The wife and I are starting the process to refinance our home.
Built in 2006 and bought new.
$191,110 on a zero down and a ten years interest only loan at 6.875%. The last twenty years of the loan are at a slightly higher payment than below to cover the ten years of interest only.
Payment is currently $1400~ including mortgage insurance and taxes. Based on the initial conversation with a broker, that would drop to $1200 at 4.375%.
Credit score is over 760.
Our income is approximately 35% higher than at time of purchase and I'm a full-time student.
From reading other refi threads, I'm pretty certain we do NOT want to start the thirty year cycle again, unless all of the math works out. We do plan on moving out of the area in 3-5 years. I'd like to pay off another chunk of her grad school loans, but I'm not sure that this refi is THAT kind of refi. How do I know the difference? I also like the idea of investing the saved portion, instead of wasting it.
How important is physical appearance of the home during appraisal? Will they act like those fucking idiots on tv who are annoyed by a certain wall color, or are they level headed? Do I need to get a storage unit and de-clutter?
What are some other questions to ask the broker?
Built in 2006 and bought new.
$191,110 on a zero down and a ten years interest only loan at 6.875%. The last twenty years of the loan are at a slightly higher payment than below to cover the ten years of interest only.
Payment is currently $1400~ including mortgage insurance and taxes. Based on the initial conversation with a broker, that would drop to $1200 at 4.375%.
Credit score is over 760.
Our income is approximately 35% higher than at time of purchase and I'm a full-time student.
From reading other refi threads, I'm pretty certain we do NOT want to start the thirty year cycle again, unless all of the math works out. We do plan on moving out of the area in 3-5 years. I'd like to pay off another chunk of her grad school loans, but I'm not sure that this refi is THAT kind of refi. How do I know the difference? I also like the idea of investing the saved portion, instead of wasting it.
How important is physical appearance of the home during appraisal? Will they act like those fucking idiots on tv who are annoyed by a certain wall color, or are they level headed? Do I need to get a storage unit and de-clutter?
What are some other questions to ask the broker?
Facebook
Twitter