We bought our house in Oct. 2007. Our interest rate is 6.5%. Would it be upright to refinance if the rate got down to 5.75%? We have need of to lower our payments if need be. We are so strapped right immediately with rising gas prices, food prices, daycare for summer, etc.
Right presently we are financed through Wells Fargo and have be on time next to every payment. We file bankruptcy surrounded by 2004 on a mobile home that had sea damage so I be wondering if this might hinder us surrounded by refinancing? Any advice would be appreciated!!
Answers: It adjectives depends on what terms you could gain for a refi, and whether anyone would even offer you one at the percentage you want. There are also fees associated next to refinancing, so it might not end up self financially beneficial unless you get a rate that's significantly lower than 6.5%.
It might appear that it is no brainer to refinance now but within the long run you are really not saving unless you refinance to rate 1% better than you previous rate. This is because of the closing costs (various fees). Also I know it seem like a long time to hang about but a bankruptcy stays on your credit account for 6-7 years. This will affect your refinancing until the day it is removed.
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Right presently we are financed through Wells Fargo and have be on time next to every payment. We file bankruptcy surrounded by 2004 on a mobile home that had sea damage so I be wondering if this might hinder us surrounded by refinancing? Any advice would be appreciated!!
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Answers: It adjectives depends on what terms you could gain for a refi, and whether anyone would even offer you one at the percentage you want. There are also fees associated next to refinancing, so it might not end up self financially beneficial unless you get a rate that's significantly lower than 6.5%.
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It might appear that it is no brainer to refinance now but within the long run you are really not saving unless you refinance to rate 1% better than you previous rate. This is because of the closing costs (various fees). Also I know it seem like a long time to hang about but a bankruptcy stays on your credit account for 6-7 years. This will affect your refinancing until the day it is removed.
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