Skip to main content

Need direction on refinancing my mortgage

I took an 30-year FHA home mortgage 5 years and 2 months ago on a 208,000 home, at the time I just paid for the closing cost and had 0% down payment (not something im proud of), also my credit score wasn't great at all, so imagine that, to put it in perspective, I'm paying 1466 a month for it and now I know my interest rate is 7.57% on the loan.

All this time I just made sure I pay on time and never miss on payment, which I'm good here, suddently I started getting letters upon letters from different banks about refinancing my home. I grew curious so I started to investigate more. I found out that the average interest rate is somewhere between 2 to 5.5% for the home, whichs puts my interest WAY but WAY too high.

5 years later, I have paid 11% of this loan and I'm thinking about saving money. Now I bought this home 5 years and 2 months ago at 208k, the home value today is around 260-265k give or take. I'm not sure how real state works here.

11% paid of this house is $20,000 give or take, so I have 20,000 equity...? right? Now my house value went up to by $52,000, is this also equity or what happens to the 52,000 that the home value went up by. Is this own by the bank or is it my money?

This is the real state number I don't understand.

EDIT: my current credit score is 751, which transunion and equifax rate as "Excellent"

EDIT2: I want to change to a 15-year refinancing, based on credit karma calculator, I will be paying 1,276 a month with a 2.621% APR - not sure this is correct

submitted by /u/Fame_Monster
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/l8e5tv/need_direction_on_refinancing_my_mortgage/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear
1 comment
Read more

Fast Rising HOA Fees on NYC Condo, No Budget Provided

My wife and I are first time homeowners and could use some advice on a situation we've been having with our management company and Board. We bought a condo in Brooklyn two years ago, and since then our HOA fees have climbed dramatically. In August of last year, our fees were increased by ~30% and just yesterday we received notice that this new figure would be increased by 16% as of June 1st. The by-laws for our building state that ten days before such a change goes into effect, the Board must provide unit owners with the itemized budget upon which the new numbers were based. This didn't happen last year, and when I asked the management company about it, they just kept vaguely insisting the Board had done due diligence. After I kept pressing, they finally sent a budget that was several years old, so obviously not the one that the new numbers were based on. When I asked the management company for contact information for the Board to get further clarification, I was told that th
Post a Comment
Read more

How to create fidelity investments current bank statement for lender during escrow

I transferred a certain amount to my bank account to complete the minimum down payment required. The bank wants a current statement of the transaction. Unfortunately, fidelity only does quarterly statements so a December statement is not available and we are due to close next week. I called fidelity and they they can only provide a letter but the bank said that won’t suffice. Any way I can find or make one of my own that has my account number/name along with all the recent month’s activities? submitted by /u/bodaciousbeans [link] [comments] source https://www.reddit.com/r/RealEstate/comments/zmnnqo/how_to_create_fidelity_investments_current_bank/
Post a Comment
Read more