I owe 80,000 on my home my interest rate is 7.76% I want to refinance that mortgage and get another for a new home. Where do I start?
Hello. Best advise would be to locate a local Lender or Credit Union (you have a smaller loan). Stearns, Summit Funding, Pinnacle Capital, Redwood Credit Union are all known entities that are helpful.
You want someone licensed and experienced who can ensure you are properly qualified and get you on the correct loan program best fitted for you.
Rates now are definitely lower than your current rate so it's a good time to refinance. Just ensure you also find out the refi costs so you make sure you can cover these.
But a caring and experienced Lender will be able to best advise you. That's why I suggest you find someone local who's been around.
Best, Ken - Another Guy in the White Hat
Sun Pacific Mortgage & Real Estate
California Hard Money Broker | 02.12.16 @ 23:35
You definitely want someone local to work with. When you are getting 2 loans at once, one needs to be owner occupied and one needs to be non-owner occupied so everything needs to be put out on the table for your mortgage advisor to help you. | 02.16.16 @ 20:28
In addition to all the great advise you have got you might want to consider a shorter term loan. Doing a 30 year might not be for you and starting all over might not be the best option when the first years of the loan your paying majority interest. Take a look at a 10 year or 15 depending on your monthly budget.
| 02.16.16 @ 20:37