Refinancing?

Since the interest rate is low now, i%26#039;m thinking of refinancing my house. But I have no idea what to do or where to start, e.g. should I look for a bank (fiancial institute) that offers lower rate and contact them; what do I do with my current mortgage? Is it worthy refinancing at all?

Please anyone help me with this? Details will be greatly appreciated. I%26#039;m dying here...

Refinancing?loan officer

You need to contact a couple different mortgage companies. You need to see what the current rate is and what the closing cost are. You can rolling the closing cost in the loan, so you pay nothing out of pocket. That is if you house appraises to cover everything. Appraisal on houses have got bad, so check what houses are selling for around you. You need to figure out or guess how long you will stay in the house. You need to see what you save a month on the new mortgage and divide it by the closing cost. That will tell you how long you need to stay in the house to break even.

example.

Old payment $1200

New payment $1025

Save $175 monthly

Rolled in closing cost of $4000

4000/175 = 22.86 month to break even.

Refinancing?

loan

You just speak to your financial adviser... (bank) and they have to help you!|||It depends on what you%26#039;re current rate is. If it%26#039;s above 6% on a 30-year fixed, it might be worth your time if you%26#039;re credit is good. Lendingtree is one place to go. You can also do a Google Search on %26quot;current mortgage rates.%26quot; You%26#039;ll either get individual banks giving their rates or Websites that list many banks at once. (check the Real Estate section of a Friday or Sunday big-city newpaper as well)

Rates right now are anywhere between 5.25% and 5.75% for a 30-year fixed.|||Jess, there are so many factors to doing this...sometimes it doesn%26#039;t even make sense to refi. So why go crazy because the rates are so low. You have to look at overall financial benefit. Here are some things to look at...

1.) What are you paying right now

2.) What are your short term and long term financial goals

3.) Cost vs. Savings

4.) Time to recoup the difference between savings and cost

So many other items. If you need help for free contact me Eddie.k@gwhloans.com or 818-574-7973.

I look forward to hearing from you|||FACT

Only 10% of mortgages re done through banks, going through a mortgage broker will get you a lower rate and better programs.

FHA has the best rates and programs right now.

What are the details of your current mortgage, rate, payment, etc? Do you have equity to refinance? How many years have you been in your mortgage?

Let me know what other questions you have, I can help any way needed.

___________________

Here%26#039;s the fact%26#039;s from the Wallstreet Journal::: DON%26#039;T WAIT!

The Fed and You: Don%26#039;t Wait to Refinance

Why Mortgage Rates May Not Go Lower

January 30, 2008 4:24 p.m.

What does the Fed%26#039;s move mean for your money?

Simple: If you were planning to refinance your mortgage but you hadn%26#039;t gotten around to it, do it now.

See a mortgage broker this afternoon or tomorrow morning. Call in sick if you have to. Don%26#039;t wait.

Thirty-year fixed rate loan rates have been on the floor recently, but the response to the Fed%26#039;s move suggests that may not last.

The yield on 30-year Treasurys rose nearly a tenth of a percentage point this afternoon to 4.42%.

(If you%26#039;re wondering why long-term rates would rise as the Fed is cutting short-term rates -- the two do not move together, and in fact often move in opposite directions. This is because long-term yields are priced off long-term growth and inflation expectations. If the Fed steps in to boost short-term liquidity, by cutting Fed Funds, the market may fear that that will add to inflationary pressures down the road.)

On its own, today%26#039;s move in Treasurys isn%26#039;t huge. But over the past few days the rates have risen noticeably, from a low of just 4.10% late last week. The yield on the 10 year has risen also risen, from a low of 3.28% to 3.71%.

Long-term mortgage rates, ultimately, are priced off of long-term government bonds. If those yields continue to rise, mortgage rates will follow suit.

And there%26#039;s plenty of reason to think this might happen.

The Fed has shown it is more worried about a near-term slump, and the outside risk of falling prices, than it is about long-term inflation. It was the supposed risk of a serious crash, and maybe even falling prices, that had driven yields on government bonds so low.

The Fed has now slashed its fed-funds rate target to 3% from 4.25% in 10 days. That%26#039;s a 30% cut in short-term borrowing costs.

It%26#039;s hard to see how they can pump this amount of liquidity into the system without adding to inflationary pressures that are already building.

Food and energy prices are being driven much higher by the massive shifts in population and industry in Asia, over which the Fed has no control. That%26#039;s why food and beverage inflation is now running at 4.8% a year, twice the rate of the first part of this decade and the highest level since 1990.

Readers need no reminding about energy inflation, which has averaged nearly 7% a year for five years now.|||A good loan officer can help you with all of this. Whether it%26#039;s one from your local bank or a mortgage broker (they check many banks for you!). Look up Mortgage Brokers in the yellow pages or yellowpages.com. When you talk to a loan officer they will ask you income question, but they can estimate the value of your home too. What will happen is they will find you a bank that will make a loan to you for the balance of your current loan plus any closing costs. Then your title and escrow company will get the money from your new lender and payoff your current loan with that money and any leftover you get to spend. Refinancing is worth it if the rate is a percent or more less than what you pay now and if you can get some cash out to pay off the credit cards or any other high interest debt. If you have any other specific questions, go ahead and e-mail me. I just refinanced and have another house with a mortgage too.