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Should I even think about refinancing?


I took a mortgage on 12/31/06 for 170,000 @ 6.75%

Currently I use the house as an investment property because I am relocated due to school. anyways, I know that the current rates are as low as 5% I have good credit (710), but have a blemish in my report for a student loan which the As**oles from school reported, I paid the balance but I know this affects my report and perhaps my chance of getting the 5%

So should I even think about refinancing? I dont have a clue about refinancing cost. I think they offer a No closing cost program.

Will the deal about using the property for rental income affect my chances of getting a good rate?

Thank you for your advice


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6 Responses to "Should I even think about refinancing?"

  1. Cari says:
    if in fact there was an error reported to your reports…you can have those removed pretty quickly by contacting each agency….i had a similar problem with my sons….and we had the error removed on all 3 credit reports…
  2. Joshums says:
    If the amount you’re refinancing is 75% or more the current value of your house you will be required to pay mortgage insurance on top of escalated closing costs. Just call your lender and ask questions, but you probably won’t be able to get anything better than what you have now.
  3. Tim says:
    You’ve got good credit, it shouldn’t be a problem refinancing as long as you have steady income. If anything, you should have refinanced 6 months ago and gotten 4%.
  4. Beverly S says:
    Investment property is alot harder to qualify for than owner occupied. Also the loan to value on investment is lots lower than primary residence. You can’t use rental income to offset the payments unless you have 2 years of rental income showing on your tax returns. Rates are not as good on investment property either. It won’t cost you to get a pre-qual though & if you can get approved you will save money for sure.
  5. The Mortgage Banker says:
    It looks like you may have purchased at or near the higher point in the market. So it really will depend on how much current equity if any that you have in this property. If the property is worth less than what you currently owe it may not be possible to refinance at this time. However if you have equity and if you have income you may claim this house a 2nd home to avoid higher interest rates for non-owner investment property. But the key here is that you must be able to qualify with you’re income ( not the rental income of this property ). The 2nd home idea will only work if you haven’t reported rental income on schedule E of you’re Federal returns for this property.

    Please let me know if you have any questions. I am a California Lender.

  6. David says:
    See the affiliated site is an Experian company BBB approved so very safe.
    They might or they might not have you on. It depends on many factors and how big the debt is.

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