Any Mortgage Specialist on this forum?

[LWM]

I have a question regarding a re-finance and wondered if any member works in this field?

[Sal-XK]

I know its a good time to refinance right now that's if you staying in your house for long time unless you have the cash and depending on how much your bank note is you're looking at 4-5K being added to your mortgage. But the rate are in the upper 3's right now!

[hoaxci5]

My brother in law (the one you met) is in bank lending, but not specifically mortgages, I do know that he knows more about them though than the average person.. he's got his AZ real estate license so he's been paying a lot of attention and studying the banking side of things since that is the field he's in.. I'm sure he'd be more than willing to offer some help if he could..

I did a refinance about a year and a half ago, so if it isn't too personal just post up the question and lets see what we can come up with.

[LWM]

I did a home modification about a year ago and supposedly went from 5.875% to 5.250% but they extended my loan to 40 years to lower the payment.

This week I received a new modification package from them stating that I am still ay 5.875 but they are willing to lower it to 5.625 and resume my 30 year loan (27 years left on it then).

I have to sign by the 27th but they will not return my calls due to the holiday.

My issue is I do not know if I am at 5.625 or 5.250, certainly 27 years is better than 40 but I can just increase my payment without increasing my interest rate if I want to reduce the length of the loan.

[hoaxci5]

I'm not familiar with modification of existing mortgages.. but you should be able to find all the information on the apr and term on your statements or online access.

It sounds like a refinance might be a better solution though assuming you intend to hang on to the house for more than about 5 years. When I refinanced my VA home, my original interest rate was around where you are, and I dropped to 4.875 which after closing costs was going to take me just short of 5 years to break even. We intend to keep the house long term though so it was a smart move for us, I don't know what your plans are, but if that's where you intend to retire then it sounds like a better idea to do a full on refi, but that has more costs to it.

[Sal-XK]

My wife being a Realtor I here about this stuff all the time. I hear the nightmare stories about the modification loans and all that stuff. Those things are turning into a mess and it sounds like yours might be like that as well with the rate being messed up. I can tell you it's extremely complicated and even the lawyers we know dealing with the stuff say its a mess and the banks keep making mistakes and it even takes them months to get answers from the banks. My advice would be talk to an expert on this one.

[LWM]

Thanks guys, and I do not plan to keep the house after I retire. Plan to move to Oregon.

[DetroitMarauder]

Thanks guys, and I do not plan to keep the house after I retire. Plan to move to Oregon.

What part of Oregon? My out-laws live in Southern Oregon. I love it out there.

[LWM]

What part of Oregon? My out-laws live in Southern Oregon. I love it out there.

Grants Pass, that is where I grew up. Hope to buy ten acres and goof off.

[DetroitMarauder]

They live in Klamath Falls. They're in Medford at least once a week. Not far from Grants Pass at all.