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Thread: Would like a lower mortgage payment

  1. Regular Member
    Mustang06's Avatar
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    #1

    Would like a lower mortgage payment

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    It is time for us to move and there is no way we will be able to sell our house for even what we bought it for, so we have to rent it out. The average rent in our area is lower then our mortgage payment is.

    I would like to get a lower mortgage payment. I refinanced about 2 years ago through USAA, would it even make sense for me financially to refinance again or would I be losing out in the long run.

    The mortgage loan arms, have a good mortgage payment, but I'm not sure how to tell if that is the best option for me
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    #2
    I'm not sure, but USAA wouldn't refi our mortgage since it's upside down. Sucks because it'd be nice to have a lower interest rate.
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    #3
    generally, no.
    The fees and costs would cause you to end up paying more most likely. Also, if you are not living in it, they will charge higher rent.

    generally you need a 2 point drop.

    Odds are, if you calculated how much you paid in fees for the last refinance v how much you have actually saved in interest so far, it has it not paid for itself yet.

    There are a lot of great mortgage calculators online. Try them out with different scenarios.
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    #4
    since it will become an "investment" property they will not refi it -

    unfortunately you will come out of pocket for the difference-
    this is happening alot
    my neighbor rents her house for 1200 a month her mortgage is 1500 a month- she pays 300 a month.

    this is one reason we decided to geo- we would have come out of pocket 3-400 dollars too and could not swing the cost in our budget
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    #5
    Did you refi using the government program 2 yrs ago? How much were your refi coats if any? How much did it lower your payment? (Ex: you paid $3000 in refi fees, lowered payment $150. It would take you 20 months to recoup the fees).

    Check a mortgage broker to see if the government no cost refi is still available. Doesn't hurt to ask.

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