Profile picture for pearlct

Looking for good rate on 25-year fixed 143k refi

Heya,

We're looking to do a no cash-out refi for a 143k mortgage (currently at 5.8%), around 85% LTV, currently conventional non-FHA loan owned by Freddie Mac, currently no PMI. Probably qualifies for the Making Home Affordable refi program so we should be able to get a new loan without PMI as well.

We're looking for a few competitive quotes to put the total monthly payment under 1k. (Annual insurance runs about $600, tax $1450.) This is for Colorado, Adams County. Credit scores are above 760.
  • March 07 2011 - Thornton
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Answers (2)

Best Answer

Profile picture for Xcapital Inc
It sounds like Freddie Mac's HASP (refinance relief) would help you here.  You should be able to put in a search on zillow for your county and come up with several lenders who work in Colorado. 

Just a few notes: your current freddie mac loan will need to have been created prior to June 1st, 2009.  You should be able to create a mortgage quote on zillow and get a list of lenders who are able and willing to quote you today.

Good luck!
  • March 10 2011
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You will need to find a lender who offers the Open Access program and also offers a 25 year term.   Finding one or the other would be easy, finding one who offers both might be a challenge.

If you can work with the concept of a new 30 year loan and then plan to repay on a 25 year schedule, that should expand your options of available lenders to get quotes from.

You can use the lender directory or try the Zillow Mortgage Marketplace to locate lenders in your area.
  • March 07 2011
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