Re-financing Home Mortgage - Page 2

**Halon** · 10-08-2010

I don't know about mine. But either way, if they offered me a lower rate, but made me pay closing costs as a part of it, then I would decline that offer as I don't plan to live here long enough to make that worth it.

turbotalon1g · 10-09-2010

^Baller.

I'm in the same boat I owe 197k and my place is appraised at 171k, so they won't let me refinance to a lower rate, I have 2 loans on my place one for 160k and the other for 38k, big is at 7% & small is at 10%, both are ARM loans.

Kinda why my financial goals are to pay that small loan asap so I can refinance since I don't see any other way.

slowbubblecar · 10-11-2010

The only streamlined processes I have seen only apply for people who have some equity.

slowbubblecar · 10-11-2010

Quote:

Originally Posted by turbotalon1g

^Baller.

I'm in the same boat I owe 197k and my place is appraised at 171k, so they won't let me refinance to a lower rate, I have 2 loans on my place one for 160k and the other for 38k, big is at 7% & small is at 10%, both are ARM loans.

Kinda why my financial goals are to pay that small loan asap so I can refinance since I don't see any other way.

That ARM rate is high for this market. You must be on a prime + X plan. To refinance the first, you would need to get the place with the second to agree to keeping the second position. If they are both at the same institution, I am not sure if they would consider refinancing the first in a situation like this. You might want to contact your bank, let them know your plans and get the opinion. If the loans are at the same place, I wouldn't be suprised if they told you they wouldn't jsut refi the first. If that is the case, you would be better off paying extra on the second instead.

turbotalon1g · 10-11-2010

I can honestly say that I don't understand all of this mortgage as much as I would like to, but my rates haven't changed yet so I dont know if there is some cap (in years) where I'm locked in.

The 2 loans are with diff. companies the first is with GMAC and the 2nd with SLS out of colorado.

**Kracka** · 10-11-2010

Some ARM mortgages are locked in at X% for Y years before going adjustable.