dallison

Like others the general appraisal/value of our house ahs dropped to just above what we owe after 4 years of home ownership.

I contacted a few places about refinancing. The one place is "able" to get us into an fha loan. Our credit scores are just short of 800. We originally took out an 80/20 for 30 years and now i want to do 15 years fixed and the rate that was quoted was 4.5 interest and 5% apr. This seems really high to me given the going rates.

Like others i don't really have someone helpful to ask about these house things.

vas25tl

How long do you have to live in a home (with fha loan) before you can refi? I thought there was a minimum.

thunder04

iTrader: (1)

^ There is no minimum. You can refinance the day after you take out the loan...at least that's what I was told by my loan officer.

dallison, do you currently have an FHA loan?

MR1

What is your current rate? How much in total fees are they talking? Who ordered/payed for the appraisal?

dallison

When we bought the house 4 years ago we went with a 80/20 We are down to 115k/30k.

we don't have an fha loan.

I'll have to post the fees later.

Dr. Colorado

Don't want to hijack thread but my representative at my FCU emailed me about refinancing. I have 20/80 too, 30 years, living in my home for 2 years. The value of my home has gone up because of renovations I've done. Right now I'm in the middle of a 3-4 month remodeling and the FCU says they can't refinance while remodeling is going on.

Anyhoo, I have a jumbo loan at fixed 6%. These are my 2 options

4.625% at 1.5 points or 4.75% at .875 points with a monthly savings of around $800 on my P&I.

I may stay in this house forever BTW.

Advice from the real estate gurus?

dallison

locked in now @ 4%