X

It's a question almost everyone is asking: "Should I refinance my mortgage?" If so, what's the best way to pay for my mortgage refinance

It's a question almost everyone is asking: "Should I refinance my mortgage?" If so, what's the best way to pay for my mortgage refinance

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: Can I get forbearance for my mortgage?
MAY 19, 2020
A:

The answer is "possibly." It depends on the situation.

Read More
Q: Is mortgage insurance tax deductible?
JAN 08, 2020
A:

Tax deductibility for PMI premiums or MI premiums for FHA loans has been an on-again, off-again kind of thing. For 2019 and 2020, it's back on.

Read More
Q: How many times can I use my VA home loan?
OCT 31, 2019
A:

There are three ways you can restore your VA eligibility so that you can take advantage of it more than once.

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