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Re-Finance? HOw does it work?
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meganNbobby
Our Family is Complete
Member since 5/05 2774 total posts
Name:
Megan
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Re-Finance? HOw does it work?
anyone? we would like torefinance next year to pay off bills and get $$ for more updates? how does it work? and how much more will the mortgage go up?
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Posted 8/18/05 5:15 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
emc
The Boys!
Member since 5/05 2065 total posts
Name:
Erin
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Re: Re-Finance? HOw does it work?
Don't quote me on this, I am quite clueless when it comes to this department...but we are in the process and my mom's friend is our mortgage broker so I just go with what she says... We needed to get our home reappraised and it needed to match "comps" of homes within a certain radius in terms of the price they SOLD at in the last month. So, the appraiser needed 3 comparable homes (BR's, Baths, style of home, land) with selling prices at or above $60,000 more than what our home was appraised at a year ago. I was nervous, but we got it. We only added about $8,000 worth of work. We are trying to combine our 1st (30 year fixed) and 2nd (home equity) that we used to avoid PMI. I am still waiting to hear since the rates have gone up now in the past 2 weeks
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| Posted 8/18/05 9:16 PM |
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dengal
Dad of Twins
Member since 5/05 1385 total posts
Name:
The 80's Man
Let's Go Mets!
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Re: Re-Finance? HOw does it work?
Posted by meganNbobby
anyone? we would like torefinance next year to pay off bills and get $$ for more updates? how does it work? and how much more will the mortgage go up?
When you refinance, you are essentially buying the house from yourself. The theory being that you'll get a lower rate due to market conditions or lower interest rates. There are closing fees assocciated with a refinance, so you have to see how much you'll save and how long it would take to recoup the closing costs. Check out this link:
http://www.smartmoney.com/home/living/index.cfm?story=refin
We did this in my old condo. We went from a 30yr to a 15yr mortgage and actually lowered our monthly payment.
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| Posted 8/19/05 10:49 AM |
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Salason
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Member since 6/05 9878 total posts
Name:
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Re: Re-Finance? HOw does it work?
Refinancings have slowed down recently bc rates are going up. If you recently bought, it is doubtful that you will get a better rate next year.(but perhaps in a few yrs rates will go down again)
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| Posted 8/19/05 11:17 AM |
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