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Ask Tina Your Own Question
Tina, Lawyer
Category: Real Estate Law
Satisfied Customers: 5436
Experience:  17 years of legal experience including real estate law.
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Home mortgages, best path circumstance

Customer Question

Home mortgages, best path for my circumstance
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  RealEstateAnswer replied 2 years ago.
Good morning. What exactly is your situation and what information are you looking for? If you can clarify, I would be happy to respond.
Customer: replied 2 years ago.
I currently have a fha with Wells Fargo, started at 111K 2013 down to 68,500 at 4.50%. 25 yr Looking at possible retirement.
Quicken offered a 3.907 apr for 15 years which would reduce payment 3,400 cost, also question recash with them, want 20K more
to do that , don't have the terms. Opinion do or don't , other choices, could pay it off but not sure. Your expertize please.
Expert:  RealEstateAnswer replied 2 years ago.
I am going to opt out and let another expert answer this, as it is a different question then what I was anticipating. Thank you.
Expert:  Irwin Law replied 2 years ago.
Hi Sandy: the following is a little bit unclear to me and I'm not sure how it affects you. would reduce payment 3,400 cost, also question recash with them, want 20K more to do that , .Is there a cost to you for the refi? Are you thinking about a $20,000 cash out refi? Generally speaking, it is not worthwhile to refi for a reduction of less than a full percentage point. What you are being offered is .6% reduction, so it would have to be absolutely free to be worthwhile. At least that is my opinion.