[quote=paramount]I’m looking at the Refinance Program, although according to the Fannie Mae web site the refinance rates are currently 5.16%.

As for myself, I’m already at 5.1% fixed 30 years.

Still, resetting my loan back to 30 years will reduce my payments….

I just want to break close to even (monthly) when I rent out our house.

In California 105% LTV won’t be that helpful I suspect[/quote]

There is not “one” interest rate that applies to every loan across the board. There is a matrix table with pricing hits for credit score and LTV.

For those that qualify and plan on being in their home for at least 3 years, the best thing to do is to get into a 4.50% fixed rate.
It will save thousands in the long run.

Most people, including mortgage “professionals”. do not know how to figure or explain the cost benefit of refinancing into a lower rate.

Dividing the total cost by the monthly savings is what 99.99% do, but it isn’t correct.

The fact is that every single person with a rate above 4.50% is wasting money with their current payment every month. The higher the current rate, the more they are wasting.
Whether or not it makes sense to refi is a different matter.

Also, nobody has to stick to a 30 YR amortization. You can create your own term by adjusting your payment.

The 4.50% 30 YR fixed is available on rental properties also, but most people are too shortsighted to see the longterm guaranteed benefit.

It amazes me how foolish most people are with their mortgage decisions, but then I come in contact with other “mortgage professionals” that they are asking for advice and understand why…