I have a 30 yr adjustable rate mortgage with the first 3 yr fixed rate of 6.8%, I have 1 yr since I refinanced. Is it a good time to refinance now that the rates dropped so much? Can I refinance even if I dont have any equity on the house?
What I want to do is lower my rate %26amp; my monthly payment, not get any money out it.
Please advice, I dont want to find myself in a place where I%26#039;m about to lose my house. BTW I live in NJ.
Can I refinance my mortgage if I have no equity?
if your property hasn%26#039;t decreased in value that shouldn%26#039;t be a problem. i%26#039;m sure some where out there you%26#039;ll be able to find 100% financing although it is more difficult now than a year ago. Also although rates were very good the past couple weeks as of yesterday they started to go back up so if you want to refinance contact a mortgage broker today to lock in a rate. Finally, remember that even though your payments may go down some you will need to pay the new closing costs so you%26#039;ll have to have a couple thousand saved up before refinancing and if the interest rate doesn%26#039;t decrease greatly it may not even be worth it due to the closing costs.
Can I refinance my mortgage if I have no equity?
Only if you want to pay more money.
You need to drop 2 points to make refinancing worth it.
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