X

The new conforming loan limits for 2022 have been announced, an increase of more than 18% over 2021, and up by more than 52% since 2017!

The new conforming loan limits for 2022 have been announced, an increase of more than 18% over 2021, and up by more than 52% since 2017!

With these qualifications, can I successfully refinance?

Q: I am interested in refinancing. I have a $318,000, 7-year ARM at 5.25%, and have had the loan for about three years. My credit score is in the 700s. The current value of my home is approximately $350,000 to $360,000, and my loan isn't owned by Fannie Mae or Freddie Mac. What would be the most successful and least expensive way to get a new loan?

A: If you have at least a 10% equity stake in your property, and you appear to, you should be able to find a lender who will write your refinance. Of course, today's mortgage rates for a new 30-year FRM aren't that much below the rate on your ARM, so don't expect tremendous savings, but do expect to have to pay closing costs, usually 2% or so of the loan amount.

Ask the expert
Keith Gumbinger
Keith Gumbinger
Mortgage Expert
Vice President, HSH.com
About Keith: Mortgage market observer and analyst with 35 years experience... (more)
Submitting your question...

Question received! Check back later to see if your
question gets published.

Q: What is the cost of getting a mortgage loan?
NOV 11, 2021
A:

 Costs and fees can vary depending upon lender policies and certain of the choices you make when you get your loan...

Read More
Q: What is the down payment required to get a mortgage these days?
NOV 03, 2021
A:

A: While some 100% financing may be available...

Read More
Q: Are reverse mortgage interest rates fixed or variable?
NOV 03, 2021
A:

If you are a homeowner age 62 or older and have equity in your home, you may be considering a reverse mortgage as a way to boost your retirement income.

Read More
Add to Homescreen?
X
X
Install this web app on your phone :tap and then Add to homescreen