Comments on: Should I Refinance or Wait for Obama’s Stimulus Plan? http://www.keepmyhouse.com/2009/03/09/should-i-refinance-or-wait-for-obamas-stimulus-plan/ All about loan modifications and more Fri, 15 May 2009 10:05:24 +0000 http://wordpress.org/?v=2.6.5 By: shawn http://www.keepmyhouse.com/2009/03/09/should-i-refinance-or-wait-for-obamas-stimulus-plan/#comment-1618 shawn Thu, 14 May 2009 17:04:34 +0000 http://www.keepmyhouse.com/?p=384#comment-1618 I have indeed contacted my current bank about refinancing through the Obama plan. I am current on my mortgage and have very little liability. But due to emergency medical costs (which we have had to use most of our savings and one credit card to pay), plus rising property tax and daycare costs, we are a payment away from not being able to make our mortgage. I have a 720 FICO score, currently have a 6.5% 30 yr fixed. My bank has offered me a 4.25% 30 year fixed but wants me to pay 3 points, which under this plan seems counter-intuitive. It means I break even in 3 years, but if the savings isn't great enough for me to maintain the home, then I feel it is a waste of effort. I really need some advice as to whether the points seems right - or should I try other banks? I have indeed contacted my current bank about refinancing through the Obama plan. I am current on my mortgage and have very little liability. But due to emergency medical costs (which we have had to use most of our savings and one credit card to pay), plus rising property tax and daycare costs, we are a payment away from not being able to make our mortgage. I have a 720 FICO score, currently have a 6.5% 30 yr fixed. My bank has offered me a 4.25% 30 year fixed but wants me to pay 3 points, which under this plan seems counter-intuitive. It means I break even in 3 years, but if the savings isn’t great enough for me to maintain the home, then I feel it is a waste of effort. I really need some advice as to whether the points seems right - or should I try other banks?

]]> By: Minh Ninh http://www.keepmyhouse.com/2009/03/09/should-i-refinance-or-wait-for-obamas-stimulus-plan/#comment-530 Minh Ninh Tue, 24 Mar 2009 01:55:39 +0000 http://www.keepmyhouse.com/?p=384#comment-530 I have the same question like one of the person that already asked you but it seems like you don't answer the question that "Should I Refinance or Wait for Obama’s Stimulus Plan?" Please help. Thanks I have the same question like one of the person that already asked you but it seems like you don’t answer the question that “Should I Refinance or Wait for Obama’s Stimulus Plan?”

Please help.

Thanks

]]>