| Author | Message | ||
Andhrawala Side Hero Username: Andhrawala Post Number: 2599 Registered: 03-2008 Posted From: 66.57.127.83 Rating: N/A |
Kalikalam bhaai, Try for one which has 0 closing costs. clearwiremortgage.com ane vaaditho I initiated Refinance processs. zero closing annadu 5/1 ARM - my rate for 0 closing is 3.875 and in the life time it may go to a max of 5.875 and yearly it can never go more than 2%. so at the end of 5 years it can go to 5.875 and after that 7.875 and finanlly 8.875 Also typically u will not stay in the same home for ever. u may change due to job or lifestyle. so 5/1 is kind of OK | ||
Telugu_tammudu Junior Artist Username: Telugu_tammudu Post Number: 60 Registered: 12-2009 Posted From: 12.42.121.32 Rating: N/A |
Once you refinance, you will start with 30 years. What about the interest you paid past few years. If you refinance, the duration and interest rate should be lower than your current mortgage. I would go with 30 Yr 4.85%. Please check amortization table carefully and calculate interest paid and the interest you will pay for next 30 years. Bottom line, banks want you to pay interest for longer periods as they make their money on interests and they don't like you paying off full amount. | ||
Okahyderabadi Comedian Username: Okahyderabadi Post Number: 1710 Registered: 12-2009 Posted From: 69.22.184.10 Rating: N/A |
max rate of % increase undale tammi, it will not go totally skyhigh like 5-8% hike on present rate In history there is no such thing as the last word on any subject research leads to new things every day | ||
Kalikaalam Side Hero Username: Kalikaalam Post Number: 3535 Registered: 01-2008 Posted From: 173.49.92.228 Rating: N/A |
//alage 8 or 10% cap vuntadi// 8.5 kante yekkuva peragadu annaadu(+5 cap anta) | ||
Time_pass Side Hero Username: Time_pass Post Number: 2366 Registered: 06-2008 Posted From: 136.174.187.10 Rating: N/A |
Go for 5/1 5 years taruvata every year reset lo +2 ne add avutadi alage 8 or 10% cap vuntadi that means your rate will never be higher that 13.5 (if 10% cap) ee 5 years lo the differnce of payment between 3.5 and 4.875 ni pre payment cheyandi you will have a lot more equity | ||
Kalikaalam Side Hero Username: Kalikaalam Post Number: 3532 Registered: 01-2008 Posted From: 173.49.92.228 Rating: N/A |
//I would go with 30 yr.// Me too. Naa wife yemo.."5/1 ki velli..balance amount ni India lo Bank lo fixed vesinaa 6% to 8% vasthundi kadaa??"antondi.. Kochem dilema lo vunnaanu | ||
Guttonkay Side Hero Username: Guttonkay Post Number: 4269 Registered: 05-2008 Posted From: 148.87.67.136 Rating: N/A |
meeku bofa gadu inta manchi rate icchada? personally, I am risk averse. I would go with 30 yr. But that 5 yr ARM rate is very good and very tempting. Unless u think u won't have any equity on ur house 5 yrs from now, you can go with 5 yr ARM. | ||
Kalikaalam Side Hero Username: Kalikaalam Post Number: 3531 Registered: 01-2008 Posted From: 173.49.92.228 Rating: N/A |
Guttonkaay, Closing costs $400:Process fees $750/- lender closing fee(If you refinace within Bank, you don't have to pay this. But I got to pay my exisitng loan is from soem other bank) Ttile inusrance is additional and I am free to choose my own Title insurance compay(may be $2,000/-) Mortgage company Bank of America State PA | ||
Guttonkay Side Hero Username: Guttonkay Post Number: 4268 Registered: 05-2008 Posted From: 148.87.67.136 Rating: N/A |
kalikalam bro, closing costs entha? Who is the mortgage company? lastly ye state lo vunnaru meeru? | ||
Kalikaalam Side Hero Username: Kalikaalam Post Number: 3530 Registered: 01-2008 Posted From: 173.49.92.228 Rating: N/A |
//It's just that if the rates are high at that time, you will have to go with that. // Thanks maamalu. Na apoint kuda ade. Re-finace i eligibilty vuntundi. aani appudu rate mari yekkuvagaa vunte..manake bokka. Ippude phone call complte chesaanu mortgage athnai tho. Rates Now he offered is :5/1 arm is 3.5% 30 years fixed is 4.875% Miru ayithe yedi pick chesukontaaru? naa present interest rate on mortgage loan is 5.75% | ||
Telugu_tammudu Junior Artist Username: Telugu_tammudu Post Number: 59 Registered: 12-2009 Posted From: 12.42.121.32 Rating: N/A |
Eligibility to refinance is that you should have equity on your house after 5 years. No equity - No refinance. If interest rates are at 8-10% after 5 years and your house is down 10-20% you have to come up with the difference amount to refinance and your mortgage starts at 8-10% for another 30 years. Please check amortization table for each month for 30 years to calculate interest and principal for various interest rates. You can refer to Case-Shiller home price index and patrick.net. Reminds me of Penny Wise - Pound foolish. | ||
Guttonkay Side Hero Username: Guttonkay Post Number: 4266 Registered: 05-2008 Posted From: 148.87.67.136 Rating: N/A |
5 years taruvata you can refinance. It's just that if the rates are high at that time, you will have to go with that. Ask if there is a prepayment penalty. ledu ante u can refinance within 5 years if you think rates are going up. | ||
Annavaram Side Hero Username: Annavaram Post Number: 2605 Registered: 12-2006 Posted From: 71.97.14.213 Rating: N/A |
ledu bro you can refi after the arm term is over kaani appatiki interest rates ekkuva undacchu again it's pure speculation whther they will be higher or lower 3.65 ki 5 yr arm is worth taking it if i were u i would definitely take it | ||
Telugu_tammudu Junior Artist Username: Telugu_tammudu Post Number: 58 Registered: 12-2009 Posted From: 12.42.121.32 Rating: N/A |
Yes. You are thinking right. Interest rates are lowest in the history and only way they can go is up. There are tons of ARM and I/O resets in 2011 and 2012. Thats the reason FED is not raising interest rates. My 2 cents. | ||
Kalikaalam Side Hero Username: Kalikaalam Post Number: 3529 Registered: 01-2008 Posted From: 173.49.92.228 Rating: N/A |
25 years fixed mida 5.75% interest rate lo vundi naa Mortgage. Ippudu Bank vaallu call chesi 5/1 arm ki 3.625 ki isthaanu antunnaru. Naa doubt yemiti ante.. 5 years tharvaatha interest rates perigaayi anukondi.Mnaam appudu re-finance kudaa chesukolemu kadaa?? Am i thinking right?? |