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re: 15yr Mortgage... Where to begin?
Posted on 6/24/13 at 12:49 pm to Ace Midnight
Posted on 6/24/13 at 12:49 pm to Ace Midnight
quote:
what is the balance to your mtg and if home was appraised today what do you thinks the value would be. 740 is the true magic number on a bank refi but you can with 700 and above. whats your current rate, rates have shot thru the roof over the last 30 plus days.
Balance is 156k... value I would guess is 270k - 290k(comparable house same neighborhood went 305k after Katrina). I'm at 7.5% currently(I know... high).
3
Posted on 6/24/13 at 1:00 pm to Zephyrius
current rate this morning on a 15yr refinance is 3.25%. with your current rate being so high you will probally save money with 15yr refinance
Posted on 6/24/13 at 1:02 pm to Zephyrius
quote:
Balance is 156k... value I would guess is 270k - 290k(comparable house same neighborhood went 305k after Katrina). I'm at 7.5% currently(I know... high).
Forget what I said - you should definitely refi - even a modest drop to 5% will pay back your closing costs in less then 30 months - DON'T take money out and you'll avoid PMI.
No reason for you not to be in a 15-year, and, if you get paid biweekly, I would pay bi-weekly - that has taken the drama out of payday for me.
This post was edited on 6/24/13 at 1:03 pm
Posted on 6/24/13 at 1:43 pm to Zephyrius
quote:
(comparable house same neighborhood went 305k after Katrina)
A bit old for a comparable. Find a sale within the past 12 months.
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