Aevry
Mobile Game Hunter
- 462
- 15
Hey Rerolled,
I'm looking into possibly getting a refinance on my home, but I don't have enough experience with the process. Any advice would be appreciated from you armchair bankers;
Home Info:
Purchase Date: 2009
Purchase Price: 197,500
Loan Type: 30-year Fixed FHA
Interest Rate: 4.5%
Estimated Value 2013: $215,000
Principal+interest: $982
Remaining Balance: $176,000
Monthly payment (insurance+taxes): $1341
Credit Rating: 740-800
Backstory:
Purchased home with wife in 2009, but we split in 2012. She did a Quit-Claim to me, but is still on the mortgage. There are no concerns of her causing problems with it but it would be nice to finally cut all ties. I make enough to afford it comfortably on my own, but would love to reduce the payments so I can put the money towards other things (credit card, miniature giraffe, etc).
The question is - should I bother? I ran a few "quotes" with my company USAA, and had a few 30 year fixed with a payment (with everything) of around 1230 or so. There was a 5-1 ARM that would save me around $400 a month, but I'm pretty leery of those.
Anyone have similar experiences, and what did you do?
I'm looking into possibly getting a refinance on my home, but I don't have enough experience with the process. Any advice would be appreciated from you armchair bankers;
Home Info:
Purchase Date: 2009
Purchase Price: 197,500
Loan Type: 30-year Fixed FHA
Interest Rate: 4.5%
Estimated Value 2013: $215,000
Principal+interest: $982
Remaining Balance: $176,000
Monthly payment (insurance+taxes): $1341
Credit Rating: 740-800
Backstory:
Purchased home with wife in 2009, but we split in 2012. She did a Quit-Claim to me, but is still on the mortgage. There are no concerns of her causing problems with it but it would be nice to finally cut all ties. I make enough to afford it comfortably on my own, but would love to reduce the payments so I can put the money towards other things (credit card, miniature giraffe, etc).
The question is - should I bother? I ran a few "quotes" with my company USAA, and had a few 30 year fixed with a payment (with everything) of around 1230 or so. There was a 5-1 ARM that would save me around $400 a month, but I'm pretty leery of those.
Anyone have similar experiences, and what did you do?