I am in a treasury arm (+2.25%) and looking to refinance, what rate shall I expect if I don't refinance?
139549
your rate is 2.25 plus the treasurey index at the time of your adjustment. (yearly, every six months, etc.) I am a mortgage broker if you need to refi email me, I can answer all your questions.
453448
Absolutely not! Don't do it. Your big problem isn't financial, it's behavioral. Most of the answers you've gotten are from financial types that have logics about least amount of interest, etc, but they're missing the issue that refinancing won't fix your habits, and you'll probably fall under the false perception that your cards are now free for more charging once their balances are transfered. \nBeen there, done that, so believe me, it will happen.\n\nFinish reading Ramsey, he's your answer.\n\nOnce of the respondants did suggest the debt snowball which is one step on the right track. \n\nWe're doing them now and they're working for us. So far we've paid $11,000+ in debt over the last 5 months, and put aside an emergency fund (and we're far from making big bucks)\n\nHere are the steps:\nPre-steps\n-get current on your debts - at least be paying minimums up to current month\n-cut up all your credit cards (yes, all of them.)\n-sit down with your family and explain that you don't want to live like this any more and that you want a better future for them. You guys are sinking and it will take a family effort to surface and eventually swim out of this mess. Once you've got their buy-in ...\n-stop paying extra on any of debts, including extra mortgage payments (we were doing this one) \n-do a simple budget to spend less and save more - we found we were spending Hundreds a month on going out to eat and see movies. Stop all that. Cook in. DVR movies on cable or get them from your library for free.\n-stop contributing to retirement temporarily or any other savings or investment accounts. Yes, even if your companies match - it's just temporary, you'll get back to investing later.\n-adjust your Withholdings through your employer to get more now and less tax return later. It's your money, may as well have it now.\n-have a rummage sale, sell any extra cars, and get out of leases if at all possible - they're a scam.\nNow - the real steps:\n1. Put $1,000 into a savings or MM account as an emergency fund (EF). \n2. Sort all your debts from smallest to largest. Pay minimum on all except the smallest. Attack that one with all the money you've scraped up (except for the EF) and your necessities (food, shelter, trasportation). Once you've paid the smallest, use what your were paying on the first plus the seconds minimum to attack that one. This is known as the debt snowball as it keeps increasing as you go. Keep it going until their all paid. Living frugally is key, during this period.\n3. Now beef up your $1000 EF to 3-6 months of expenses (not income) \n4. Resinstate future and retirement investing to at least 15% (match your companies IRA contribution, and put the rest of the 15% into Roth IRAs.)\n5. Invest in college funds for the kids if you have them \n6. Pay off the home early\n7. Build more investment and retirement wealth and start giving what you can.\n\nHope this helped! Again, don't fall into the trap of using debt vehicles to get out of debt. Pay what you owe. Live on less than you make and you'll get out of this.\n\npbaez\n\nIf you need more ongoing support, join our yahoo group Dave Ramsey http://finance.groups.yahoo.com/group/Dave_Ramsey_Debt_Beaters/
913295
Easy, as much as you can afford!, \n\nAt the minimum I would suggest no less than 25% but the more you put on, the less interest you will pay in the long run and you will be mortgage free years ahead of schedule!\n\nWhen we brought our first house we put every cent of savings we had on to the deposit (dont be fooled going for the minimum payment, it adds thousands to the interest!)\nwe also went for the shorter term (25 years instead of 30) to help force us to pay it off quicker (you can always re-mortgage if you get in the poo).\nAnd then we proceeded to put 50% of our income on it for the first 3 years, we have now lowered our payments as we are traveling and renting the house out, but once we return we will put the payments back up.
750801
Often called a Option Arm loan they have upsides and down sides. \n\nYou get a loan with a start rate around 1-2%\n\nLets use 1.25% for an example. This isn't your ARP it's just a rate used to calculate your starting minimum payment.\n\nOn $200,000 with a start rate of 1.25% your minimum payment would be \n\nMin Mon Pmt\n1st Year$666.50 \n2nd Year$716.49 \n3rd Year$770.22 \n4th Year$827.99 \n5th Year$890.09 \n\nOther Payment Options\nInterest Only$1,213.67 \n30 Year$1,368.70 \n15 Year$1,829.34 \n\nEach month you can select whatever payment you want from the minimum payment to the whole loan amount. These are usually 5 year loans.\n\nThe catch.\n\nThe interest rate is variable. It's tied to an index. Usually MTA or COFI. If you have a choice pick MTA. It doesn't move as fast up or down so if the economy changes you interest doesn't jump as fast.  The other figure that determines your interest rate is the margin. This is the amount added to the current index figure each month to come up with the rate you will be charged for your mortgage. The MTA has been around 4 - 4.5 all year. With a margin of 2.5 - 3 on average that would put your actual interest rate around 7%.\n\nSo your mortgage balance actually goes up every month. But so does the value of your house. Depending on what loan to value you started at this can be an ok thing.\n\nThe benefits\n\nYou can pick the lower payment use the money to invest in something or pay off other debt with higher interest and come out ahead. \n\nIn 3 years when the minimum payment starts getting higher you can always refi back down to the 1.25% start rate again. At this time you will pay off all the defered interest and that year you will take a huge tax break.\n\nIf you do invest the extra money for retirement or college savings for your kids you can still right off the defered interest. And build a nest egg for later.
762661
Im sure you know that the refinance percentage is based off of your credit history/score. I would recommend to wait at least 12 months. Any inquiry on your credit will last for 2 years, so you dont want to run the risk of having them run your credit at the 6 month mark and them not approving it because you dont have an adequate length pay history. If they did deny it, then you would have to run it again at the year point. Also, by waiting at least 12 months, you are showing the credit union (or bank) that you have made 1 years worth of monthly ontime payments. Hope this helped!
30144
try treasurydirect.gov . last time i looked it was 6.73%
263798
I currently have some very good government rates.  We are also a lender, not a dreaded broker.\n\nIf you would like more information, please contact me directly at timothy.kazee@americanhm. com and we can talk.
901240
Just because a company is advertising that they offer a 5.5, chances are your not going to qualify for it. That is a just a marketing trick to get you interested. They best way to tell what kind of rate you will qualify for is based on three simple questions.\n\n1. On a scale of 1 to 10 what is your credit score like?\n\n2. Have you had any 30 day lates or more on your mortgage in the past two years.\n\n3. What is the loan to value on the home? Meaning how much do you owe against how much the home is valued at. \n\nOnly people with 700+ credit scores with low LTV will qualify for that rate in today's market.\n\nGood Luck!
162217
$1013.85.  Just currious, where are you getting that rate? I hope you are not getting sucked into an option arm with negative amortization.
461645
Even though your first mortgage rate is at 5.625%, you would have to consider your blend rate if you opt for a second mortgage. Either way (HELOC or HELON), your interest rate will be much higher than your current rate, so if your blend rate matches or is better than the current interest rates now, then you might be better off just refinancing your property. You also have to consider how long you plan on staying that the current location know. This will allow you to know if your going to recover the cost of the refinancing. Obviously if you do a HELOC or HELON and there are costs associated with them, you will not recover the cost of those items, unless you factor in the interest of the debt consolidation and what your saving in doing that. If you need clarification, feel free to contact me directly.
1033541
Definitly go with a fixed rate first mortgage..\n\nAs the other responses tell you, you will simply borrowing against your property that you own free and clear. It will be considered just a new first mortgage (refinance). \n\nYou definitely do not want a Home Equity Line of Credit..even though every LARGE bank in america tries to advertise and SELL these loans, they are a bad move for any borrower. Not only are they bad for your credit, you will have a much higher interest rate.. Banks try to SELL them to people because they make much more money on a equity line of credit..\n\nI would also advise that you work with a nationwide lender that has a portfolio of investors. The reason i say that is becasue if a loan consultant can shop your loan for you among their many investors, you will get the best possible loan program for yourself. What i mean by that is you will get lower fee's, lower rates, and faster service...\n\nMy name is Jason Fry, and I am a loan officer with Providential Bancorp, a nationwide mortgage lender. I'd be happy to assist you in a refinance, or at least be able to let you know exactly what YOU QUALIFY FOR. You can then make a more informed, and educated decision whether it would be the right move for you. \n\nFeel free to give me a call at 312-264-6448, or \nyou can email me at Jasonf@providential.com.\n\nThank You,\n\nJason Fry\nProvidential Bancorp
1074568
Not knowing your situation, I would suggest doing your homework first.   You can different rates on www.homemortgagezone.com and lowerratesnow.com/loans/refianance/Adjustable\n\nI would also check with credit unions and banks, not with just mortgage companies as sometimes you can get better rate.   Please, please read the fine lines and don't get suckered into additional cost you do not need.
960724
NONE. They are very very very very bad. The interest rates are about 250% to 500% or more. Do not do this.
63484
It depends on when your ARM's fixed interest rate period is set to expire.  As a mortgage professional I always recommend that my clients refinance out of an ARM after the prepayment penalty period expires if there is one and when the initial low fixed rate period is over.  If you're credit is in good shape you may qualify for a similar rate on a 30 year fixed mortgage.
415650
Not necessarily.  The amortization, or repayment, schedule on a mortgage loan can be of differing lengths (e.g., 30 years, 15 years, 10 years, etc.).  It is possible that by refinancing, you would chose a term of the loan equal to the remaining term of your existing loan, and thereby not start over.  One of the reasons to refinance is to take advantage of interest rates that may be lower than your current interest rate.  So it is possible to refinance, get a lower interest rate, but the term of the loan (the time over which you will repay the loan) will not change from your original loan - and it is possible that because you are paying less interest because of the lower rate, that saved money could actually be used to prepay principal, and thus allow you to pay the loan earlier than you otherwise would have.
180976
The 30yr mortgage rate will probably not move until the end of April.At that time it looks like it will go up .05% . The sooner you lock in the better.
529046
I know that 15K looks like a lot, but what you should consider, kind of along the lines of the longer response below is your time line for the home.  If you are going to live in the home for a long time then you might want to check out a lower rate.  You can always check with a mortgage broker whom can run the rates and tell you how much you can save... I used a site called http://www.rezponze.com when I refinanced my home and got 3 different quotes that I could compare.  Ended up saving a boat load when I did it. I listed a few other sites that you can see rates live as well below. \n\nI would say that right now probably isn't the best time with interest rates rising.  I would probably wait it out till August who knows what the economy might be like then.  Best of luck...