Subject: Re: Re: Re: Need help in refinancing my home. Can Primerica Help me?

Comments:
: Thank you for your reply and help. : I also would like to mention that I got my home on Sept 4,2002, and that my current home loan has prepayment penalties ( I called to find out and is about $5,000). : If I wait until sept 2003 to refinance do you think that the pre-payment penalty fees will be lower? : Are there any home loans that don' have/require a penalty fee? : Also, I just find out that my loan will be variable after two years... : My credit rate is 731+ so I feel I should get a fixed rate. : Do you suggest I should refinance? : Florence. : : Florence, : : I am a loan officer for a mortgage co. in Ill. : : I will try to answer your question. I am not a primerica agent, but i have noticed several posters who make a habit of either saying primerica is all bad or all good. Here are the real answers to your questions. : : I have two mortgages for 30 years each. : : : The first mortgage is $117,600.00 at 6.6%, the second is $29,400.00 at 9.9%. Is it possible to merge both loans and at what interest rate? : : Yes, it is POSSIBLE to merge both loans into one. The interest rate will depend primarily on your credit, your debt/income ratio, and the loan-to- value on your property. Beware of anyone, primerica or not, who tries to give you rate info or terms without knowing YOUR particular situation. : : . : : : How much will I be paying in total? : : Obviously this will depend on your rate and term of your loan.Here is an illustration of what you MAY be able to do. : : If you combine both loans into one, which can be a very good idea if you are able to, and include closing costs(depending on lender) you may have a loan amount of , let's use round numbers, $150,000. I'll also use an interest rate of 5.5%. This is JUST an illustration since i don't know your credit history, your debt, or your loan to value. This rate may not be the very best, but it is just for illustration purposes. : : The principal and interst payment will be $851.68 every month for 30 years. Compare that to what you are paying now and you can start to decide if refinancing at this time is a good idea. : : I would be happy to answer any follow up quetion you may have. : : bg : : bi-weekly payments? : : : When will I be done paying? : : : How much money will I be saving? : : : Please, respond only if you have years of experience.

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