kristinjohnson111 asked:
I purchased a townhouse back in 2005 and i have two loans on it one for 490,000 fixed for 10 years at 5.75% but its a 30 year loan., and a smaller loan for 54,000 dollars at a variable rate. Obviously the value of my house has dropped. But i’ve noticed some companies offer refinance rates at about 4.5%. If i put down about 10,000 and try to refinance will i be able to get that 4.5% fixed for 30 i guess. I have perfect credit and have never missed a payment since ive purchased the house. Also is it worth refinancing for 1%.? Thanks Those of you in the finance business what would you suggest for me?
Theresa
I purchased a townhouse back in 2005 and i have two loans on it one for 490,000 fixed for 10 years at 5.75% but its a 30 year loan., and a smaller loan for 54,000 dollars at a variable rate. Obviously the value of my house has dropped. But i’ve noticed some companies offer refinance rates at about 4.5%. If i put down about 10,000 and try to refinance will i be able to get that 4.5% fixed for 30 i guess. I have perfect credit and have never missed a payment since ive purchased the house. Also is it worth refinancing for 1%.? Thanks Those of you in the finance business what would you suggest for me?
Theresa
Tags: Mortgage Question, Mortgage Refinancing, Variable Rate
Larry
no as you are a jumbo and the rate is higher on Jumbo loans
Gertrude
It is almost always better to be in a fixed rate mortgage than anything that adjusts or balloons. There are many sites online with calculators to help you figure this out before you talk with someone.