When to refinance our first home?
lmp asked:
My girlfriend and I bought our first new house in Arizona at the end of the buying boom in December 2005. It is an interest only ARM at 8.1%. We got in cheap, but we both make more money now and can afford our $1867/mo payment. We know we have to refinance at the end of 2 years. We are not sure of the equity gained, as the housing market has slowed. The house is in great shape, we had nothing to do to it. What type of loan should we look for and when should we refinance?
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My girlfriend and I bought our first new house in Arizona at the end of the buying boom in December 2005. It is an interest only ARM at 8.1%. We got in cheap, but we both make more money now and can afford our $1867/mo payment. We know we have to refinance at the end of 2 years. We are not sure of the equity gained, as the housing market has slowed. The house is in great shape, we had nothing to do to it. What type of loan should we look for and when should we refinance?
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Tags: Housing Market, Money, New House
February 14th, 2009 at 2:44 pm
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Where to start…. first off, an I.O ARM at 8.1% can almost certainly be beat. In order to better answer your question, I need to ask you a few questions.
1) How long do you intend to live in this property?
2) What is the current principal amount on your loan?
3) What (roughly) are your FICO scores?
4) What are your monthly debts and income?
5) What is the rough estimated value of your home according to ?
Send me an email or IM me on YIM! and I can better assist you. I am a Mortgage Planner from California.
February 17th, 2009 at 10:17 am
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It all depends on your goals for your property, financial goals, etc. I would like to take about 30 minutes of your time talking to you about your goals, discover where you would like to be financially and go from there. Contact me via email at at your earliest conveinience and we’ll figure it all out.
February 18th, 2009 at 5:41 pm
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I apply asap as rates are great and I would go for a 30 year fixed.
Matt
February 22nd, 2009 at 2:07 am
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If you don’t have a prepayment penalty and good credit scores, now is a great time with rates being at this year’s lows.
If you have any other questions, or need assistance, please contact me via my website or email me directly at