Comments on: Refinance Your Home Mortgage? http://www.yourcoreadvisor.com/blog/2009/09/refinance-your-home-mortgage/ Real Estate Advice, Buying or Selling, Commercial or Residential, Things to look out for, Foreclosures, Short Sales Thu, 29 Jul 2010 16:21:17 +0000 http://wordpress.org/?v=2.6.5 By: migraine solution http://www.yourcoreadvisor.com/blog/2009/09/refinance-your-home-mortgage/#comment-493 migraine solution Sat, 19 Sep 2009 01:53:12 +0000 http://www.yourcoreadvisor.com/blog/?p=306#comment-493 Nice content indeed! i will visit as often as i can. cheers Nice content indeed! i will visit as often as i can.

cheers

]]> By: admin http://www.yourcoreadvisor.com/blog/2009/09/refinance-your-home-mortgage/#comment-491 admin Fri, 18 Sep 2009 03:29:58 +0000 http://www.yourcoreadvisor.com/blog/?p=306#comment-491 A local Mortgage Broker friend of mine, Joe Adams added the following advice to my facebook account. Joe says the general rule of thumb is how long it will take you to recapture your closing fees. If it is over 36 months or 3 years then walk away. He said another good question is "How long do you plan to be in this home?" if the answer is for the rest of my life then maybe a 5 year payback and the overall savings over the term would justify it. Joe also pointed out that minimum credit scores are rising and the rates you receive are related to your credit score. Wells Fargo just raised the minimum FHA credit score to 660. So just because the paper says 5.5% doesn't mean you will get that rate. Loans are priced based on relative risk so if your credit score is lower, then you will have a higher rate. This is how it should be, a riskier loan pays a higher interest rate. Pay all your bills on time and maintain a higher credit score and you will be able to borrow money cheaper than the guy/gal that doesn't. A local Mortgage Broker friend of mine, Joe Adams added the following advice to my facebook account.

Joe says the general rule of thumb is how long it will take you to recapture your closing fees. If it is over 36 months or 3 years then walk away.

He said another good question is “How long do you plan to be in this home?” if the answer is for the rest of my life then maybe a 5 year payback and the overall savings over the term would justify it.

Joe also pointed out that minimum credit scores are rising and the rates you receive are related to your credit score. Wells Fargo just raised the minimum FHA credit score to 660.

So just because the paper says 5.5% doesn’t mean you will get that rate.

Loans are priced based on relative risk so if your credit score is lower, then you will have a higher rate. This is how it should be, a riskier loan pays a higher interest rate. Pay all your bills on time and maintain a higher credit score and you will be able to borrow money cheaper than the guy/gal that doesn’t.

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