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Replies (2)
- Mitchell Mallahan, "Money Man Mallahan"
- Contributions:51
You can start by refinancing to a lower rate in the same program. I am quoting around the 4.25% range on a 30 year fixed with minimal lender fees right now. You can also GREATLY reduce your rate and monthly payment by refinancing to a 5/1 ARM (about 3.5% no lender fees). You can use zillow to obtain lender quotes.
What zip code are you in?
What zip code are you in?
- Stephanie Weiss, "Stephanie Weiss"
- Contributions:88
Sunshine212,
In order to get a refinance, it's going to depend on how much equity you have currently in your home. If you have little or no equity, it's doubtful any lender is going to be able to refinance the loan but if you are working and have good credit you can go to your current lender to see if they will give you a streamlined loan. I would start there. If you do have equity, then it would be a normal refinance and you can shop a few lenders to see who will give you the best rate and lowest fees.
Stephanie Weiss
In order to get a refinance, it's going to depend on how much equity you have currently in your home. If you have little or no equity, it's doubtful any lender is going to be able to refinance the loan but if you are working and have good credit you can go to your current lender to see if they will give you a streamlined loan. I would start there. If you do have equity, then it would be a normal refinance and you can shop a few lenders to see who will give you the best rate and lowest fees.
Stephanie Weiss
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