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re: 15yr Mortgage... Where to begin?
Posted on 6/24/13 at 1:22 pm to Ace Midnight
Posted on 6/24/13 at 1:22 pm to Ace Midnight
quote:
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
Yeah I would hope so...
quote:
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.
That's the biggest wrench for my refi... I'm 1099 independent contractor. I have a good income history(taxes) the last 3 or 4yrs but 2012 I'm negative but average is solid for the loan amount and comparable with what I've earned so far in 2013. Wifey has consistent income history though.
In any case... should I go to "my" bank first, local broker, online?
4
Posted on 6/24/13 at 1:45 pm to Zephyrius
the number one thing that needs to be done is to review your tax returns for the last 2 yrs., it will be averaged out to see what your income will look like. i'm a broker here in baton rouge, if you want call me anytime, no need to pull credit -225.291.7901 x 224.
secondly rates are high even on the 15 yr term, I just priced all my lenders, just for scores above 740, you are maybe looking at 3.75 and above, below 740 score you may get a little bit harder but one thing you have going for you is the equity, no price adjustment.
rates are ugly, 30 yr they are at 5% and getting nastier
secondly rates are high even on the 15 yr term, I just priced all my lenders, just for scores above 740, you are maybe looking at 3.75 and above, below 740 score you may get a little bit harder but one thing you have going for you is the equity, no price adjustment.
rates are ugly, 30 yr they are at 5% and getting nastier
Posted on 6/24/13 at 2:25 pm to Zephyrius
they will take a 2 yr average of your adjusted income being that you are a 1099 wage earner. my suggestion is to stay local at first you put your info online and you will get 10 calls a day for 2 weeks.
Posted on 6/24/13 at 2:27 pm to Zephyrius
note the difference in a bank(me) and the other poster with a rate of 3.75%..banks will be a lender 90% of the time on a rate..sorry OP
Posted on 6/25/13 at 9:09 am to Zephyrius
We've been thinking of redoing ours. Only been in the house 2 years, and have good rate at 4.5 for 30 years.
We owe 240k, but house is valued at probably 350k.
We owe 240k, but house is valued at probably 350k.
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