Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Georgia > Atlanta
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 10-30-2012, 05:11 AM
 
225 posts, read 714,853 times
Reputation: 75

Advertisements

I know now is a good time. Can anyone walk me through the process? Specifically how to find a lender in the area. We got a list from our realtor when we purchased but prefer not to use them 2nd time around.
Reply With Quote Quick reply to this message

 
Old 10-30-2012, 06:48 AM
 
Location: Ono Island, Orange Beach, AL
10,744 posts, read 13,382,247 times
Reputation: 7183
Call the mortgage department at any of the banks with offices here. Seriously, it's pretty straightforward and no different than when you obtained your original mortgage.
Reply With Quote Quick reply to this message
 
Old 10-30-2012, 07:31 AM
 
Location: ๏̯͡๏﴿ Gwinnett-That's a Civil Matter-County
2,118 posts, read 6,375,028 times
Reputation: 3547
It'll cost you several thousand in closing costs that will be wrapped up into the loan. It may save you money if you plan to stay in your home for years and years. But most people end up moving sooner. Have you crunched the numbers to determine if it makes sense to do it? Just because the rates are low doesn't mean it'll save you money if you there's a chance you'll be moving in the next few years.
Reply With Quote Quick reply to this message
 
Old 10-30-2012, 09:17 AM
 
2,530 posts, read 4,772,114 times
Reputation: 2053
Ilyce Glink is an excellent resource for these issues. She is on WSB Radio on Sundays and often fills in for Clark Howard

Refinancing is an excellent option for many people. There are many tools on the internet that will help you determine the payback on the closing costs. Ilyce's website will have links to those sites.


Blog | ThinkGlink
Reply With Quote Quick reply to this message
 
Old 10-30-2012, 11:09 AM
 
924 posts, read 1,455,881 times
Reputation: 370
Quote:
Originally Posted by cittic10 View Post
It'll cost you several thousand in closing costs that will be wrapped up into the loan. It may save you money if you plan to stay in your home for years and years. But most people end up moving sooner. Have you crunched the numbers to determine if it makes sense to do it? Just because the rates are low doesn't mean it'll save you money if you there's a chance you'll be moving in the next few years.
That all depends on how much the closing costs actually are. Closing costs can be $0 they would just be a higher interest rate than some others but might still be dramatically lower than what someone has currently and would instantly save them money. Each person does need to do the math, especially if they are getting one with large closing costs.
Reply With Quote Quick reply to this message
 
Old 10-30-2012, 11:54 AM
 
9,008 posts, read 14,054,003 times
Reputation: 7643
If you put down 20% on your home and have a conventional loan without PMI and your home has lost value and you no longer have 20% in equity, is there a way to refi without taking on PMI? I'm not underwater, but I don't have 20% anymore.
Reply With Quote Quick reply to this message
 
Old 10-30-2012, 12:04 PM
 
Location: Atlanta, GA
504 posts, read 1,545,502 times
Reputation: 192
Check out doing a HARP refi. My wife and I just did this on our place. We basically cut our interest rate in half (something around 6.5% down to 3.4%) There area few things to qualify for before you can do it. I think this government program ends this December! You would have to pay some closing cost, but it isn't the same as full closing. We just rolled ours back into the loan.

A few of the rules:
- Have to have bought before a certain date in 2009
- Must be current on all payments
- Can't be a rental property. You have to live in the house you are refinancing.
- Must be backed by either Fannie Mae or Freddie Mac. Most mortgages are held by banks, but backed by FM.

Check it out here:
Making Home Affordable

You can use the search tools on that website to confirm if you're mortgage is backed by FM. Either way call the bank that holds your mortgage and tell them you want to see if you qualify for a HARP refinance. It's a great deal IMO if you qualify. Good luck!
Reply With Quote Quick reply to this message
 
Old 10-30-2012, 01:07 PM
 
2,530 posts, read 4,772,114 times
Reputation: 2053
Quote:
Originally Posted by ATLTJL View Post
If you put down 20% on your home and have a conventional loan without PMI and your home has lost value and you no longer have 20% in equity, is there a way to refi without taking on PMI? I'm not underwater, but I don't have 20% anymore.
If you have an FHA loan you can do a Streamline FHA Refinance

Fall 2012 : Complete FHA Streamline Refinance Guidelines (Plus Rates)

Make sure that the bank is clearly quoting an FHA Streamline - it is a specific product and not a standard refinance.
Reply With Quote Quick reply to this message
 
Old 10-30-2012, 01:13 PM
 
9,008 posts, read 14,054,003 times
Reputation: 7643
Nope, I have conventional, not FHA.

And I bought in November 2009, after the HARP deadline. Do I have any options? My current mortgage holder doesn't seem to think so.
Reply With Quote Quick reply to this message
 
Old 10-30-2012, 05:14 PM
 
225 posts, read 714,853 times
Reputation: 75
Thanks for all who've responded. I looked at the numbers earlier and we do plan to stay here long enough that it would begin to pay off in a few years. Any other advice? Thanks a bunch
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Georgia > Atlanta

All times are GMT -6. The time now is 06:29 AM.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top