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What can I do to get more (or better) quotes for my loan request ZR-LBSSMLC

HELOC, owe $84,809.93    rate 3.74 % Adjustable

mortgage, owe $696,000, 6.88%, 30 Years Conv Jumbo ARM (5/1) paying interest only.

house bought in Oct 2007, trying to find out what are options are as we are making payments fine right now but a lower interest rate would be nice (though we are not sure how long we will stay in this house, looking to move back East in 1-2 years.)
I have excellent credit (790-800) and my finance has good credit as well (~750).  We dont have any debt besides our house and the only other monthly expense is daycare and usual household expenses (food, gas, etc)
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June 10 2010 - Santa Teresa
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Answers (5)

Its important to put pencil to paper and way the costs of the refi and savings compared to what it will cost to sell and purchase the new home. We all like to think we have the perfect plan. Have realistic idea of what you want to do.  Are you really going to sell the home in the time you want? Are you going to get what you want out of the sell? Whats the ideal monthly savings if you are able to  refinance?
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June 11 2010
As Hans stated. There are several great options, such as another 5/1 I/O at 3.875% on your 1st. and a I/O 2nd around 5%. This is dependent on your loan to value. ..... Happy funding, Rudi
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June 11 2010
I would suggest taking a look at the situation.  If you can plan this from a strategic point of view you "may" be able to save thousands.

For example I just priced our 5/1 conv. jumbo (i/o) with a LTV of 70% or less.  You would save $1,742 per month, a savings of $41,808 over 2 years. 

I'm a firm believer of knowing your options.
Good Luck!
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June 11 2010
You state that you are not going to stay in this home for a long time, and your rate is below market.  Refinancing always has costs.  Save your money for the next home.
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June 11 2010

Right now your ability to refinance would depend on your equity in the property. Also, you will want to carefully weigh the costs of the refinance against the savings each month. Sometimes it is not worth it to refinance if you will only be in the property 1-2 years. Good luck!

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June 10 2010
 
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What can I do to get more (or better) quotes for my loan request ZR-LBSSMLC
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