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Refinance to gain equity over time?

Profile picture for MikeMcD5544
I currently owe 114,xxx on my 117,xxx 30yr mortgage at 5%. On zillow the value of my house was below my loan amount outstanding. Should I try and use the presidents new refinance assistance program to refinance to a 15yr fixed with the rates now or should I just refinance? Or neither? I am looking to turn this home into a long term rental.
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October 24 2011 - Clifton Heights
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Profile picture for LUXURY HOME LOANS CA
Mike,

On the link below scroll down the pages and add up everything that applies to your scenario as an investment property. To have those fees included in your rate you'll be pretty close to where you are today. https://www.efanniemae.com/sf/refmaterials/llpa/pdf/llpamatrix.pdf

Happy funding, Rudi
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October 24 2011
Profile picture for sunnyview
I would try to refi if you plan to keep it long term and you can find a low or not cost refi. If you are at 5% now, you might save some money long term.
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October 24 2011
 

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Profile picture for Rudi Hofmann
QuestionRefinance to gain equity over time?
  • Latest answer by Rudi Hofmann
  • October 24 2011
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