Comments on: Can I Refinance My Mortgage in New Jersey With No Closing Costs? http://newjerseymortgageblog.com/how-can-i-refinance-my-mortgage-with-no-closing-costs ... Keeping New Jersey Consumers and Mortgage Borrowers in the Loop ...... Mortgages, Refinancing, Credit & More... Thu, 17 Nov 2011 23:43:35 +0000 hourly 1 http://wordpress.org/?v=3.1.2 By: Nicole Hammonton http://newjerseymortgageblog.com/how-can-i-refinance-my-mortgage-with-no-closing-costs/comment-page-1#comment-557 Nicole Hammonton Wed, 21 Sep 2011 19:58:32 +0000 http://newjerseymortgageblog.com/?p=1735#comment-557 when we applied for a interest only loan this summer, the mortgage company wanted us to have a boatload of money in the bank. don't recall how much, but it was a huge amount. is this the same everywhere? that's what they told us. when we applied for a interest only loan this summer, the mortgage company wanted us to have a boatload of money in the bank. don’t recall how much, but it was a huge amount. is this the same everywhere? that’s what they told us.

]]> By: CAROL http://newjerseymortgageblog.com/how-can-i-refinance-my-mortgage-with-no-closing-costs/comment-page-1#comment-555 CAROL Wed, 21 Sep 2011 19:46:49 +0000 http://newjerseymortgageblog.com/?p=1735#comment-555 <strong>@Majed Rafeh</strong> - Sorry for the delay in responding. Your comment was dropped in spam. Generally speaking, you will need 20% equity in order to refi at the best rates. <strong>HOWEVER</strong>, if you currently have a Fannie Mae or Freddie Mac loan, and you have the 10/15% equity, you can get by w/o the 20%. The market in interest only loans is not what it used to be. Nothing is the same in mortgages any longer. Impossible to quote rates based on the little info available. Given the variables in your situation (i.e., interest only, moving, equity), I suggest you make a phone call to a loan professional you trust so he/she can properly evaluate everything. @Majed Rafeh – Sorry for the delay in responding. Your comment was dropped in spam. Generally speaking, you will need 20% equity in order to refi at the best rates. HOWEVER, if you currently have a Fannie Mae or Freddie Mac loan, and you have the 10/15% equity, you can get by w/o the 20%.

The market in interest only loans is not what it used to be. Nothing is the same in mortgages any longer. Impossible to quote rates based on the little info available. Given the variables in your situation (i.e., interest only, moving, equity), I suggest you make a phone call to a loan professional you trust so he/she can properly evaluate everything.

]]> By: majed rafeh http://newjerseymortgageblog.com/how-can-i-refinance-my-mortgage-with-no-closing-costs/comment-page-1#comment-552 majed rafeh Sun, 11 Sep 2011 21:56:55 +0000 http://newjerseymortgageblog.com/?p=1735#comment-552 Hello, I have a current $488K interest only mortgage at a rate of 5.5 APR. I have 3 years left on the 7 year IO loan before the fixed rate adjusts. I only think I will be in my home for another 2-4 years at the most. That is why I am thinking of doing a refi for a lower rate (hopefully). Also, I only have about 10-15% equity due to the reduction in the value of the home because of the down market. Please advise if you think it would be a good idea to seek a refi at this time, and what you think the current rate would be. I don't mind doing another IO loan or conventional principal + interest loan. FYI: my credit score is ~780 and I have good income (~250K/year) Hello,
I have a current $488K interest only mortgage at a rate of 5.5 APR. I have 3 years left on the 7 year IO loan before the fixed rate adjusts. I only think I will be in my home for another 2-4 years at the most. That is why I am thinking of doing a refi for a lower rate (hopefully). Also, I only have about 10-15% equity due to the reduction in the value of the home because of the down market. Please advise if you think it would be a good idea to seek a refi at this time, and what you think the current rate would be. I don’t mind doing another IO loan or conventional principal + interest loan. FYI: my credit score is ~780 and I have good income (~250K/year)

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