15-22 years.
My credit score is 707.
The house is worth only $75k now.
We want to stay in the house for at least 5 more years.
Where do I find a good deal?

Alvin

Heather A asked:


I have not yet bought a home but I am curious what effects refinancing. Is it based on how much equity you have built?

Glenn

2DIGNI5 asked:


My home will be paid off in 2017. We purchased it in 1987 with a var rate the worked well for us at that time. My mortgage rate has increased from 687.00 to 892.00 over the past two years. I suspect it will only continue to rise. I owe approxiately 47K @ 6.8%. How can I calulate what my mortgage payment would be if I refinance. Help. The Widow.

Caffeinated Content

Harmony asked:


With prime rate continually decreasing would it be wise to refinance my mortgage. Just bought the house in July and my rate is decent, but over time a decrease would help.

Does it affect property taxes? Will I pay closing cost? Lower monthly payment?

What would be pros vs cons?
Thanks! I’m with Countrywide and they sent me to a mortgage broker (?) she said that to have no closing cost or points the rate wouldn’t be the lowest b/c they have to pay for title work etc. I hve no prepayment penalty either.

Nancy

ortiz_jen asked:

Here’s the thing I have a GMC Envoy I’ve been paying 400 monthly and its not even worth 15000 anymore so I want to refinance ASAP to lower payments and get over with but I have horrible credit (600) and my mother has great (800) would I still get a good APR rate ?

Sara