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Refinancing

My 1st rate change on an interest only ARM is 4/01/09. Even though the new rate will likely be lower due to the low average T Bill rate I am interested in refinancing the primary mortage ($200K) with my HELOC ($80K). I have no other significant debt,  my FICO score is well into the 700 range and I have a secure job. I notice some lenders are financing more than 80% for longer periods of time. I am interested in the lowest payment possible.
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February 26 2009 - Riverside
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If you are looking for the lowest payment the LTV needs to be less than 80%.   A loan greater than 80% would have an additional cost for PMI.  As for the longer term you may find the higher 40 year interest rate negates the lower payment expected with a longer term.  Submit your request on Zillow and ask for 30&40 year terms to compare.
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February 26 2009
Your home's value would be helpful, but 30 yr fixed rates are so good right now, you should lock in if you can afford the payments.
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February 26 2009
you should do everything you can do get out of an ARM loan that resets in April of 2009. You'd be crazy not to!
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February 27 2009

laryr  thanks for your question, and I wouldn't necessarily call you crazy not refinancing, but it certainly would be short sighted not to explore your options, especially with the rates close to their all time lows. The fact that your reset is going lower allows you to take your time in analyzing your situation comfortably. Two things to consider are: 1) your home value, are you in a declining value neighborhood? and 2) How long will the rates remail low?
Post a Quote request, and many great lenders will throw in their two cents. Best Wishes, Jim

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March 07 2009
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[content removed by moderator for being self promotional]
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March 13 2009
QSliving,

These threads are to offer advice not SPAM for business.
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March 13 2009
 
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