Loan modification n'such

[A+]

I've been getting a lot of shit in the mail regarding my home loan. Is this the time of year this shit starts hitting the mail box? I do need to refinance or modify my home loan but how do I know if these things are legit?

[AdRock]

Now is still a great time to refinance, especially if you can go to a 15yr fixed. I think the rate is still around 3%. Some of that spam mail is legit and some is just crap. A little research will sort them out. Usually some look like a great deal but the closing fees and such are crazy.

I got a offer from wells Fargo a while back for a ref I with no closing costs but missed the cutoff date. Call your mortgage holder or go on their website and see if they're offering anything.

[A+]

I'm tired of research. Where did everyone else go?

[94form2000z]

Not sure how much you're lookin to refinance but if you can do an 8 or 11 year this Credit Union has a bad ass rate and program if they still offer it.

https://www.rbfcu.org/NB/html/RealEstate/RealEstatePath.htm

Just closed last week 2.55% for 11 years. $700 closing cost.

Credit goes to FreightTrain. Thanks again.

[A+]

I should have a decent credit score but does refinancing and the amount financed or what have you, depend or rely completely on your credit score?
Maybe tha gubmint can take care of me...

[The King]

Now is still a great time to refinance, especially if you can go to a 15yr fixed. I think the rate is still around 3%. Some of that spam mail is legit and some is just crap. A little research will sort them out. Usually some look like a great deal but the closing fees and such are crazy.

I got a offer from wells Fargo a while back for a ref I with no closing costs but missed the cutoff date. Call your mortgage holder or go on their website and see if they're offering anything.

We did one of those last summer with Wells Fargo and it was virtually painless. Fannie Mae holds it now.

[VaderTT]

What type of loan is it?

[A+]

maybe ill call my POS mortgage company and see what they recommend.

[VaderTT]

[A+]

indeed.........

[AdRock]

We did one of those last summer with Wells Fargo and it was virtually painless. Fannie Mae holds it now.

Yea, the mailman accidently gave ours to my neighbor. When he finally gave it to me it was 2 weeks past the cutoff date. I'm thinking of going down there to see if we can still get it. We cold go from 5.5 to 3.1% on a 15 year and our payment would only go up by about $50 a month.

[TX_92_Notch]

i just refinanced in jan 2011 - went from a 30 yr at 5.875 to a 15 yr at 3.75.

if i were able to refi at 3.00%, is it worth it?

I owe right around $77k and the house is valued at ~$130k if that matters...

Also, my plan is to move within 3-4 years and keep this house as a rental property.

[AdRock]

i just refinanced in jan 2011 - went from a 30 yr at 5.875 to a 15 yr at 3.75.

if i were able to refi at 3.00%, is it worth it?

I owe right around $77k and the house is valued at ~$130k if that matters...

Also, my plan is to move within 3-4 years and keep this house as a rental property.

Well, the .75 you would be saving per year is only about $578. If the closing costs to refinance again were lets say $2500 then you would have to stay in the house at least 4 more years to break even. Add in the fact that you just refinanced and probably haven't broken even on that cost yet. So if you really plan on leaving in 3-4 years it wouldn't be worth it.

[TX_92_Notch]

Well, the .75 you would be saving per year is only about $578. If the closing costs to refinance again were lets say $2500 then you would have to stay in the house at least 4 more years to break even. Add in the fact that you just refinanced and probably haven't broken even on that cost yet. So if you really plan on leaving in 3-4 years it wouldn't be worth it.

Thanks. I'm planning to move but I hope to keep the house as a rental.

I don't think I'll mess with a refi since a shorter term would only increase my monthly payment at this point and that would be bad for a rental property.

[TexasT]

Thanks. I'm planning to move but I hope to keep the house as a rental.

I don't think I'll mess with a refi since a shorter term would only increase my monthly payment at this point and that would be bad for a rental property.

What/who sez it has to be a shorter term?
A 30 year at a better rate could lower the payment and get you additional cashflow each month it is rented and would lessen the burden while unrented.