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About Zachary Eastman
Expertise
I can answer purchase and refinance questions about conventional and government loans (fha/va)including reverse mortgages. I can review loan options to determine the best program, best rate and best fee structure. I cannot answer questions about commercial loans

Experience
10 years experience as a loan officer, trainer and manager. I have knowledge of loan programs from a database of over 400 lenders including their processing procedures and underwriting guidelines.

Education/Credentials
Licensed Mortgage Agent Certified Mortgage Planner Licensed Real Estate Agent (UT)

You are here: Experts > Shopping > Home Buying/Selling > Real Estate Home Mortgages > Refinancing

Real Estate Home Mortgages - Refinancing

Expert: Zachary Eastman - 1/2/2007

Question
I have a 3-year Arm that is ending in April. I need to refinace it and I'm leaning towards a 15 year fixed rate mortgage. Currently I can get one with no closing costs at 6% and 5.75 with 1%. My mortgage anmoun t is $200K. What do you think? Thanks for your time and advice, Dan

Answer
You will save about $27 per month with the lower rate but it will cost you $2000 up front. You will break-even in 74 months. That's too long for most people but if you know for certain you will stay in the home long term you will save money over the 15 year loan. Keep in mind it will cost you money if you sell or refinance within 74 months.

I hope this helps.

Zach

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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