Rates and fees after two years

[flyinghigh]

[Elf]

I'm in about the same place that you are. I just refinanced at 6.25%. It's out there. Find a good broker and apply. You sould be fine.

Elf

[MTG_BANKER_OH]

You should be ok to refinance your property, if you have alot of equity 20% or greater you should look at a conforming loan rather then an FHA loan. You will have MIP on an FHA loan no matter what your equity position is at. I believe you can get rid of it if you do a 15 year loan. I would contact a broker and get some opinions on rates and costs. Many of the costs to refinance are standard no matter how much house you are refinancing, and depending on what state you live in there are other government fees that have to be taken into consideration on a refinance.

I would watch out on paying points on your loan that is where the costs can go up.


How much longer are you going to have the home?
You may want to look at a 15 year your payment will probably still be less then you are currently paying.

How much is the home worth over what you owe?

Make sure your current loan does not have a prepay penalty.

I would check on that as well

[flyinghigh]

A reply on what I was actually able to get.

I have applied 4 times in the past two years attempting to refi - each and every time it was a worse deal then what I have (11.75).

But alas - exactly 2 years and 10 days after the discharge I got the following approvals:

Ditech:
30yr fixed @ 7.25 + $2420 in title fees etc...
30yr fixed @ 6.87 + 3279 in fees and point.

Eloan:
30yr fixed @ 7.25 + 2000 in title fees (<-- what I am going with)
15yr fixed @ 6.87 + 1point (840) + 2000 in title fees.

No pre-payment penelties or PMI!

There is hope after bankruptcy

flyinghigh

[HHM]

Thank you for the update, it is one thing to say that you "should" wait two years, but it is helpful that someone can actually put some numbers on that recommendation to truly convince people they should wait.

Thank you for remembering the forum and posting your results. I am glad things appear to be working out for you.

[MTG_BANKER_OH]

A reply on what I was actually able to get.

I have applied 4 times in the past two years attempting to refi - each and every time it was a worse deal then what I have (11.75).

But alas - exactly 2 years and 10 days after the discharge I got the following approvals:

Ditech:
30yr fixed @ 7.25 + $2420 in title fees etc...
30yr fixed @ 6.87 + 3279 in fees and point.

Eloan:
30yr fixed @ 7.25 + 2000 in title fees (<-- what I am going with)
15yr fixed @ 6.87 + 1point (840) + 2000 in title fees.

No pre-payment penelties or PMI!

There is hope after bankruptcy

flyinghigh

Congrats, what do you estimate your house is worth?

You might be able to do better on the rates, it is hard to say though. If you are happy then I would go with it. Rates are currently in the mid 6's it is hard to say without knowing what type of approval you have through the system. If your LTV is over 80% then the rates could be good.


I would be weary of ditech, they are a part of GMAC and they have been having some problems lately.

[Spiritwovles_2]

congrats! im in the ''early'' stages of trying to find a home to purchase, nothing fancy just something to call our own and fix the way we want it. We miss owning. anyways what is eloan? we've been looking at every avenue to see what is best for us to do.

A reply on what I was actually able to get.

I have applied 4 times in the past two years attempting to refi - each and every time it was a worse deal then what I have (11.75).

But alas - exactly 2 years and 10 days after the discharge I got the following approvals:

Ditech:
30yr fixed @ 7.25 + $2420 in title fees etc...
30yr fixed @ 6.87 + 3279 in fees and point.

Eloan:
30yr fixed @ 7.25 + 2000 in title fees (<-- what I am going with)
15yr fixed @ 6.87 + 1point (840) + 2000 in title fees.

No pre-payment penelties or PMI!

There is hope after bankruptcy

flyinghigh

[tradewiz50]

With scores like that and no debt. You could go all No Doc.