gregorygarver.com

[TheVoiceofReason]

I'm not sure whether there will be any cost involved in the refinancing, but I was told it has to be done otherwise the payments will increase significantly...please advise!!!

[Spockrhp7113]

Have you seen the commercial for "no fee" refinancing by Countrywide?

[Golden]

Interest only? Refinance NOW!

[coandso]

You should do it now while the interest rate is good. Don't wait until last minute. Try etrade.comRead the disclosure before you sign up for a "no fee" refinance. No fee but higher interest rates. Go figure. I really wished I can help you. I know a lot about refinancing.

[WendyJean]

Let's start with the basics:- you need a place to live- you're paying interest only- your present arrangement expires in 4-5 months- nationally the credit market is tightI'd suggest shopping right away. Don't get too carried away with I've got to find the very,very,very, very best deal. Find a longer term p&i deal that you can live with. Be careful, people will not be looking out for your best interests - you must do that! Don't get suckered into trying to pay everything off quickly. A house is a long term investment. If you start with a 30 year mortgage and find that you're steadily putting an extra $200 or whatever in the bank every month, start paying more as YOU choose. Work towards having 6 months living expenses available in your bank account that is not touched.After you've spent a few weeks comparing - take a good offer. You don't want to find yourself without a good option in April, facing the bank kicking you out, or increasing your monthly payment beyond your means.

[clangan2004]

Okay, the 2/28 loans which you are describing all have prepayment penalties for at least two years. Figure it's going to cost you 6 months worth of interest, on top of the cost of the refinance, if you refinance before the penalty expires.(OK, you could have specifically bought it off by accepting a higher rate, but that's unlikely to have been the case)That said, about three weeks before the penalty expires you can start the refinance process. Be advised that until the day the penalty expires, the current lender will be quoting a higher payoff, but once it has actually expired, the payoff will be correct. You should not sign final loan documents until such time as your penalty will expire with or prior to your Right of Rescission expiring.(Right of Rescission explained:http://www.danmelson.com/2007/06/the_three_day_right_of_recissi.htmlAs to how to shop for the best loan, here is a procedurehttp://www.danmelson.com/2007/03/how_to_effectively_shop_for_a_1.htmlAnd here is a list of questions to ask each prospective loan provider:http://www.danmelson.com/2007/04/questions_you_should_ask_every.htmlNow, a word of caution. You're currently in an interest only loan. You could have gotten a lower rate by accepting a fully amortized loan *provided* you could qualify. Considering that rates are higher now than they were then, and the qualifications to get a loan are tighter, you may not be able to find a refinance you can afford, in which case you may need to sell. It's conceivable that the new FHA program may help you *IF* you don't owe more than the property is worth, but it's far from a panacea. More information here: http://www.fha.gov/about/fhasfact.cfmOne more thing: Take steps to improve your credit situation now. Four months is plenty of time to raise your credit score fifty points or more if it happens to be too low for A paper now. Conventional A paper loans will always be the best tradeoff between rate and cost there is, and if it's achievable for you, you'll be much happier that way.

[zocko]

I would contact 3 or 4 mortgage companies get quotes. Whomever gives you the rate and mortgage terms you are happy with, have them write up a mortgage broker contract. This means that if they don't provide that rate and term or better you are not required to close with that company/broker.

[acermill3078]

Yes you should definitely start shopping around.