Can I refinance a 30 year fixed FHA loan that be issued contained by July 2008?
I purchased a home in July 2008 using a 30 year fixed FHA loan and the Nimia program. My rate is 6.7% and I'm wondering if it can be refinaced so I have a lower interest rate. Any information would be dutiful.
Answers:
As long as you don't have a prepayment penalty contained by your current loan, it can be refinanced at any time. If you have a prepayment penalty you would hold to decide if it is worth paying the penalty to refinance but it does not prevent you from refinancing.
You probably don't want to and this is why. Since you have that sophisticated interest rate, I suspect there were some issues near your credit. Unless that has significantly improved, I would endeavour that you are not going to be quoted a rate that is low enough to be paid this refi pencil.
Every refinance costs you thousands of dollars, so you have to consider how long you are going to stay in this house, pre-payment cost, cost of the refi and interest savings before you sign on the chain. Source(s): Oregon Realtor
Of course you can, as long as you have equity in the house. Contact a mortgage broker and enjoy him/her start shopping around for better rates., Or do it yourself through bankrate or lending tree.
Stream rank refinance is in order but your weak banker will probably not do this as you have not made 6 payments but. seek another mtg. professional in your are to obtain this done
I am a mortgage banker in TN & KY
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Answers:
As long as you don't have a prepayment penalty contained by your current loan, it can be refinanced at any time. If you have a prepayment penalty you would hold to decide if it is worth paying the penalty to refinance but it does not prevent you from refinancing.
You probably don't want to and this is why. Since you have that sophisticated interest rate, I suspect there were some issues near your credit. Unless that has significantly improved, I would endeavour that you are not going to be quoted a rate that is low enough to be paid this refi pencil.
Every refinance costs you thousands of dollars, so you have to consider how long you are going to stay in this house, pre-payment cost, cost of the refi and interest savings before you sign on the chain. Source(s): Oregon Realtor
Of course you can, as long as you have equity in the house. Contact a mortgage broker and enjoy him/her start shopping around for better rates., Or do it yourself through bankrate or lending tree.
Stream rank refinance is in order but your weak banker will probably not do this as you have not made 6 payments but. seek another mtg. professional in your are to obtain this done
I am a mortgage banker in TN & KY
Related Questions: