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refinancing avialable or advisable??

I purchaed house 2 yrs ago, financed 100%.  Rate apprx 6.5, financed $72,500 owe $70,500ish. 30 year fixed.  Can i refinance and save money?

I heard that the next phase of the stimulus will have something that will fit my needs...true? not true?
  • June 11 2009 - Moore
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Answers (3)

Stick with what you have.  With your loan amount it would only amount to peanuts as to what you might save today.

Best of Luck
  • June 11 2009
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I lend in Oklahoma but from your situation I can tell that it will not be worth your while to check into a refi at this time due to interest rates.  3 weeks ago it might have been worth checking into, and if rates go down it might be worth checking into. 

Just be sure and get a good idea of what you think the house is worth to make sure you have some equity to work with.
  • June 11 2009
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Purchasing your home at 100% can hurt because you probably don't have the value. The only way to refinance would be if you are in a government loan (FHA or VA); no appraisal is needed.
As for the stimulus package, it won't help you directly. The stimulus gives the banks a little more flexibility in thier lending practices.
  • June 11 2009
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