Should i refinnance my home?
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How much lower than 6.5 do you expect to get a refinanced loan for and how much will it cost you in application fees and closing costs to refinance??? It won't hurt to apply if you feel you find a better deal but I think you should make your existing payments on time for at least a year before switching out loans and banks and all of that. 6.5 is not a horrible rate so hang in there and wait to see what happens with the interest rates. As people are losing homes to foreclosures the banks are gonna have to lower rates to entice new people to buy and refinance. If you can get an offer under 5.5% grab it but the odds are you are in the right range for a home mortgage.
Should i refinnance my home?yes
Should i refinnance my home?With only 2 payments in unless you can get a fixed rate of at least 1% better you will actually loose money. If you presently have an adjustable that is a different animal, and I would refinance to a fixed shortly before you are due for a rate increase. With the market as volatile as it is now, and housing prices dropping you also have to take into account of how much or what percentage of the total worth of the house did you mortgage.
Should i refinnance my home?With a fico of 650, 6.5 percent interest is pretty good right now. Before you start thinking about a refi, read your existing loan documents first. Check to see if you have a prepayment penalty. If you do, how much is that prepayment penalty going to cost you? Add on on top of that all of the closing costs you will have to pay on the refi. Plus, there is no guarantee in this current market that you will get anything lower than 6.5 percent. I have only see individuals with stellar credit (FICO in the upper 700s and above) getting rates lower than 6 percent. My advice is to keep paying on your existing mortgage and get a good payment history down and also make sure that any other credit you have, you pay on time everytime. Don't max out your credit card(s) and if you have to keep a running balance, keep it at or below 30 percent of your line of credit.
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