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I used a Broker for my last mortgage and then a ReFi after that. Would definately reccomend them if you would like me to. Fees are no different than anywhere else and can actually be a little flexible.
I did some research in to this...and the bottom line I reached is that unless you are shaving more than a full point off your current rate, you aren't saving that much. You really need 1.5 or more to start seeing real savings. If it's more than that, you can recoup the closing costs pretty quickly.
Do you guys have any military ties? The two best lenders I have worked with are USAA and Navy Federal Credit Union.
I have a small amount left on my mortage, which is a few points higher than the current rate, and a HELOC for the construction on my home. It has 2 years left before it converts and is currently at just under 4%. I don't know what numbers will be like in 2 years when the HELOC converts, but do know that the mortgage will be almost half of what it currently is...it will be paid off in about 4-5 years. I am considering a 15 year mortage for a re fi. The HELOC will convert to a 20.
That's the dilema.
Crack down and go with the variable flow on the HELOC and gamble that 2 years from now we won't have a meteoric rise in mortgage rates, or re fi now and roll a small mortgage into it.
Either way, the equity in the home far exceeds the value of the possible re fi.
Any way your lender will offer a modification? We have an ARM and several times our lender has offered a longer term modification to current rates. This has worked enormously in our favor over the years.
Any way your lender will offer a modification? We have an ARM and several times our lender has offered a longer term modification to current rates. This has worked enormously in our favor over the years.
The 1st is a fixed 30 year which has the higher interest rate, but a relatively short amount of time left (5 years) as I have religiously paid additional to the prinicpal every month for 14 years.
The HELOC fluctuates with the market, but has been hovering in the high 3-low 4% range. The line closes in 2 years and converts to a 20 year at the going rate at that time.
I could ask the 1st for a modification; don't know if they will consider it worth their while, BUT what's the worst they could do -- say no?
One thing that confuses me -- are modifications for mortgages only, or do they modify HELOCs, too?
The HELOC is more the concern as that is the larger number and despite paying it down monthly, will have a decent enough left that a rise in interest could mean a few hundred more a month.
So you want to convert the HELOC to a regular mortgage? I think mods are only for mortgages, as HELOCs are something different entirely.
Do you belong to a credit union? Those are your best bet. We belong to Bethpage and they are great, and no matter which CU you belong to you can do your banking at ANY CU branch, even out of state.
The 1st is a fixed 30 year which has the higher interest rate, but a relatively short amount of time left (5 years) as I have religiously paid additional to the prinicpal every month for 14 years.
The HELOC fluctuates with the market, but has been hovering in the high 3-low 4% range. The line closes in 2 years and converts to a 20 year at the going rate at that time.
I could ask the 1st for a modification; don't know if they will consider it worth their while, BUT what's the worst they could do -- say no?
One thing that confuses me -- are modifications for mortgages only, or do they modify HELOCs, too?
The HELOC is more the concern as that is the larger number and despite paying it down monthly, will have a decent enough left that a rise in interest could mean a few hundred more a month.
If you only have like 5 years left your probably not going to save anything. Suffolk Federal has a 0-down home equity loan thats another half-point below the average refi loan. Best bet if your <10% left is to grab that, us it to pay off your mortgage note, then just pay it back over the next five years.
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