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Refinancing

Asked Jan 2, 2007, 05:15 AM — 4 Answers
I am getting great advice on refinancing my mortgage. I guess if I could get the deal in writing before I signed any final papers. I would be in great shape. Preventing them from changing figures the last minute.
Currently I have a fixed 30 year mortgage. Balance is $49,000 I also have a $17,000 SHIP mortgage
the ship mortgage has No interest, no payments until I sell the house. Property appraisal is $242,000.
Mortgage is $474.00 taxes and insurance is $333.00. Total mortgage payment is $807.00
I always wonder is it worth while to refinance? I probable have to get a low interest rate in florida, to come out ahead?

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4 Answers
ScottGem's Avatar
ScottGem Posts: 58,053, Reputation: 28125
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#2

Jan 2, 2007, 07:00 AM


You don't say what the mortgage rate is, how much longer it has to run. Key pieces of info for us to advise you. Also do you need to take cash out of the equity or what?
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Fr_Chuck's Avatar
Fr_Chuck Posts: 72,597, Reputation: 37026
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#3

Jan 2, 2007, 07:18 AM


As Scott said, how many more years left, ifyou have had it for 20 years with 10 years left ? Is your interest rate 3 percent or 14 percent

And insurance is not part of the mortgage, it is for insurance, you may pay it into escrow at the same time you pay your mortgage but your mortgage is only 474. The 333 is the same no matter if you refinance or not.
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Dwight_Pigg's Avatar
Dwight_Pigg Posts: 26, Reputation: 10
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#4

Jan 25, 2007, 10:21 AM
Quote:
Originally Posted by Oneill474
I am getting great advice on refinancing my mortgage. I guess if I could get the deal in writing before I signed any final papers. I would be in great shape. Preventing them from changing figures the last minute.
Currently I have a fixed 30 year mortgage. Balance is $49,000 I also have a $17,000 SHIP mortgage
the ship mortgage has No interest, no payments until I sell the house. Property appraisal is $242,000.
Mortgage is $474.00 taxes and insurance is $333.00. Total mortgage payment is $807.00
I always wonder is it worth while to refinance? I probable have to get a low interest rate in florida, to come out ahead?
It would be difficult to justify refinancing, regrdless of your current rate. A 2 percent difference in rate, with a loan amount of $50,000, is only about $68 per month. If the existing loan amount was considerably larger, it could make sense, depending on your current rate. You also would have to factor in the SHIP loan that is free money to you now. (It's hard to walk away from that!)
The ONLY reason, in my opinion, for you to refinance is if you have an urgent cash need, since you have lots of equity. If saving money monthly is your only goal, I would advise you not to do it.
This is merely my personal opinion. I hope it helps.
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Bobak's Avatar
Bobak Posts: 13, Reputation: 2
New Member
  
#5

Feb 11, 2007, 10:48 PM
Dwight is correct. Even if you received an interest rate as low as 5%, it doesn't look like it'll be worth it to you to refinance unless you're in desparate need to cash out.
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