Is this a good time to refinance my home? (AZ)?
We bought our house on 7/11/06 for 123,900. we used 100% financing of about 80/20.
our first loan is now $ 99,052.98 and 7.85% fixed.
our second loan is now $ 24,570.94 and 10.85% fixed for another 18 months before it goes ARM.
the total mortgage is now $ 123,623.92 .
our total monthly payment is $ 772.16 and $ 233.18 (respectivly) for a total of $ 1,005.34 a month.
we have primary and secondary goals with refinancing.
1 – Maintain/Lower monthly mortgage payments.
2 – lower interest rate and avoid the future adjustable.
3 – pull out money for what appears to be a good investment (hoping for 13K)
if demographics are a factor then:
Glendale AZ, 85301
534 Sq ft.
1/1 bed bath
beautiful inside and out
added an aluminum 8×10 outdoor shed after we bought the property.
previous apraisel at time of purchase $ 130,500
Any advice or suggestions you can give will be welcomed. The market around here is picking up and we hope it’d be worth it to refi b4 fed rates go up.