Real Estate Home Mortgages/refinance

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Question
Hi Tom...We have 11 years left on a 15 year note at 5.1%..we both have excellent credit and want to know if it is worth re-financing now ...original note was for $70,000, remaining balance is $57,000....right now paying $553.00 month in which about $240.00 is going toward interest...thank you Nick

Answer
You can apply, it is free. And just do the math. The loan officer can calculate a cost/benefit analysis for you.

You divide the closing costs by the monthly savings and the result = the numbers of months it takes at the lower payment to recoup the closing costs to do the loan.

You might be able to get a 10yr note and chop off a year.... THAT would make it an attractive option. Just don't get too upset with the closing costs until you do the math.

And, as always, it depends on hopw long you plan on staying in the property,  
About Real Estate Home Mortgages
This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here

Real Estate Home Mortgages

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Tom Burris

Expertise

I can answer any question regarding Mortgage loans for Purchase or Refinance. I currently work as a Mortgage Banker in Dallas, TX and have experience as a Mortgage Broker. The favorite part of my job is helping First Time Home Buyers. I also consider myself an expert of Credit and Credit Qualifying for a home loan. Many of my loans are the result of showing clients how to credit qualify for a loan after they were denied in the past. We do FHA, VA & Conventional Financing. I have extensive experience in Investor Loans as well. I will NOT answer questions about 'getting around guidelines', ect. Or if I sense that you are trying to call your 'investment' property a primary residence, I will reject the question. I will ALWAYS err on the side of caution if I sense that the question is fraudulent in nature.

Experience

7 years experience as a Mortgage Broker and as a Mortgage Banker

Organizations
NMLS# 335055

Publications
http://activerain.com/blogs/dallasloanguy

Education/Credentials
Mortgage Professionals in Texas are required to take many ethics courses and other industry training to satisfy State mandated continuing education requirements.
Site Owner of DallasLoanGuy.com which has lots of free mortgage info for the First Time Homebuyer and Veteran Homebuyer as well.

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