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Is it worth it to refinance??

Home was purchased late 2007 for $200,000 and appraised fine. Rate was 6.5 for 30 fixed. Not sure now if it will appraise out where would not have mortgage insurance?? Is it worth it?? Balance owed is 157,000...
Thank you...
  • October 13 2010 - Winsted
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Answers (9)

Profile picture for CTrealestatePROs
Now is one of the best times in our lives to refinance.  If you are able to lower your interest rate by 0.5% or more you are doing GREAT!  Local thrifts (local bank) seen to be offering the post competitive rates today.  If you have a special situation; you mish wish to contact a mortgage broker along with your local bank to discuss your options.  Good Luck!  Keith Evans
  • October 14 2010
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@Chad including a link to your personal web-site is against the Good Neighbor Policy of Zillow's.  You can direct people to contact you through your Zillow profile, but not include links to your website or other contact info.  Expect to see you link removed by the mods. 

@XDog Your best bet is to contact a lender licensed in your state who can give you the answers you seek.

You might also contact a local Realtor to see what homes similar to yours have been selling for, this will give you a pretty accurate idea of value.
  • October 14 2010
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I would say yes with this situation, it may be valuable for you to look into refinancing.  I have dealt with many cases such as this and would be more then happy to give you some pointers.  You can find my contact information on my website: [link removed by moderator]
  • October 14 2010
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The rates are presently close to 4%, which would ideally bring your payment down dratically. Your original mortgage was placed in 2007, you don't have alot of time elapsed, so refinancing again for 30 years would be a great advantage for you. To pay down the time even further you can always send in extra payments to lower your principle.
  • October 14 2010
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The big concern for me is whether or not your home will appraise NOW. But, although I am NOT a lender I have always been told that the rule of thumb to decide whether or not to refinance is this:

1) Do you plan to stay in the home for at least 5 more years?
2) Will you realize a savings of at least 1%. (Rates are near 4% now).

Of course you will always need to run this by SEVERAL lenders to be confortable. I hope this is helpful.
  • October 14 2010
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If you are looking just for a rate/term refinance my company offers a 95% LTV ratio with rates in the low to mid 4's with buydown points.
  • October 14 2010
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It is highly unlikely that you are anywhere near an 80% LTV right now. There have been serious declines since 07.
Have a local realtor do a CMA on your home so that you know where you stand, but IMO - doesn't sound promising.
  • October 13 2010
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I would say yes and you may be able to qualify for a rate under 4% that is fixed for 30 years. It is worth at least receiving a valid offer based off of your situation.
  • October 13 2010
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You may be ok on value. Where is the property located? 2007 is when the market started to decline. I can give you a quick quote and see where you are at and what we can do. [contact info removed by moderator]
  • October 13 2010
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