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

Comments:
: I live in California. Please respond to my email. : I need to ask you more questions. : Thanks : : : Florence, : : You didn't say what the term of the pre-payment penalty was, but since you have a rate that adjusts after two years, the pre-payment penalty is most likely for the two year period, with no penalty afterwards. That is generally how it works. : : Contrary to what some posters may say,Primerica is definitely not the only company that offers loans that have a pre-payment penalty--even 3 year penalties. You apparently have a non-conforming loan. These loans often have these penalties, but they should really be a "last resort" loan. Without these types of loans, many people would not be able to get a loan. The penalty is there because the lender is assuming a high risk loan. : : Your 731+ credit score should definitely help you get a better loan. Your debt/income and the value of your hpome are also very important when talking rate. : : It might be wise to refinance now(even with the pre-payment penalty)when you consider how low rates are now. You need to see what you qualify for to make that determination and then do the math to see if it makes sense. : : What state do you live in? : : If you want, I will respond to your questions by e-mail so you don't have to post personal info on these pages(very bad idea). : : Let me know what you decide. : : bg : : : 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.

Please enter the characters in the image above.