Should I Refinance My Mortgage

Question: Should i refinance my mortgage?

(Posted by: KHinMO on 2009-04-02 11:00:15)

I have a 30 year fixed at 6.75 %. I bought this home in late 2003 and only plan to keep it maybe 3 or 4 more years, but that could change if the market doesn't come back by then. I am currently paying $694, I am considering a refi to lower my rate and pay off an auto loan that I pay $217 for. Total now for both is $911. If I could refi my property for $92k that would take care of it, and hopefully lower the monthly amount I pay. Any ideas?

Posted by: Smilin'_Bob_The_Enzyte®_Guy on 2009-04-06, 06:08:11

You are a candidate if you are dropping your APR more than a point,... AND you are going to live in the home for AT LEAST the next 3 years ( to pay the "points " you have to pay upfront on a re-fi)....

Posted by: Rinkeydink on 2009-04-02, 11:41:33

It appears you are a good canidate for refinancing. I'd find out what refinancing rates are available in your area, and compare your old vs new payments along with the cost. You should be able to find a rate near 5%.+ / -. Good luck.

Posted by: Ed Atun on 2009-04-02, 14:37:57

If you refi your current loan at 5% fixed rate, your payments will drop. If you do a "cash out " refi and pay off the auto loan, the rate will be 7.5%. Lenders are very leery of giving anyone cash out of their equity today..