Refinancing Master

Would it be better to stop making the payments to get a lender to actually work with me?

How much does the interest rate need to drop to make it worthwhile to refinance my mortgage?. Is there any general “rule of thumb”?
Thanks!

RefinancingMaster Answer:

When does it Pay to Refinance a Mortgage?

I have a 30 year mortgage, with 15 years of interest only. This loan is 1 year old.

I have not yet bought a home but I am curious what effects refinancing. Is it based on how much equity you have built?

I have tried to refinance a 9 percent interest rate to a lower one. You see all of this advertising to lower rates but yet no one will do it. When they do they try to mess you over. They wait until you are in forclosure before you can do anything.

In last three years,I bought four houses for investment,they are all at 7.5% interest rate?
now I want to refinance them,but I do not have work,credit score is only 680 because my high balance in my equity accounts.is there any way I can get a lower interest rate like 6%?

I own a house in Houston TX and I bought it with two loans (100%) financing. the purchase was in 2006 (no too much equity). will the new intrest rates help me if I refinance my loan. I will not keep the house for more than 1 year and my company will buy it with 97% of the original value so should I go intrest only loan?
my rates are 6.75% (on the 80%) and 10% on( the20%)

I just bought my first home about a year ago with no money down and want to refinance to a lower interest rate. I can save about 2% if I’m able.

However, I’m noticing most banks won’t refinance but a certain percentage of the home’s value…ranging in the ball park from 80 to 95%.

Since my home is only a year old, it’s only increased in value a couple thousand dollars at most.

Is there any way around this?

I heard a news about Federal goverment lowered mortgage rate by 0.5%, is it true? Who is qualified for this benefit?
We get our loan from a mortgage company.

I have a mortgage rate of 6.85%. should I refinance now or will interest rates go down more after the president signs the new bill to help mortgage companies?

Anybody know if there are any banks that are offering low interest rates to refinance your automobile right now, particularly any that are receiving bailout money to loosen their credit requirements? Also, I would prefer they pulled my Experian and/or Equifax but NOT my TransUnion. I live in Seattle, so if you know of any local banks around that area that’d be a nice bonus. Thanks.

I am about a year and a half in. I had put down 20%

I know the feds just cut rates. I probably will only be there another 4-5 yrs. Would it be worth it to refinance? my house was $144,000 and i still owe $111,000
primacy-
what did you mean by make sure fico is 730+ and what is a 2-3 yr pre pay penalty?

Is this everchanging real estate and mortgage lending market, its hard to tell what will happen next month. I am looking to purchase a home in Chicago in approximately 3 months. My credit score is 760. What type of interest rate will I get on a 5/1 interest only arm?

Thank you for the information. My loan is for a fixed 30 year loan. I have had the home for almost 5 years. I have refinanced already 1 time, to get the 8% rate down to 6.2%. I only own currently $70,000. Help!