80/20 ARM Refinance

With credit scores over 800 and several thousand dollars to offer as a down payment, I think it very likely that you and your wife will be able to refinance your current mortgage from your adjustable rate mortgage to a 30 year fixed rate loan.

If you want an introduction to pre-screened mortgage lenders, Bills.com makes it easy to compare mortgage offers and different loan types. Please visit the loan page and find a loan that meets your needs at:

https://www.bills.com/mortage/refinance/

However, the question of how much this refinance will cost is very difficult to answer, as I do not know how large a penalty will be imposed by your current lender due to your early refinance (called a 'pre-payment penalty'). First, you need to contact your current lender to find out how much the early refinance penalty on your current mortgage will be. You should then contact several different mortgage lenders to discuss the loan terms they can offer you based on your current financial situation. Once you have determined what the refinance will cost in terms of penalty charges, and what new loan terms are available to you, you can weigh the two options against one another to determine if the terms offered on the new loan will save you enough money to outweigh the cost of the penalties imposed by your current lender. If you find that you will save more money by moving forward with a refinance now, then by all means, I encourage you to do so. However, if the penalties charged by your current lender outweigh the savings on your new loan, then you may want to wait until your penalty period has expired before you move forward with a refinance.

To learn more about refinance loans, I encourage you to visit the Bills.com Home Refinance Resources page at http://www.bills.com/home-refinance/

If you enter your contact information in the Bills.com Savings Center at the top of the page, we can have several pre-screened lenders contact you to discuss the refinance options available to you. These lenders should be able to tell you the loan terms available to you based on your current financial situation, and tell you if a refinance loan can help save you money over your current loan. It is important that you find out the details of the penalty clause of your current loan as soon as possible so you can discuss the implications of a refinance loan with possible lenders.

I wish you the best of luck in obtaining a refinance loan that will save you money over your current home loan, and I hope that the information I have provided helps you Find. Learn. Save.

Best,

Bill

www.Bills.com