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To refinance????

My house is worth around 385k and my balance is 355k. my current loan is 30yr fixed w/ 10yr ARM at 3.625. Is it worth refinancing right now?
  • October 09 2012 - Schaumburg
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Answers (7)

I would need more details but a  "no closing cost option" would be my sugestions if the other numbers work.  Let me know if I can help further 
  • October 18 2012
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  • October 09 2012
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No problem, you have an excellent rate on the 10/1 as today's rates on that loan are just a little lower. Since the LTV will fall in the 90.01 to 95% bracket for loan pricing and MI rates, it wont be very beneficial to refi into another 10/1. If you plan to hold long term and want to convert to a 30 Year fixed then it's worth looking at. How much do you pay for mortgage insurance and are your scores over 740?    
  • October 09 2012
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Thank you all for your anwers. I refinanced my current loan in 3/11 and it is 30 yr loan w/10yr ARM. It was typo by me.

  • October 09 2012
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You stated it is a 30 Year Fixed w/10 Year Arm. It cant be both but it can be a 10/1 Arm which is also a 30 Year loan, just not fixed for 30 Years. Do you pay mortgage insurance ( if so, how much ) and how many years are left on the initial 10 Yr fixed period? When did you close this loan, month and year?
  • October 09 2012
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Profile picture for ABBAUSA

Seems like a straight No, to me.
3.4% is the rate www.bankrate.com is posting today.
Not enough difference to make this worth your time and effort to refinance.

Decide your goal(s) short, mid, and long term for your house....then you will have a better idea of the best course of action.

Good Luck!

James Callas - Realtor®

  • October 09 2012
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If that price point is correct I do not think you will be able to refi, and not sure it is worth it based on your current rate......which is a great rate.
  • October 09 2012
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