Mortgage Re-fi question

[matt770]

Interest is tax deductible up to a loan amount of 100K... My website has mortgage am calculators... if interested click my linky!

 

Atomic/all... rates are at about 4.00% today on 30 year fixed mortgages. Matt... you mentioned a 7/1 ARM at 4.125.... current rates are at 3.375% to 3.250% for that... are you a JUMBO loan??? If not, they better be giving you a free jar of vasoline for bending you over!

 

I'd love to shop around but we're at 112% LTV and they aren't going to subordinate our 2nd mortgage if we refi with another company.

[Missoula Griz]

- PMI will go away in 27 months as opposed to never going away on our FHA loan

 

 

Not true. FHA requires MI for a minimum of 5 years

[paulzale]

Talked to Wells Fargo last night, they have a stream lined refi or more like a modification that gets me 4.125 on a 30 year fixed with zero closing costs! They sent the paperwork, still looking at my options, but I think this one works well for me.

[CaP'N GRuNGe]

Can someone briefly explain a HELOC to me?

 

I just purchased a home a couple months ago. I don't have much equity into it as I only put 5% down. The appraisal came in a little higher than purchase price. So say maybe 10% appraised value higher than loan balance. Does that mean I may be eligible for the difference as a HELOC? Can I go anywhere for a HELOC or just with my own mortgage company? What do rates run and time periods?

 

I ask because i'm thinking down the road about the AC system. I thought I might have to replace this year but looks like a couple of quick fixes kept it up and running. I don't know how much longer until i have to replace. Hopefully a couple of years but never know, could be next summer. Was wondering if a HELOC might be a good funding option for something like that. I know the AC company i spoke with quoted be a 5 year 4.99% financing deal on two units. Would be cheaper cash flow wise to stretch that baby out over 10+ years.

[Big Country]

Can someone briefly explain a HELOC to me?

 

I just purchased a home a couple months ago. I don't have much equity into it as I only put 5% down. The appraisal came in a little higher than purchase price. So say maybe 10% appraised value higher than loan balance. Does that mean I may be eligible for the difference as a HELOC? Can I go anywhere for a HELOC or just with my own mortgage company? What do rates run and time periods?

 

I ask because i'm thinking down the road about the AC system. I thought I might have to replace this year but looks like a couple of quick fixes kept it up and running. I don't know how much longer until i have to replace. Hopefully a couple of years but never know, could be next summer. Was wondering if a HELOC might be a good funding option for something like that. I know the AC company i spoke with quoted be a 5 year 4.99% financing deal on two units. Would be cheaper cash flow wise to stretch that baby out over 10+ years.

 

 

Home warranty?

 

I know when we bought our first home the seller paid for a 1 year home warranty (house was about 40 years old), we renewed it each year and in that time both the AC and the water heater needed replacing, and our out of pocket costs were $100 ($50 per visit)