How important is credit score? I'd seen credit scores mentioned. Not sure what mine is now but it isn't great. Probably not even good to be honest.

 

There is no minimum credit score for the Home Affordable Program where you can refinance at any loan to value. PP2 first thing you need to figure out is whether or not your mortgage is a Fannie or Freddie Mac backed loan or if it is held on the lender's portfolio.

 

If you go through FHA on a refinance you need a 620 credit score. If you do a conventional type refinance you need typically a 700 or higher score to make it worthwhile.

 

If you have a VA loan you can do 100% refinancing on these type of loans right now without doing an appraisal or verifying income. There are a ton of programs out there. If you have a rate that is over 4.875% right now you likely need to consider refinancing.

 

Here are the two links to determine if you have a Fannie or Freddie loan.

 

https://ww3.freddiemac.com/corporate/

 

http://www.fanniemae.com/loanlookup/

Rate is 5.375 and have 312 months left.

 

 

PM me your contact info.

Rates in the business section this morning were 3.5 for 30 year. I have seen where they may go even slightly lower but these are the lowest rates in a lifetime by far.

Anyone with a rate over 5% needs to refinance now. If your rate is in the 4's, take a look to see if you can take advantage of these rates.

Rates in the business section this morning were 3.5 for 30 year. I have seen where they may go even slightly lower but these are the lowest rates in a lifetime by far.

 

Make sure you read the fine print on advertising for some rates. Many times you have to have particular loan to value, open up checking account, do automatic billpay, etc. Its not always just a phone call and lock me in at 3.5% trust me.

I just locked a guy with a $250,000 balance at 3.75% and he was at 4.5%. We ran the numbers and it was beneficial.....the higher your mortgage balance the greater the savings even if it is only a 1/2 percent drop. Always run the numbers and see if it makes sense.

2.875 $250 out of pocket

Had 12 years remaining. Will cut it to 10 and pocket a few bucks each month.

^ With who if you don't mind me asking. $250 closing cost is very nice.

^ With who if you don't mind me asking. $250 closing cost is very nice.

 

Guardian Savings Bank in Ft Wright.

Anyone with a rate over 5% needs to refinance now. If your rate is in the 4's, take a look to see if you can take advantage of these rates.

 

:thumb: Completely agree. No one should have a rate over 5%.

If you want a place to punch in some numbers and kind of see what you can get go to Mortgage Rates | Get Current Mortgage Rates in Seconds Mrs C and I have refinanced three times using Amerisave. Each time we did about what Clyde did. We shortenend the number of years and kept our payment the same.

 

This is just my opinion, but I would always opt for less years at same or close to same payment. We will end up paying our house off in 19 years and our payment has increased by only $21 a month during our refinances. And we refinanced most of the closing costs each time. Multiply your current house payment by 132 and see how much savings that is.

I want to remind everyone again, whatever you do stay away from 5th3rd Bank for mortgage needs.

I want to remind everyone again, whatever you do stay away from 5th3rd Bank for mortgage needs.

 

This, or just stay away in general from the big 53.

I have a business account with 53 and I have been happy with them. I mean strictly home mortgage and refinancing. Go to a mortgage company. 53 is understaffed and extremely unreasonable when it comes to loaning money.

Just did what Clyde did with Guardian but opted for the 20 year at 3.5% rather than the 15 year at 2.875. Still cut 5 years off my mortgage but saving about 150 a month.