If you have a conventional loan with a rate of more than 5.625% today- you should likely refinance. We are not seeing a tremendous problem with folks who are having appraisal problems - although a few people in North Carolina are being a little unrealistic about what they think their home is worth.

Many of the folks we are talking to are NOT getting a 30 year mortgage as part of their refinance. Many of the people we are talking to are getting a 20 year mortgage, and it's only costing them $25 more a month- but it could be saving them $166,000 in interest! (for more on mortgage rates under 4.25% click here).

If you have a FHA mortgage of 5.25% or less - it's a toss up of weather a refinance is going to help you right now. Part of the reason for this is the new Mortgage Insurance (MIP) requirements. It's almost impossible to get an Underwriter to approve a fixed rate mortgage to a 3 year ARM, although the payment difference is significant.

A Veteran, with a VA mortgage rate of 5.25% or more, or if you have a USDA Home Loan over 5.25%... it could be time to refinance. USDA and VA mortgage loans have Guarantee Fees associated with them - but they are generally less than when you purchased, and for VA Home Loans, there is a streamlined process.

If you are considering a refinance of your mortgage loan in NC - please call Steve and Eleanor Thorne, Professional Mortgage Planners, in Cary NC 919-649-5058

The information contained on this website, NCFHAExpert or any other Steve Thorne, NC Mortgage Expert website is for informational purposes only and is not an advertisement for products offered by RCBNA. The views and opinions expressed herein are those of the author and do not reflect the policy or position of RCBNA, its officers, parent, or affiliates.