refinance home loan: 2009

เขียนโดย steakpro ที่ 15:01 วันอาทิตย์ที่ 24 พฤษภาคม พ.ศ. 2552

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How low should the interest rate be so that refinance home mortgage will be worth my while?

เขียนโดย steakpro ที่ 10:32

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Why does only 1 person in my family believe Obama will give out Free Points to refinance their home?

เขียนโดย steakpro ที่ 02:30

Why does this 1 person believe Obama is going to give them and anyone 2 free points when they go to refinance?

BTW this is their 2nd home and they are not hurting for money?

This person is an Attorney.

doesn't seem wise

Because you have no idea what you are talking about.

The rest of your family has a brain?

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Can I refinance a home when I have lost value in the home?

เขียนโดย steakpro ที่ 00:31

Lets say I have lost about $5-10K in my home value. Can I still refinance? How would that work? What would be the pros/cons?

With this new stimulus bill, it may be possible. You still have to qualify under the bill's guidelines, but I would touch base with a local lender and find out. You may still be able to refinance, even if the bill isn't helpful to you. But don't wait until you are struggling, check now. Remember; information is power

It depends on if your home is still worth more than you owe on it. If so, yes you can refinance. If not, no.

You can refinance a home if it has lost value as long as TWO things do not happen:

1. The appraiser cannot put on the appraisal that your home is in a 'declining market'...this is an automatic denial with many lenders.

2. The amount you are seeking to refinance must be LOWER then the home's current appraised value.

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How much money do you have to pay for closing cost when you refinance home loan? ?

เขียนโดย steakpro ที่ 09:43 วันพุธที่ 20 พฤษภาคม พ.ศ. 2552

I would like to refinance my house to get lower rate. My loan is 200,000. I m a first time homeowner, my current rate is 6.5 %. I ve own my home for about a couple of months, my credit is good, not excellent. I would like to know a ball park on paying closing cost. Also is the closing cost money i need to come up with?

if you have equity in your home the closing costs can be wrapped in the loan. if you don't the lender can-raise the rate so they cover closing costs with a higher rate.( fact is most loans have some yield spread added to them) as far as closing costs approx 2% is a fair amount some charge.

unfortunately the national average is 3 1/2 % closing costs

and yes all no closing cost loans are charging a Higher rate to use that yield spread to cover closing costs for you!

What are the fha home loan rates like as of now? I'm looking to use a fha refinance for my current home.?

เขียนโดย steakpro ที่ 09:42

FHA refinance loans seem like my best option at the time for refinancing my home loan. Can anyone provide me with some information pertaining to the current fha rates?

15 yr is 4.75

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4.5 - 4.75% on a 30 year fixed depending on points.

3.625% on an FHA 5/1 arm.

4.875%-5.00% (on a 30 year mortgage) is about the lowest going rate right now. Alot is factored into that rate but that's what you're looking at for rate.

You can refinance up to 97.75% of the value of home.

hope this helps. Good luck.

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Share ideas on refinancing 2nd loan Home Equity Line of Credit?

เขียนโดย steakpro ที่ 17:51 วันจันทร์ที่ 18 พฤษภาคม พ.ศ. 2552

Existing mortgage: 80-20. No equity. 1 year since purchase. 2nd loan home equity line of credit has variable APR. Please share ideas to refinance 2nd loan and also consolidate other loan.

It's a bad time to refinance or consolidate with interest rates going up like they are. If you are having trouble making your payments, go to the lenders and tell them - tell them whatever they want to know, answer all their questions truthfully, and ask them to assist you in doing something to make those payments manageable. You have nothing to lose (because if you are having trouble making payments they'll already be aware of that) and everything to gain (banks and mortgage companies don't want to "own" a bunch of foreclosed homes, believe me. It's no easier for them to sell them than any other seller). I wish you the best of luck

The best solution I can give you given that your HELOC is variable and you have no equity available to consolidate both loans is to refinance the second loan into what is called a HELOAN.

A HELOC is pretty much like a credit card secured by your home therefore you have a credit limit which you can use and repay as much as you want. The drawback on these loans is that the interest is variable than the way the Fed has been increasing short term rates I would DEFINITELY suggest you fix that rate as soon as possible.

A HELOAN works as a normal mortgage where you only take out a certain amount and that is it. All you can do is repay it because its it not a credit line, its a true loan and the benefits for this type of loan is that the rate is fixed for a long time. The only drawback for this type of loan is that the rate is a bit higher than a HELOC.

Here is an article I wrote about HELOCs hope it helps

http://jrealestate.blogspot.com/2006_04_01_jrealestate_archive.html

It is titled "HELOC = Home Equity Line of Credit"

There are many loans out there can do 100% loans with out MI. Depends on your interest rates as well. Fixed second can be better than your equity line. Have you had an appraisal done to know that you have no equity? If you are on an interest only there many better programs for you that may lower your payments even. Let me know if you want some options.

rates going up and no equity. avoid it like the plague

CALL A CREDIT UNION. THEY CAN DO MORE FOR YOU THAT A BANK. MORE LIBERAL LENDING AND DONT LIKE TO BE LESS THAN FIRST MORTGAGE, SO THEY ARE MORE LIKELY TO REFINANCE AND WRAP THEM BOTH UP.

Contact a mortgage broker in your neck of the woods. There are some new(er) loan fixed second loan programs to replace HELOCs.

Regards

Can I refinance my home equity loan?

เขียนโดย steakpro ที่ 17:50

I have a regular mortgage with a decent rate and a bunch of tax credits so I do not want to touch this. I have a home equity loan with a rate of 11% that I would like to refinance. It would be about $50,000. Would I just be applying for another home equity loan and pay off the one at 11%? Or is there another route? Does my first mortgage effect any of this or is it all based on the two put together against the value of my house?

If you have enough equity in your home you may refinance the 1st mortgage as well as the equity loan (2nd mortgage) into one single mortgage loan.

You would need to contact a local mortgage banker/lender to accomplish this transaction.

This transaction will pay off your existing 1st mortgage as well as your equity loan. You may also roll any cost of this transaction into your new mortgage loan.

Once the transaction is closed you will now have one mortgage to pay each month as oppose to the two you are currently paying.

I hope this has been of some use to you, good luck.

"FIGHT ON"

you can get a fixed note at say 7% or less then I would do that. Yes the first deed of trust as well as current value will have an impact. 80% is the max a cash out loan can go conforming and right now today you can combine both into an FHA note if you get it in and locked next week as 4-1 the max cash out loan will be 85% for FHA

What is the best interest rate for refinancing a home loan?

เขียนโดย steakpro ที่ 17:48

The US Government is a major force in setting a benchmark for interest rates. When the government sells its debt, it offers an interest rate that is considered free of default risk (or virtually free of default risk) as the government in all the years has never failed to repay its debts.

Since you do pose a slightly higher risk (and the degree of risk depends on your credit history, income and asset levels, etc.) you will have to pay some interest rate higher than the government does. This is typically considered index plus margin (the margin being the bank's profit margin plus a little extra to cover the additional risk).

The best rate you can get obviously depends on each banks evaluation of your risk to them, plus their profit margin. If they see you as a low risk and make no profit, you may get a great rate. If another bank wants to make 1% profit, your rate will reflect this too. You should contact a mortgage broker who can shop you around to different banks, who will each assess your risk to them (they each may see it slightly differently) and add in their profit (which depends on how hungry they are for your business) to come up with varying rates. Without knowing at least 5 things about your loan, no one can tell what YOUR best rate for refinancing should be, which is where the mortgage broker comes in.

Lastly, you can check bankrate.com to get a feel for current interest rates.

Refinancing home loan?

เขียนโดย steakpro ที่ 17:48

A friend and I have purchased a house about a year ago. We went in 50/50. We were informed that our interest rate has lowered and we are eligible to refinance the loan. My question is, I would like to move back home and allow my friends girlfriend to take my place on the mortgage so I can be free of the financial burden of the house and move, first, is this an actual option for me, and secondly, is there a buyout payment that I should be asking for? Thanks, hope I made sense.

The clean way to do this is to sell the house to your roommate and his GF so THEY can take advantage of these lower interest rates. This transaction will both take your name off the property AND relieve you of financial obligations regarding the loan. A good loan officer will be able to help you. Good Luck!

I think first of all you have to contact your mortgage lender and get advice to them what he say ? or you can found many online resources where you can modify your loan because loan modification is the best option for you

you can try this source : http://www.refinancing101.net/loan-modification.html

Yes Ask the GF to buy you out. Has the value of the house increased, or is there equity. Good starting point is the amount you personally put in for the down payment. Work the number, discuss and negotiate.

Can a home loan be refinanced to drop the borrower's name and the co-borrower becomes the primary owner?

เขียนโดย steakpro ที่ 17:47

The first borrower on the loan wants out and has not ever made any payments or contributions toward the home. He only wants to get off the loan. He has never been in the home.

The short answer is yes. Assuming the co-borrower can qualify for a refinance of home to put the full loan in his/her name, there shouldn't be a problem.

However, you haven't mentioned title and ownership of the home. What the co-borrower probably doesn't want to do is take full responsibility for the mortgage but keep the home in the original borrower's name. That might be a recipe for disaster. Make sure you look into this and fully understand ownership, title and property tax responsibilities before the mortgage is transferred.

Your mortgage professional and your local tax assessors office should be able to answer any questions regarding home ownership and tax responsibility.

You can contact me through my Answers profile if you have any specific questions.

Good luck with the refinance.

yes

The issue would be if the co-borrow can prove ability to pay for the new (refinanced) mortgage. That's really all any borrower want to see.

Refinance my mortgage and home equity loan?

เขียนโดย steakpro ที่ 17:47

I have started the process of refinancing my home equity loan from 9% to a lower rate. It currently has a balance of $10K.

I have also started the process of refinancing my home mortgage from 6.8 to around 5 something hopefully. It has a balance of $54k with 10 years to go on the current loan. I was originally thinking of just refinancing the mortgage with a 10 year payment period without taking out any additional moneys.

Question: Should I refinance my mortgage, taking out enough to also pay off my home equity loan as well? Thanks

if you have enough equity in your home you should try wrapping these loans together into one 1st mortgage at the lowest rate possible. If you can afford the payment on a 15 year fixed loan, those are probably the best rates available right now. Some banks will even let you amortize the new loan for the amount of years remaining you currently have, especially the small local private owned banks.

I think your nuts. Keep paying the first the way it is, since you've already paid most of the interest, and refi the second into a fixed home equity. I think if you have a COMPETENT loan officer work out the numbers, your not saving that much by refinancing and adding closing costs. http://answers.yahoo.com/question/accuse_write?qid=20080318155315AAoZGx1&kid=TIcvKGnYNGNXMvqo_aFE&s=comm&date=2008-03-25+17%3A23%3A05&.crumb=

whatever you do, i'd say don't take extra money out for cryin out loud, that's what got people into the current mess.

Yes but before you lock in a new rate you should watch the markets and the fed carefully. They just lowered prime rates 3/4%. That should filter out to the mortgage market too.

Home Equity loans are dirt cheap....wait and see what shakes out of the latest cut........

Definitely refinancing home mortgage is a good idea for many reasons. Most importantly because you are paying high rate of interest currently, another reason people often opt for mortgage refinancing is to get rid of mortgage payments quickly. You can easily pay off your home mortgage loan by just adding an extra $100 to your monthly payments. Learn more on the subject, log into: http://www.4refinancemortgage.com/torefinancemortgage/mortgage_refinance.html

To get a home mortgage loan you need to work hard especially if your credit record is bad and if you donâ€™t have a regular source of income. Start your search for home mortgage loan by taking quotes from lenders. You can take quotes from online lenders as well. Know more: http://www.4refinancemortgage.com/refinancemortageloan/homerefinancing.html

Is it better to refinance or get a home equity loan? We have owned our home for 2 years.?

เขียนโดย steakpro ที่ 17:46

Due to family health issues my husband and I have missed a bit of work over the past 9 months. Because of this a few of our credit card payments were missed and we have fallen quite behind. We are now both back to work full time and are making arrangements with our creditors to try to lower our monthly payments. I have not contacted our mortgage company yet to see what they offer because I am not savvy enought to know the difference. In this situation, which would be better?

Well, it really depends on quite a few factors. First, like many others said, if your credit score has fallen you may not be able to qualify for either.

Also, there is a big difference between the two programs youâ€™re asking about and you need to be aware of that. When you refinance, you are basically getting a new loan for more favorable terms (lower interest rate etc). Your first loan is paid off and you now have only the new loan but typically no money in pocket. With a home equity loan (or line of credit) you are using the equity in your home to get a new additional loan. So say, you have a first mortgage of $200,000 but your home is actually worth $250,000. If you're credit is sufficient AND your income can justify another payment, you could get a loan (lump sum) or a line of credit (like a credit card . . . only pay when you use and if you pay it off it becomes available again) and you can use either funds how you would like.

Now, the problem with the housing market right now is that a lot of homes don't have any equity to tap into and this could hurt you in both cases. With a refinance, the bank will want an appraisal and if you owe $200,000 on your first loan, but now your home is only worth $170,000, you will not be able to pay off that first loan with the new loan. (A mortgage company with only loan what the home is worth or the asking price during a purchase, whichever is lower). Same thing with an equity loan . . . if there is no equity, there is no loan.

If you happen to have a lot of equity in your home, and only need to tap into a bit of it, you may have a small chance. Don't be afraid to talk to a bank or mortgage broker. A professional will be happy to inform you of your options with many different programs.

Yet, when you're already behind on your bills the worst thing to do is create more bills . . . you want to avoid paying for borrowed money with borrowed money. I suggest you contact any company you are behind with and make payment arrangements. Typically, if you have a reasonable excuse, they will work with you. Financial institutions do not want to be in the real estate business, so they should be willing to avoid foreclosure as long as you are reasonable in your expectations (you will most likely have to pay a chunk of the past due balance up front). Hope this helps.

I would look into a possible FHA loan, it will be quite tough for you to get a HELOC with the late payments. Most lenders have a maximum of deragetory payments in the last 12 months. I would look at refinancing into an FHA loan... You can go to 95% of your homes value and get a considerably low interest rate given the current credit situation 888.218.1071 we lend in all 50 states

I don't know a whole lot about mortgages, except that I'm going to have one in a month from now... but I found a guide on how to pay off a mortgage quickly without sacrificing spending cash and emergency cash.... http://www.whatdebt.org . It might help you, but I don't know your whole situation.

If your credit score has dropped considerably you probably won't be able to get either one. It's time to give your mortgage company a call and find out for sure.

your house is probably worth less than when you bought it due to the downturn in the real estate mkt the last 2 yrs - I'm sure mine is and I bought a lower priced house

It depends. If your credit scores have been hurt, neither a refi nor a home equity loan may be an option. If your current interest rate is at least 2% higher than the new interest rates, it may be best to refinance. If your house has gone up in value, you may qualify for a home equity loan. The equity must be at least enough to allow an additional loan. 2 years isn't very much time for a house to increase in value in most areas.

Your best option is probably to work on getting your credit card and other payments back in line rather than trying to get more money out of your house. That only increases your debt level. Studies show that persons who do debt consolidation are usually right back in financial trouble within 5 years. And don't forget that you will be paying for that credit card balance for the next 30 years if you roll it all into the mortgage.

Will i be able to refinance my home loan to get my monthly motgage payments lowered.?

เขียนโดย steakpro ที่ 17:45

yes

this is how you will get your payments lowered, prior to you Refinancing your current mortgage--

1. make sure you maintain, or increase your credit score (720 or better is the best). NO late payments

2. minimize your monthly debt, pay off those credit cards.

3. pay off as much of your current mortgage as possible.

4. (you don't need a lot of liquid assets to refi, so don't worry about saving money, but keep a little bit saved).

do all of this, and by the time you are ready to do a refi, your payments will be lowered by a significant amount.

Yes, in most cases, you can. You should try to apply with eloan, they will do the best job with it. They have a promotion now, If you use this link http://www.tkqlhce.com/click-2177451-10427742 they will waive the lender fees.

if you tell me how much you owe, how much the home is worth. what your credit is, and how much you make. bankruptcy's?? foreclosures? i am a broker in Miami, fl with First Lincoln and can more likely than not help you out. the office # here is 305-255-6306.. my name is Walter.

Refinance can be pretty complicated, involving costs of early payment, finance fees etc. that have to be factored in to your payments. For a lot of people it winds up being not worthwhile. Try looking for some information at a neutral site like http://www.refinance-and-loans.com/ and also try the lenders compete type of website to find really informed mortgage brokers to speak with. You also can try a direct lender site to get starting point information on applicable interest rates.

If you have paid down you loan a considerable amount or if you can increase you term from 15 or 20 years to 30 years you could lower your payment.

This depends on what you have now.

In many cases borrowers have a first and second mortgage and a refinance enables them to consolidate them both into 1 mortgage which almost always results in a lower overall payment.

hopefully

Probably.

However, you have to ask yourself whether lowering your monthly payments will actually serve your long term goals.

Be careful because a lot of people are falling into traps when it comes to loans that have extremely low payments, but big problems later on.

For instance, there is a loan called an Option ARM that is good for many people when they know how to use it properly. However most people fall into the trap of paying the minimum payment of 1% interest and fail to realize that this is actually making their loan balance increase!

This might not have been so bad a few years ago when property values were going through the roof, but in a slower market it can be a major problem.

There are, however, creative loan programs that are not quite so exotic:

1. Thirty year fixed with a short term discounted rate or an interest only term. This will give you the stability of a fixed rate and a low payment without the negative side effects of an ARM.

2. A hybrid pay option loan which is has a low minimum payment oprtion but it is not tied to an adjustable rate.

3. A short term fixed rate loan which might be good if you are only going to stay in the house for a few years.

You ahev a lot of options and it all depends on your situation. If you'd like you can send me an email and we can taljk about it further. if it doesn't make sense for you to refinance then I will be the first one to tell you.

Can I refinance a home equity loan if I've only had it a couple of months?

เขียนโดย steakpro ที่ 17:43

Problem, we recently had our home up for sale, but have since changed our mind. We applied for a small home equity loan through our local bank (17,000)so my husband could buy a car and we could pay off a couple of bills. In the meantime, a larger mortgage co that we also inquired with about this loan told us that they could consolidate all of our debt, and save us $600 every month even if we doubled our payment. So, we went with the larger co, however after going through the whole process with them , they came back and said that since our home was recently on the market, we would have to wait 60 more days to get a loan. (this would be 100% equity LTV) My question is, if we go with the smaller loan from our local bank (who doesn't give 100% LTV loans), could we in fact get a home equity loan a few months down the road, pay off the 17000 loan and also pay off the rest of our debt? Is there some rule about how long after you receive a home equity loan before applying for another

Yes, you can do that. However,

You will have to pay closing costs twice.

There is often a prepayment penalty on Home Equity loans if they are closed in less than 2 or 3 years.

the higher LTV loan will likely have a higher interest rate.

Take both of those into account before you make your decision

Feel free to contact me, If you send me an email I can give you a number to call me and I would be more than happy to look and this situation and also, (i'm wondering what state you're in), then i can definitely assess this situation and see what we can do for you.

For all your mortgage questions

Try

http://www.platinumquestmortgage.com

http://www.mortgagerefinancingatlowrate.blogspot.com

Is it better to refinance or, do a Home Quity Loan to consolidate bills and do repairs to my house?

เขียนโดย steakpro ที่ 17:43

I have a 7.125% APR.....30 years....have been paying about 8 years......and have about 30-40k in equity?

A lot of your question depends on what state you live in ex Texas limits your equity to 80% LTV in CA you an go to over 100% LTV in equity loans. The question about taking out equity to pay off debt is a unique one. While i usually suggest not doing so it all depends on your certain situation. For example you can deduct the interest from your home loan but not from credit card debt. while your rate is high this could be due to some credit issues. You need to do some research. Go to www.mortgage-X.com as a resource. At any rate, a refi will cost you money and you need to determine the recapture time. A Home Equity Loan or HELOC will be done for free yet you'll have a high rate currently at 8.25%.

when u refinance your home, they will make u pay a decent interest.

home equity loan is just a high interest loan using your house as bait!

You should definitely refi into a better interest rate but you should NEVER refi your consumer debt into your home. If you want to do some work to the house do a home equity for what you'll need to pay for the upgrades and repairs. But like I said you should never roll your consumer debt into your home, youre just borrowing against the property and, while most people say they'll just do it this once, it will happen again and again and eventually you'll max out your homes value and still have credit cards to pay.

Refrinancing is a simple way to get money fast.. but my theory is if you dont have the money.. then dont spend. Its hard to get out of debt.. maybe you could downsize?

You should be able to refi for a lower rate - depending on your credit.

You shouldn't roll any other bills into this though. That will just get you deeper and deeper into debt.

Best is to pay cash for repairs as you can afford them, unless it is detrimental to let repair go unchecked.

Free home loan mortgage quote refinance?

เขียนโดย steakpro ที่ 17:40

do these online companies give legitimate quotes or is it just a scam?

Jackie, if I were you I would stick with local lenders. That way if something goes wrong, you can face them in their office. And yes, most hook you and when you are committed, you'll be afraid to walk away. Most do and end up with trouble.

Some do. Go to the site below and check out the "upfront" lenders and brokers.

Hi Jackie O

My website gives accurate information, you should give it a glance... www.nchloans.com.au

As a mortgage broker, what concerns me are the sites which take consumers details and then sell the leads to people like me for between $25 & $40 per inquiry!

I don't use these cmpanies as I feel bad for the consumers who get sucked in and have no idea that their details are being sold at a such a price! The websites they put their details into are heavily marketed and do not act as finance brokers and are only in existence to capture peoples information so that it can be sold to the actual people who are licenced finance brokers.

Hope you investigate this further...

Kind regards,

At some stage in almost everyones life they ask themselves, what kind of loan should I get? It's true that this subject gets less attention than it deserves because it seems that nearly everyone's in a hurry to get the money and move on to the higher priority which is whatever they wanted the loan for in the first instance. Let's start with this.

How much do you know about loans? This article intends to briefly describe the most important types of loans, so that you can get a global view over this issue.

Looking to find lowest refinance home mortgage rates?

เขียนโดย steakpro ที่ 17:39

Iâ€™m looking for a better home loan mortgage rate than I currently have with my bank. So I am seriously considering refinancing. Does anyone know where I can currently check for the lowest refinance home mortgage rates?

You can actually get a better mortgage rate â€" without refinancing. There is a website which allows you to check for free if there is a better rate available with your current lender.

You can avoid the costs and all the paperwork and hassle associated with refinancing. Your bank wonâ€™t tell you that there is a better rate available with them, but there usually is.

Check for a lower rate here free:

http://www.checkmyrate.com.au

first get your credit score card -- next shop around just like you are buying a car!!!

The first thing I would do is get a copy of your credit report and score. Lending tree is a comparable rate lender that offers you several rates from competing banks, but you should know what your score is first! This is what the banks will be looking at!

The only way for you to get the lowest rate possible is to shop around. There are several websites that get you multiple quotes from qualified lenders. You will have to be willing to give out your information online. Try a service such as https://www.bills.com/homeloan/mortgage_refinance/ they have a separate section to get quotes for refinance loans. You may be matched with up to 4 lenders, who will call you to discuss your options. The service is free to use. Also check on www.bankrate.com for the current interest rates for a refinance loan to get an idea.

How do I refinance a 95% loan to value home when my total is under 100,000? What programs help rural american?

เขียนโดย steakpro ที่ 17:37

I have been trying to do the hope for homeowners and it does not work. There are no banks in Minnesota even though I qualify. I need help now, not in another month of waiting on administration.

You should be looking at an FHA loan

It looks like you will lose your home. Call AL Franken.

Should I refinance my home loan?

เขียนโดย steakpro ที่ 17:36

We bought our house last year at this time with an interest rate of 6.375% We are looking to refinance at 5.75% and consolidate some student loan debt that has a higher interest rate. When I talked to a my lender they said I would need to pay about 1500 to refinance. With the extra amount from other debt combined with the lower interest rate, it looks like our monthly payment wouldnt change much at all from what we pay now. Plus, I plan on using the extra money, that would have originally gone to other debt, to make higher mortgage payments. Is this a good idea or no? Are interest rate expected to go further down?

It's extremely important to understand that with a little time and the right approach getting the absolute best mortgage refinancing is not a huge problem.Companies/businesses that arrange financial products of this natureenter into some research and groundwork on your own because the Internet can equip you with an absolute pot of gold of very helpful data when it is essential that you get the best mortgage refinancing.

the fed is coming out tommorrow to lower interest rates u might get a lower rate if u wait a while. and u probably have seen the value of your home decline recently, if u plan on staying in that house for a good time refinancing might work in the future just keep checking rates every couple weeks. and might wait till the next fed meeting .u can also shop around online for more competitive rates.still wait a while.

the lower rate announcement from today won't reach us for a few months

but for now:

Calculate how much principle and interest the student loan totals in the long run.

Calculate how much it would cost if you pay off some (a lot) of it now.

If the difference is more than $1500, then refinance.

As your mortgage payments will be slightly lower and you can still deduct interest from your federal taxes, use any extra money to pay off any other interest debts, ie credit cards.

Hard to answer with just this information. If you don't have too much longer on your student loans it might be better to take any extra money and pay them off. If you refinance you will be paying on all that money for 15 to 30 years. Consider attacking your low balance loans by paying extra on them and getting them paid off.

Wait until the rate goes down further as it will by tomorrow. The Feds will lower the rate by 50 to 100 basis points by March 20. Also wait until the spread between your current rate and the new rate is at least 1%. This will happen in about 2 months.

I want to refinance my home for a debt consolidation new loan. Which are my best options ?

เขียนโดย steakpro ที่ 17:34

I have about 40 % positive home equity , no late payments , but I only have been owning the house for a couple months. My house is in California and I have a fair to good credit with too many inquiries in the last 6 months.

If you refinance they are going to It's going to cost you. I refinanced to get a lower rate and they ended up charging me about 3 thousand dollars and i didn't realize it because they rolled it into the payment .The best thing to do is just get a line of credit against your home . I went to a credit union and I got a line of credit with a fixed rate of 6.9 . look into it .What ever you do good luck.

WELL ...I think you must go for this company if you really want to get the best and low interest debt consolidations services....One lady Kelly is there, she is very kind and smart in solving this type of querry. I have consolidate my 4 different loans from this company, its http://www.debtreduction123.net , u just try it out once. You only have to fill up the request form thats it...And she will come to your home probably tells you everything what they can do for you. And the important thing is that, this all is free of cost. They will not charge you a single penny from you for this thing. Just fill out the form and wait for her call.

Does refinancing a home loan require that you provide bank with income taxes?

เขียนโดย steakpro ที่ 17:33

Or does it only determine on the other factors such as credit score, equity etc ?

It depends upon the bank and their policies. I have know some to request copies of your tax returns, others want either a paycheck stub or a W2.

Refinancing is just like buying a house. You have to have a certain income, less than a certain amount of debt for that income, and good credit scores for the loan to be approved. You also have to have enough equity in the house to be able to borrow enough to pay off the previous loan. And, they verify all of this by checking your income tax returns, your credit reports, and they even do an appraisal on the property to verify how much they can lend you.

my bank requires w-2s, but not your actual tax documents.

Would it hurt your credit history if you refinance today and 6 months later apply for a new home loan?

เขียนโดย steakpro ที่ 17:30

I am planning to buy a house in 6 months but want to refinance my current property right now to get a lower mortgage payment. Would that hurt my credit history, if I do that? Please help...

I don't think it will hurt, but not sure. On the one hand, getting your current property down lower should help as far as having two mortgages and six months may be enough to offset that. On the other, I've heard at least a year to offset points off your credit score - and there will be if you refinance, just for the mortgage company pulling your credit score.

If you want more precise info. than I can give as a layperson, try this link:

http://www.myfreecredittips.com/credittips.php?keyword=YICS

It's a great free website about improving credit scores and has some great examples on there. Then they also have a link to Equifax credit monitoring - which has a simulator on it that you can enter different things into to see what effect it has on your credit score, and how they diminish/increase over time. You can try the credit monitoring for free for 30 days, or pay (I think about $15 a month) to continue with it.

Good luck! (:

As long as you have the income to qualify for the new mortgage, you should be fine especially if you earn enough to make payments on both mortgages easily. Good luck.

it's not going to hurt your score by a lot of points..only a few...because it's only credit pulls

Do home refinance loans really decrease your monthly payments?

เขียนโดย steakpro ที่ 17:26

As long as you make sure that you have checked out the additional charges and made sure that your credit history is good, going for home refinance loans will decrease your monthly payments. For more information, you can go to http://www.whataboutloans.com/mortgage/mortgage-refinance-loans.html

If you could still afford the make the payments on your current mortgage and have an open end mortgage, you can pay it down anytime. You can also request an amortization from your mortgage co.

Yes, but it depends on what you owe, and the rate you get for the loan. I've know quite a few people who have told me that their payments were actually smaller.

Depends what day of the week it is?

Refinance, home equity loan or sell?

เขียนโดย steakpro ที่ 17:25

We have credit card debt of $72k. (cancer treatment costs) We have excellent credit and own two homes, but are cash poor and have the high credit card debt that we want to pay off

WE WANT TO PAY OFF THE $72K AND HAVE A CUSHION OF AT LEAST $25K. Here is the break-down:

HOME #1 PAYOFF - $279K, WORTH $425K (currently rented covering payments)

HOME #2 PAYOFF - $245K, WORTH $425K(currently live in but want sell and leave the area in the next year or two)

SELL A HOUSE AND PAY OFF DEBT, LEAVING CASH IN THE BANK OR KEEP GREAT REAL ESTATE INVESTMENTS AND GET A LOAN OF $100K, PAY OFF DEBT LEAVING $28 CASH IN BANK. We just can't wait another year or two to pay off the credit card debt because we are broke each month after paying bills, and need some relief now.

Both homes are in hot markets. Dallas/Ft Worth & White Mountains Arizona.

Any ideas or help are much appreciated!!

You are kidding, right? You have a big debt pressure and own two homes, either of which are in a supposedly good market and you are wondering what to do? SELL the vacation house, now! If you seriously are wanting to sell both and move, the opportunity to do so is not going to get any sweeter for quite a while.

Sorry to be dramatic, but there are things going on with credit, home values, and value of money. Get out now, while the getting is good, and take advantage of what is still an advantage.

I think the most flexible option will be to do a home equity loan. This will give you a lower interest rate than the credit card, and interest is tax deductable. It still allows you to live in the home, and sell it when the time is right for you.

Refinanceing will likely result in the lowest rate, but will come with more upfront costs. It also will likely be at a higher rate than what the current home loan is at.

If you do refinance watch out that there is not prepayment penalty (if you decide to sell and move soon).

If you are looking to leave area, ask yourself if you will want to have either property. Selling is the most drastic since it means you will be forced to rent until you move. If you decide to not move than you will either try to occupy the first house instead of renting, or buy a new one. Each of which comes with many transactional costs.

To sum up:

Heloc:

Low interest rate

Tax deductable

Flexible if you decide to move or not

Refinance:

Lowest interest rate

Less flexable, often higher costs in obtaining

Potentially will be at higher interest rate than current home loan.

Less flexible moving later, if prepayment there is condition

Selling:

High transaction costs

More costs if you change your mind if you decide to stay in area.

Will have to move (the pain of this depends on how much junk you have accumulated or if you have kids)

May reduce living expense

Gives you a better allocation of your equity (no longer home rich cash poor).

I would pick the Heloc, but you are the best one to balance the pros and cons of each option.

How much money goes to the lender when you buy down a home loan?

เขียนโดย steakpro ที่ 17:25

I recently refinanced my home loan and wanted a lower interest rate. The lender offered me the option of buying down the interest rate. How much more money does he get from this buy down?

That varies form lender to lender.

If an % rate is at 6.25 that might pay the loan officer 2 points on the loan amount. Maybe that is the loan officers expected earning. If you "buy it down" to 6% they would still make 1 point, So if you "buy it down" it just means you paid the difference in what they where hoping to make in the first place. Keep in mind everything is negotiable. At the same time the loan officer deserves to make a profit. Maybe question how much they are making from the lender in the first place. We have to disclose that info. on the good faith estimate.

Example: If I expect to make 2 points on a loan the investor may charge 1.25% to the rate to do so. If that's the case I will let the client know if they would rather have a lower rate I can charge them 1 point upfront (I can raise the loan amount to cover it) and get the other point form the lender.

It depends. Typically when we honest mortgage people do this, we are trying to earn a specific amount. To do this we can charge you, the bank, or you and the bank. When you buy down the rate, you are pre paying interest. This is different then what the loan officer will earn.

Main question is, do you have the rate you want, and is it at a price you think is reasonable and is the person doing a good job.

You get what you pay for generally.

However, you can call any company and just ask, how much would I have to pay in points (not points to the lender but just buy down points ) to get this rate (what you wanted). They can probably tell you quickly.

Good Luck

Can you refinance your home loans even though your house is worth less than what is owed?

เขียนโดย steakpro ที่ 17:24

We have 2 loans and with the interest rates going down, it may be in our best interest to try and refi and have lower payments though most people would tell us to just walk away and buy a cheaper home....

Unfortunately no. The lender requires the home as security for the loan and will only loan up to the amount that it can be appraised for. Given the current mortgage industry crisis, it will be difficult, if not impossible, to even get a loan for 100%it's appraised value.

Hope this helps.

Why would anyone lend you more $$ than the house is worth?

Shop around and see what the various lenders say.

Not unless you come up with the shortfall in cash.

Unfortunately no. You will have to make up the difference, and many lenders are only lending 80% of value at this point. Can you refinance one of your loans?

Refinancing home loan - how soon can you?

เขียนโดย steakpro ที่ 17:23

We have had our home loan for 3mths, and I was wondering how soon you can refinance as I want to use some of my equity (we only borrowed 60% of the house cost), to do some renovations and add our car loan into it. So does anyone know when I would be able to refinance???

You can do it anytime unless your first mortgage has some kind of prepayment penalty. The lender will use the purchase price or appraised value whichever is less if you refi within the first 12 months of ownership. Restrictions for the max loan to value may apply for a cash out (car loan being paid off is cash out). I have included a website below which may help answer some of your concerns. good luck!

You can refinance a month after you have lived in your home. In fact, I do it for clients all the time when they feel they bought a home that is undervalued.

If you are at 60% LTV, you could get out at least 20% of the home value in cash with out a problem.

I am a broker that can book loans in any state in the mainland US. Feel free to email me with your loan amount and home value and I can help you out.

How do I refinance or get out of an upside down home loan?

เขียนโดย steakpro ที่ 17:21

I live in Calif. where the market has crashed. I bought a home a little over a year ago, when the market was high. A fast talking broker convensed a group of us to take all the equity out of our current homes, and buy new ones, to have money for retirement. Now I might lose both. I know, stupid. Help?

Try to sell one fast or refinance into an interest only loan till it sells.Hard market to invest in right now. I would also ask an finical adviser on what would be the best way to come out even.

Get ahold of your loan company and see if they have a plan to help people in your situation. I am in CA too, and my company is working with me to keep the mortgage reasonable.

They don't want your house. The do want your money. So, if you contact them, they may be able to help.

Well if you have two houses, then you will have to sell one of them! The only way to refinance is to apply for a loan, and hope that the appraised value is higher then when you first got the loan. You should know this within 15days of applying.

The question is what is the other house doing currently? Is is vacant? Do you have someone renting it out? You are going to be better off holding on to the house if you can. You should look into a renter if the house is vacant. The market will come back it will just take some time.

Your only other option is to sell one home and come up with the difference between the sales price and the amoutn owed.

Does any of the properties have equity? If you took money out of your current home to put money down on another home then there must be some equity if you put a down payment.

How can I find the best loan option in order to refinance our home?

เขียนโดย steakpro ที่ 17:19

We have put an addition onto our house through a personal loan from a family member and want to refinance in order to pay the loan off. I am interested in doing a no doc, or stated, type of loan.

Try Lending Tree on line. You can specify what you are looking for and then the brokers, banks and S & Ls will come to you.

Call up Citibank, American Bank, Standard Chartered Bank or any other banks executives and ask them to give details and reason for considering it as a best loan option for refinance.

A no Doc or Stated loan are options, but you then definitly do not want to go to a bank for those. Shop a few local mortgage brokers. They can give you many more options and find the best rates.

Also, make sure when you are shopping, compare not only the GFE, or Godd Faith Estimates, but also the TIL, or Truth in Lending Disclosure. This way you can really compare apples-to-apples.

No doc loans are OK but instead of a flat loan try a Home Equity Line of Credit. That way you also have cash anytime you need it.

I refinanced my home loan this year. Can I tax deduct the mortgage interest on the old loan and my new loan?

เขียนโดย steakpro ที่ 17:17

I paid off a great deal of interest on the original loan and just want to be sure before I attempt to deduct it.

Yes, you can deduct the interest $$ amounts from both MORTGAGE loans, but Please Understand that it's NOT YOUR Choice of Figures to use on SCHEDULE A ITEMIZED DEDUCTIONs bec your MTG PAYMENTS made consists of various components: principal, intersts, taxes, home owner's insurance etc and both MORTGAGE companies will be sending you I think IRS Form 1098? that are required annual statements identifying specific INTERESTS PAID, TAXES PAID that you would list or insert into the Tax Software...

By the way, I will check and get back but I think you may also be able to deduct DICOUNT POINTS or maybe they are pro-rata? as it's been awhile since I last refinanced (done twice on 2 different homes) but my Dad was Tax Practitioner with 250 clients

As long as you meet all of the qualifications on ownership, you can deduct the interest on a second mortgage providing you are able to itemize your deductions.

This year being 2008 means the new loan is not eligible until next filing. The old loan is deductible.

Yes you should have received 1098's for both loans and you sum the interest together on line 10 of Schedule A.

I refinanced in early 2005 and got separate 1098's even though old and new loans were from the same lender, although, slightly different types of loans.

I have not paid attention how to specifically handle points (prepaying interest, like a prepayment penalty), because I have never paid them.

A loan taken out for reasons other than to buy, build, or substantially improve your home, such as to pay off personal debts may qualify as home equity debt. The interest would be deducted on Form 1040, Schedule A, Itemized Deductions. The amount you can deduct as interest on home equity debt is subject to certain limitations. For more information, refer to Publication 936, Home Mortgage Interest Deduction; and Tax Topic 505, Interest Expense.

Home acquisition debt is a mortgage you took out after October 13, 1987, to buy, build, or substantially improve a qualified home (your main or second home). It also must be secured by that home.

If the amount of your mortgage is more than the cost of the home plus the cost of any substantial improvements, only the debt that is not more than the cost of the home plus improvements qualifies as home acquisition debt. The additional debt may qualify as home equity debt

Home acquisition debt limit. The total amount you can treat as home acquisition debt at any time on your main home and second home cannot be more than $1 million ($500,000 if married filing separately). This limit is reduced (but not below zero) by the amount of your grandfathered debt (discussed later). Debt over this limit may qualify as home equity debt

I live in SoCal and I am a Loan Officer. Do you need a home loan? Need to refinance???

เขียนโดย steakpro ที่ 17:16

If you live in Soouthern California and need to refinance or even get a home loan feel free to contact me for further information.

advertizer! boooooo!!!!!

hi...i don't need a loan..but i need your help...i'm an accounting major graduating student and our thesis is to make an accounting system..we've defended it but we lack the accounting process for the Long Term Investments revenue process..is there any chance you can help me? thanx!

How can I pay off my down payment assistance when I refinance my home? With a simple interest loan perhaps?

เขียนโดย steakpro ที่ 17:15

I have an FHA loan at 6.5%

I obtained down payment assistance from Cal HFA for $8200 which doesn't need to be paid back until I sell or refinance the house.

Looking to do an FHA streamline refinance but don't think my down payment assistance of $8200 can be subordinated onto new loan.

Why not call and ask your lender what is and is not possible on YOUR particular loan?

Good luck

I think you have contact your mortgage lender he can give you the exact solution of your question. You can find some online sources where you can get refinance home loan.

Here's some great short articles on home refinance...

Is today a good time for refinancing a home loan?

เขียนโดย steakpro ที่ 17:14

I live in Texas and bought a home 19 months ago with a 6.0 interest for 30 years and almost none downpayment. I have an oustanding credit score 730 or so.

When is a good time to refinance?

If it is a fixed rate loan and you have no equity, now is probably a bad time. You won't save enough to justify all of the costs. I would suggest trying to pay off more to get rid of the PMI if you have to pay it.

See what kind of refinancing rates you can get. Try using http://Refinance-Today.info to get refi quotes from all the major lenders.

go to www.zillow.com and find your value. you need equity.

Refinance or home equity loan?

เขียนโดย steakpro ที่ 17:13

I have about $20,000 worth of equity in my rental property and I would like to pay off approx $15,000 of lingering dept so I can just have no outgoing bills and just pay the house payment that the tennants are paying already and no bills. I am confused at what would be the best way for me to go either refinance or home equity loan or a home equity line of credit?

My credit score is about 650. thank you for the help

Don't take unsecured debt that you have now and secure it with your house. Understand that taking out a home equity loan or refinancing is not "paying off" your $15K worth of debt, it is TRANSFERRING it. With the housing market being how it is at the moment, don't put that debt on your house. You may find yourself upside down in the mortgage in a year if you do. Just keep working on the debt and get it paid off.

This is the big problem and the major 1 is the fact that it is investment property and you will be maxed with most lenders at 85% at best so you may not have a good option on this.

I think you should shop around and see what's available and what the interest rates are and the closing costs. I guess if you would refianance, you would "cash out" the $20,000 and refiance the rest--inerest rate, I don't know. Closing costs could be financed, but that would eat up your equity. You will only have one mortgage payment on this property.

I don't know how home equity lines are handled when you rent your home out. $20,000 is really not very much money when you get a home equity line of credit or a home equity loan, so your interest rate would be a bit higher. What you would do would be to draw on that $20,000 (or like the other poster said, maybe less) by writing checks or using a credit/debit card and you make the payment only on the amount you use, not the full $20,000. You'd have mortgage payments, which would both be tax deductible. Sometimes the lender will write checks from your home equity line to pay off those other debts at the time of closing and what ever is left would be yours to draw on. I have a home equity line that is over $100,000 and my rate is prime minus 1 percent, which is now 7.25 percent, which can go up or down each month, depending on the prime rate. You would probably pay between 8 and 9 percent. Check with your lender and ask them if you can get a home equity line on a rental property, what is the ratio of loan to value (how much money can you get), ask them if they have any deals where they pay the closing costs. The lender will generally use your tax bill to determine your equity--the mortgage amount owed versus the market value of your property on a home equity line rather than paying for a full blown appraisal. Check with your mortgage lender first, but you can get a home equity line from another lender even though the main mortgage is held by somebody else.

just pay off as much money as you can--it will be easier for you to pay bills after

I want to install a geo-thermal heating system, can I refinance my home loan. I have had it for 4 months,?

เขียนโดย steakpro ที่ 17:13

Yes, but unless you have substantial equity you may not be able to cash out. Try a home equity loan instead.

there is no law; financing has to do with what a lender will do; most require 6 mo ownership; dumb rule by any bank!

Refinancing doesn't depend on the age of your loan - it depends on the equity you have in your house.

Sell, Refinance, or Home Equity Loan?

เขียนโดย steakpro ที่ 17:11

I am seem to be swiming in debt at this time in my life...I would like to secure some money to help me pay off some bills.. I have equity in my house. Is it best to refinance this high interest loan, sell the home and use the profits to pay my bills, or take out a home equity loan? My first instinct is to stay in the house for a few more years beacuse this area is increasing in value.. How safe are home equity loans? Is refinancing wise with poor credit?

Hello -

I'd say that your instincts are correct, and you should hold onto your home. Congratulations on making such a great choice of buying in an area that continues to appreciate.

May I ask where your located? I always am interested in areas that continue to appreciate.

Home Equity Lines of Credit are the most expensive type of loans you could get and I'd advise strongly not to get one. I understand how tempting they can be with those checks arriving in the mail. Think of this though, if they send you FREE checks in the mail, don't you think you would also qualify for a loan that will allow you to pay off those high rate credit cards?

If you are considering refinancing your home, you likely have many questions. If you are confused, youâ€™re not alone. It can be very confusing. There is a FREE website that will answer all of your questions, and provide the following information:

- How to know whether or not you should refinance

- How to know if you should finance your â€œup-frontâ€ costs

- Why some people choose to refinance to a higher loan rate!

- A FREE Calculator to help you decide

Here is the link -

http://www.freemortgageinformationsoutherncalifornia.com/refi_mortgage.aspx

Then you mention that you have poor credit, how poor is it? Remember that you could refinance now to payoff your intial debt and then if you pay your mortgage on-time for 10 months, that your FICO score should improve from 50-100 points. This would allow you to then refinance again into an even lower monthly payment.

When you apply for a mortgage, the mortgage lender will review your income, liabilities, and most importantly, your credit report to determine if you qualify. Even small credit report inaccuracies can hinder your ability to get the home loan you need and deserve. And credit report inaccuracies are more common than you might imagine.

There is a FREE Report which will teach you:

â€¢ What lenders look for on a credit report

â€¢ How you can improve your credit score

â€¢ How to know if you have inaccurate information on your credit report

â€¢ How to obtain a FREE Credit Report

The website link is - http://www.freemortgageinformationsoutherncalifornia.com/credit_secrets.aspx

It is always best to consolidate and payoff bills that have high interest rates. By adjusting ratios on your credit cards and possibly disputing inaccurate information on your credit report, your credit can increase significantly.

Follow your instincts and please let me know if you might have any further questions.

Best Regards,

Darren Meade

read tips and articles on loans and mortgages on this site that might help

Bryan,

There are a couple of good answers, come over and chat online with me to get an immediate answer if you still don't have a good one, make sure to follow the link completly, I have normal business hrs in AZ.

Antal

Surefast Mortgage

Follow this complete link:

http://gabbly.com/http://www.surefastmortgage.com/...

I have been taught by the best that score generates monthly rate. So poor credit will give you a high monthly rate. However there are other options. An option Arm loan is one great one. It gives you a 1 to 2 .5 % loan for 3 to 5 years then it goes up. The trick is to just refinance before it does. This refinance can also allow you to debt consolidate.

~Love McNill

Freedom Mortgage

You need to live somewhere, so staying in the house is probably the best bet. As far as refinancing or a Home Equity Loan, that depends on a few other factors.

If your current mortgage is at a higher rate, it may be wise to refinance and take some cash out. If your current mortgage is at a really low rate, just take out a Home Equity Loan (HEL).

As far as the safety of a HEL, that depends on what you mean. You are taking out the equity in your home, so if you don't pay this bill, your home is on the line. If you are concerned about the rates, a HEL will have a fixed rate, so there is no worry of it increasing. A Home Equity Line Of Credit (HELOC) on the other hand will adjust any time the Fed's change the rates. I think they have been raise a lot over the last few years, so the rising should slow down or stop at this point.

Of course if your credit is too bad to qualify for any loan, you should probably sell, take the money and pay off ALL your debt, rent for 6-12 months, allow your credit to rise and then buy again at better rates.

Peace,

Greg S.

Get a home equity loan. If you refinance with poor credit the interest rates will be very high. Never sell real estate to pay bills especially when your house is appreciating.

Stay in the home. Home sales are down all across the country.

Just be sure you can afford the payments on the home equity loan plus your mortgage.

Refinances and home equity loans are normally going to pull money out to pay for the bank/broker's costs. These costs can be as high as 6%, and maybe even more in certain parts of the country.

It is true that home sales have taken a beating this year, even so, everyone and their grandmother has a house on the market. An d everyone thinks their home is worth more than the actual market value.

If you decide to put your home on the market, do two items:

1. Price it appropriately - if your house is the same house as every other house in the area, you are not going to get a better sale price for the cross breeze coming through the kitchen that other homes do not get.

2. Make the property attractive - Paint neutral, clean garage and basement, take care of odors, clean and manicure lawn and landscaping.

The best bet at this time, though, is to find a part-time gig, take care of the bills, and hold onto your home until the market regains strength.

There are some compensating factors that aren't known. When you sat bad credit how bad is bad? Unfortunately if its to bad you may not qualify for a Home Equity Line of Credit (HELOC). I recommend not selling as many markets have become soft and homes are on the market for 60-90 days. I recommend refinancing and paying off as much debt as you can and then your score will go up over a 12 to 18 month time frame. Then refinancing again into a much better rate and lowering your payments or even selling at that time. I hope this helps you and good luck but if you need help or have any additional questions please feel free to contact me www.dantadgerson.com.

Dear Bryan:

How much equity do you have? What is your current interest rate? Is your current mortgage fixed, adjustable...? Have you checked your credit or are you assuming that you have a poor credit score?

Having asked all those questions...They'll need to be answered for you to determine your best options.

On that note:

1. If your current interest is lower, you'll do better to do a home equity loan. You can get a fixed or an adjustable based on a margin + prime. The lower your credit score, the higher your margin.

2. Home equity lines of credit (HELOC) are sort of a revolving loan that's secured by a lien against your property. You will usually be charged interest only for a number of years ( the draw period) and then have a fixed payment calibrated for the rest of your loan term so that your loan will be paid off at the end of the term.

3. The closing fees for HELOC's can be waived if you keep the loan for ceratin amount of time. Not every lender does this so check. If you do have to pay them, they are usually a fraction of what it would cost to refinance.

4. The interest may be tax deductible.

5. If used wisely, HELOC's can be a good loan, but, it is still a mortgage. If you default on your payments your home may be foreclosed on.

6. If you're payment history is starting to suffer because you can't afford to make your payments, then refinancing may be a prudent way for you to start getting your life back in order.

7. Selling your home and downsizing might also be a prudent move, however, can you wait until your home is sold? What's the average time for a home sale in your location?

If you'd like more detailed information, please contact me at amkornele@yahoo.com.

Best of luck!

Anne

Is there a specific company that offers the best home loan loan refinance?

เขียนโดย steakpro ที่ 17:10

Different companies have different offerings. It's always best to look around and compare these home loan loan refinance offerings before making a decision. Here's to get your started: http://www.whataboutloans.com/mortgage/mortgage-refinance-loans.html.

A lot people giving advice are also looking to give you a loan, if they are not local to you and you canâ€™t get to them within 1 hour donâ€™t fall for it. They say they are licensed in all 50 states, what does that mean? Which state do you have to look in first if something goes wrong? KEEP IT LOCAL!

Remember Buddha's advice:

"Believe nothing, no matter where you read it or who has said it, not even if I have said it, unless it agrees with your own reason and your own common sense." You are the only "expert" you can trust: All brokers, and every other loan officer guru giving advice here with a .com or contact me at the end is "selling" you something. Don't buy "it."

We recently applied for a loan to refinance our home. I have Excellent credit but the loan was denied?

เขียนโดย steakpro ที่ 17:08

We recently applied for a loan to refinance our home. We both have Excellent credit but the loan was denied due to the Real Estate Appraisal coming in to low. Is there anything I can do. I really need to be refinanced I can not afford a balloon rate. I have never been late on a payment. PLease help me somebody!!

Do you know if your current loan is a Fannie Mae or Freddie Mac loan?

If so you may be able to take advantage of the new Making Home Affordable Program. This program is specifically for home owners who are "upside down" on their mortgage. It will allow you to refinance up to 105% of the appraised value of your home.

You find more info here: http://www.firstmortgagecorpcolorado.com/homeaffordable.html

This is a story I am hearing a lot. You could try asking for a review appraisal, or go to another lender. Appraisers are coming in very low these days because in most areas prices are still on a downward trend.

You may just have to wait and try again when the housing market has hit bottom and prices are starting to rise again. Keep your credit spotless, and try paying off some credit card debt, or car payments. That day will come, we just don't know when.

Also by cutting down on expenses perhaps you could save up some money to put towards a new loan to increase your equity. Most people I know are pinching every penny right now, and giving up everything they can like movies and lattes. If you really feel you might be in jeopardy of losing your home when the balloon payment comes due, you might want to consider a second part time job to put money away. .

Read the appraisal carefully and understand the reasons the appraisal came back low. The appraiser has to explain the reasons your home did not measure up to the comps that he or she gave in the report.If you think he used comps that did not closely compare, ask him for more comps that are within 1 mile of your house and about 3 mos old.

That question should have been asked by your mortgage broker that is working your loan.Does your home have good curb appeal and clean inside? Is there foreclosures in your area? They can hurt your local market and bring down prices.

From an appraiser, it all too common. And asking for a review won't make it any different. What you can do is contact your lenders and ask for a loan modification. Don't deal with anyone else on this. If they say no, and you are still able to make the payments, I suggest you do so. Maybe next year you can refinance and ease the pain a bit. Otherwise, you are facing a more challenging situation and believe me - you don't want to go down the foreclosure road.

Listen to what you were asking the bank to do.

You think it had something to do with your credit, but the loan denial had NOTHING to do with your credit.

You were asking the bank to loan you MORE MONEY than the house is worth...which means that in the event of a foreclosure, they started off in the hole.

No bank is going to take that risk...even with someone with the highest of credit scores.

1. Learn form this experience. If you can't afford the rate adjustment, you couldn't afford the loan in the first place.

2. Can you borrow from another source? If you pay down the mortgage, you should qualify to refinance a smaller amount.

Can my new husband refinance his home loan without adding me on the loan?

เขียนโดย steakpro ที่ 17:06

We live in Washington state; he has great credit, but mine is lousy and I don't want it to affect the rate.

He can, but only his income can be considered when calculating debt to income ratio. Many times one person's income is not enough to refinance loan. Everything is directed at him. Your name then would not appear on the deed.

How to refinance home loan and consolidate home and auto loans?

เขียนโดย steakpro ที่ 17:04

we have not so good credit and want to refinance our home loan to consolidate our auto loans into our mortgage . is this a bad idea

one reason why a large number of Americans are in debt is because they don't check their credit report&score monthly. you can prevent this very common problem by going to http://creditreviews.notlong.com and begin to rebuild your credit immediately.

I am Jason Phillips i was in need of a loan of $34 000 USD and was scammed by those fraudulent lenders and a friend introduce me to Mr John clarke,and he lend me the loan without any stress,you can contact him at clarkeloanscompany12@yahoo.com

Credit is good I have an investment property that is paid in full should I refinance or get home equity loan.?

เขียนโดย steakpro ที่ 17:03

If I were you, I would SELL the investment property, pay off the credit cards, and use any remaining cash to buy more property FREE AND CLEAR.

You will need to weigh the closing cost and rate on a refinance VS the higher rate and shorter term on a HELOAN.

Keep in mind that any NOO (investment ) refinance or HELOAN is going to have a much higher rate than a standard Primary property refiance

Never take a home equity loan. You put that money on your house and something happens and you cant make the payments you lose your house.

ONLY If you have a specific use of the money that earns you more than

the payments you would incur.

I can guide you.

free

kkemper@mindspring.com

What is the different between loan,refinancing,home equity?

เขียนโดย steakpro ที่ 17:01

I want to know which loan is really the best. I want to borrow about $120 gran but after looking at all the charges that loan in 30yrs will cost me $350gran, that doesn't sound right to me.

Hey I used to be a loan officer for several years. This is a generic answer and may not fit your needs, however here goes. A home equity loan/line is a secondaray mortgage the Loan is a fixed rate product that borrows against the difference in the mortgage current and the appraisal on the property thus equalling equity. The line I wouldn't touch with a 100 foot pole it has a variable rate of interest and it has been fluctuating all over the place with all the recent changes in the market and prime rate all over. On the issue of refinancing something to consider is what was the rate on your home when you got the original mortgage? If is at or around 5 percent. LEAVE IT!!! You won't see a rate like that again for quite some time. Its not worth rolling that low rate into a new mortgage to get equity out of it and thus suffer an increase of possible up to 8% depending on your loan to value in the house. Meaning how much of your equity is left if you refinance. The less equity in your home means the higher of an interest rate you will receive. Lenders are tricky and will take you for a loop if you let them. If you need additional money for whatever you are trying to achieve and cannot come up with the cash. Listen the best way to go is a home equity Loan with a fixed rate and the minimal amount needed not a penny more. Most draws are grouped into the thousand dollar category. Meaning If you need 10,100.00 you will have to take a home equity line in the amount of 15,000.00 or that is what they tell you. If you complain enough you can get the loan for the amount you need only. Bankers will try to get you up to up your original draw from say 10k to 25k to get a discounted rate on interest. Don't do it. Also they try to get you to back your equity loan with a third open ended line of credit that they tell you that it dosent have to be drawn off of. There benefit they offer is that if will waive the annual maintanince fee if you get both. Do NOT DO THIS!! People often get themselves in bad financial situation they dont need to get into because of it. I have seen people say yea that would be a good thing to have in case of emergency and then they end up maxing out both the equity loan and the line of credit. Remember that all three of those products are tax dedicutable ,the mortgage interest. On the refiance your cost include mortgage appraisal, tax, recording fees, loan originator fees, however on home equity since it is only a secondary lien against an already preexisting mortgage offers the benefit of free apprisals and fees( with most banks) if you get 10k or more. Also no closing cost on a home equity loan/line and you do pay closing cost again with a refinance. The rate may be cheaper on a refinance than home equity but a true mortgage loan officer can recommend the correct solution if they are honest. Does the fees and closing cost equate to saving compared in relation to the home equity loan/line and possibly a short term higher interest rate. Good Luck!!

You have to have a loan, before you can refinance or get a home equity loan.

If you can afford the payment do a 15 year mortgage. If not do the 30-year mortgage and pay additional each month on the principal of the loan this will pay it off faster. As some companies allow you to make bi-weekly payments on the loan, this also pays the loan off faster because you actually make one extra payment a year by doing this.

Interest rate is the biggest factor in the mortgage biz. Get the lowest interest rate possible and when interest rates drop significantly (if they ever do again) then refinance.

Loan - A laon is an out-right borrowing with or without collateral.

Refinancing - Refinancing is borrowing and putting money into your business. that is investing more into the proposed business.

Home equity - Home equity line of credit allows you to borrow money using your home as collateral. In this case, your property is mortgaged.

POINTS TO NOTE

1. All the credits attract interest.

2. The interests vary

3. The variations is dependent on time and value of credit.

ADVICE

Be very careful on what you want to do with the money.

They are all different types of loans, usually for different purposes. Usually people who are doing home improvements will take out a home equity or just refinance. It depends on the mortgage company you are working with.They all offer different programs.

350k actually sounds really low as an end pay-in at the end of 30 years. That figure should be much higher. Interest really gets you. A nessecary evil, I'm afraid.

Does that answer your question?

I need to know more information about Home Loan Mortgage Refinance?

เขียนโดย steakpro ที่ 16:59

Refinancing is basically paying off one loan with the proceeds from a new loan secured by the same property. In other words, youâ€™re taking a loan to pay off another loan and securing it with your property.

Itâ€™s often done to reduce interest costs (by refinancing to a lower mortgage rate, changing the length of a mortgage (going from 30year to 15year for example), to pay off other debts (especially makes sense if you can pay off high-interest debt that isn't tax deductible - such as credit card debt), and to change loan types (for example, going from variable-rate to fixed-rate).

Hope this helps and if you have any questions, feel free to send me a message through my profile.

yes...u can know better information at http://faoph.notlong.com

Call me - My name is Marsha and I am a Loan Officer with a mortgage company in Virginia. 757-564-1611 is my office phone.

peter there is books written on this subject -- could you be a little be more detailed on what you are looking for!!!.

I can't give you the specifics on refinancing but I can tell you from what I have experienced.

See first to see if it's worth it to do; consolidate bills, repair your home, put your children through college. But make sure you are not eating up all your equity, that you will get a good rate, that the loan agent won't tack on hidden fees in front and back of the loan (they love to disguise fees everywhere). They love to add fees in all sorts of places so question everything, become educated. Make sure that the type of loan they offer you is what you want; fixed or variable rate, interest only, or other types of loans available, Check out to see if there are prepayment penalties. Make sure to ask a lot of questions but to make for sure that what they are telling you is the truth, call and ask more than one source. Shop for the loan as well; don't settle for just one agent or one bank. And get everything in writing. And please, if you can avoid it, please do not do business with Washington Mutual if they have one where you live. In my opinion, they have poor business practices. Check them out in the search engine and you will see.

Well there are many banks willing to Refinance a home. I would simply start by calling several places and perhaps even using the Internet to find out which bank is going to give you the lowest interest rate. Remember not to settle for the first offer, all banks are competing and want your business. So the odds of you getting a really low interest rate are on your side.

And good luck?

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My tax value on my home has increase. Should I refinance my first home and add the home equity loan?

เขียนโดย steakpro ที่ 16:59

I left off the following information about my previous question. The first mortgage of $190,000 has a fixed rate of 5.375% and the home equity loan in the amount of $35,000 has a variable interest rate currently at 12.13%. Please see my earlier question for more details. Thanks so much for your help!!!! I want to pay my house off as fast as I can!

You will not get the same rate of 5.375 if you combine them. Those rates typically do not exist anymore. It MAY be possible if the value of your home is more than 276K, but still unlikely if we are talking FIXED rates. HOWEVER, you have to look at the overall value you would be saving.

How long will it take to pay of the 35K? 10 years? Longer? If you do refinance into 1 mortgage how much money will you save? People look at rate as though it some badge of honor the lower it is. Is it worth cutting off your nose in spite of your face? If you can save over $200/ month by refinancing into 1 mortgage, and apply that money towards the principal of your mortgage, you could pay off your home 10 years sooner.

You can get a free analysis at http://www.newprimehomeloans.com

Do you mean the tax assessment? If so, appeal it. Almost everyone I've know who has appealed it, got it reduced. In the meantime, try to clear up that home equity loan asap.

My home loan has interest at the rate of 6.125%. With interest rates dropping, is it worth it to refinance?

เขียนโดย steakpro ที่ 16:57

I am beginning my 4th year of a 30 year term home loan at the rate of 6.125%. With interest rates dropping, is it worth the time and expense to refinance to get a newer and better interest rate? If so, what rate would be considered "worth it"?

Right now the lowest you can get without paying points is maybe 5.625%. The closing costs on loans are too high to see any benefit to that. 6.125% is very good (consider rates were 14% back in the early 1980s).

Rule of thumb is that you should lower your rate at least 1.5% to make refinancing worthwhile. Preferrably 2% or more.

Home loans are now available to many people for whom they would have been out of the question just a few years ago. Youâ€™d be in much better shape to bargain for better interest rates if you had a more impressive credit history, but if the house you want is the deal you believe it to be, a bad credit home loan can still work to your advantage.Your best bet in assuming a bad credit home loan is to pay as much cash up front as possible, and see if by doing so you can negotiate a lower interest rate.

http://badcredits.awardspace.com/homeloans.htm

Youâ€™ll save enough money over the term of the loan to compensate for the sacrifices you had to make in handing over the down payment.

The bad credit home loan can be a win-win proposition for both lenders and borrowers; the lenders, thanks to the higher interest rates, get bigger returns on the money loaned, and the borrowers get a homes in which to build equity, and chances to restore their credit records so that the first bad credit home loans they take will also be the last!

An interest rate better than what you have right now, is not attainable. But the Fed may be dropping the rate again very soon.

Check your local real estate page on Yahoo (realestate.yahoo.com) and that will tell you the current interest rates available.

You need to drop at least 1%, but just a note the Fed dropping the rate has nothing to do with your mortgage rate that is tied to the Libor rate

Only if it drops by 2 percentage points or more. So if you can get 4% go for it.

Refinance Mortgage or Home Equity Loan?

เขียนโดย steakpro ที่ 16:57

I need to get some home repairs done and have the option to refinance my mortgage at the same rate (6%) for 30yrs or go the Home Equity loan route with 7.85% for 15 years. Does anyone know if one option is better than the other in the long run?

If you could get 6% on a cash out refinance without PMI and minimal costs, the new first mortgage would give you a lower average cost of funds and monthly payments.

On the other hand, if you have to pay a couple thousand in closing costs on a new first, the low closing cost on the 2nd might be better. It may really come down to how much additional borrowing you would be doing at the higher rate vs. what the difference in closing costs is.

To do a proper analysis, I would need more information. I would suggest calling a couple banks and having them put together some good faith estimates. The analysis is not difficult so any competent loan officer should be able to help you with it. Watch out for pressure to refinance the first. If you are only borrowing a few thousand on the 2nd (home equity), you are probably going to be better off going that route, the the LO may try to steer you into a new first as they can't make any money on a little loan.

Good luck.

You have to look at the whole picture. If you have your mortgage loan for long time and had paid most of the interest, refinancing means you start over again to pay those interest plus closing cost. How much are you gonna need for your home repair? If it's a small amount like $5k to $30k, you may want to lend from your HELOC instead because it's a interest only and very flexible with payment. You can pay extra each month to bring it down in few years. Its interest rate usually lower than a 30 years loan. Bank of America is about 4.5% and no closing cost at all. Check it yourself and do the calculation. Most of the HELOC interest you paid is tax deductible. Usually after 15 years it will turn to a fixed rate or you can refinance to a fixed rate any time you want.

For the short run, get an home equity line of credit. These can be gotten at rates of prime to prime-1% now at 5. Todays news indicates the rates may go down, not up. Then when rates do start up, you can switch then to a long term fixed program. Often if you stay within the same bank there will be little to no closing costs.

I think mortgage refinancing with cash-out could be the best option. As you can get a extra cash with paying your original loan and also you can getter better rates through refinancing. While in home equity loan even if the years are less you would have to pay for two loans.

Here is the source of a mortgage refinancing company named http://iloanshop.com/apply_mortgage.php for your reference

find a new mortgage company and do a refinance. rates are not 6% right now. they are 5.625% anything higher is a rip off.

home equity lines of credit are not fixed rates and rates are the lowest they have been in over a year. makes no sense to get on an adjustable rate when all rates are going to do is go up from here...

good luck.

Should I refinance my home loan?

เขียนโดย steakpro ที่ 16:54

I have been in my home for 6 months and the interest rates have dropped considerably. I am currently at a 6.375 APR, and I owe 157,000 on my loan. My home is aproximately valued at $165,000. I only plan on living in the home for the next 4-5 years. I currently have a FHA loan. Should I refinance to get a better rate & lower monthly payment. My wife and I have good credit so we should be able to get around 5%. I am curious if it will be worth it since we will be selling in a few years...

Thanks

a few years no. You can streamline it but there are cost involved so think it through. Check all options before jumping. If keeping less than 4 years not worth the trouble if longer may be the thing to do

You need to weight the cost of the refi with the "recapture period" since you plan to sell in five years or less. FHA has the "Streamline " refi program available.

Do refinance home loans have stable and lowered monthly payments?

เขียนโดย steakpro ที่ 16:51

It depends. Usually stable, and lowered, do not go hand in hand. For a lower monthly payment you will usually have to go with an adjustable (ARM) mortgage, which is essentially stable, but only for so long. Ex. a 5 year fixed is fixed over 5 years, then it adjusts according to whatever index the bank uses, and it proceeds to amortize over a 30 year period. If you want a stable loan you go with a fixed. In my opinion 15 year is the best, because it allows you to save a little with the interest rate, but it is stable over 15 years. By the time the 15 years rolls around you should have a number of options to choose from because there should be a fairly large amount of equity in your property.

The idea of refinancing your loan is to lower the payment usually, but continually refinancing the loan is not always the best idea, unless you are an investor putting that money to good use. Hope I helped.

You should read the fine print and make sure that there are no additional fees and hidden charges. Also, go for fixed rate refinance home loans to keep your monthly payments at bay. Source: http://www.whataboutloans.com/mortgage/mortgage-refinance-loans.html

If you do a fixed loan the payments are steady. Lower depends on the amount refinanced, time financed ( IE: 30 yrs, 20 yrs etc), and the interest rate vs the original terms.

Did I pay too much in fees for refinancing my home loan?

เขียนโดย steakpro ที่ 16:50

I just refinanced a home loan of $340,000 with a very good rate. But I was wondering if I paid too much in fees. The total estimate is $2800, there was a non-refundable application fee of $495, a processing fee of $495, and an underwriting fee of $295. In addition, the title insurance fee was $625, and the escrow fee was $550. I am in Los Angeles County.

Did you refinance through your bank or through a mortgage broker? This would make a big difference. Also was it just to get a better rate? I can tell you off the bat that the processing fee and underwriting fee are charges that a bank or broker would charge for themselves. The insurance and escrow fees are inevitable and are things that are required to be paid regardless. The application fee sounds like a bit of a rip off to me. I think they charge you that so you won't want to go anywhere else. Next time, you might want to refinance with someone who isn't going to charge you this. They just want to make sure you feel like your stuck and won't go looking around for a better deal. Altogether $2800 isn't that bad. Some people charge a LOT more. You did ok.

first of all you have to contact some mortgage lenders in your area and get the guide of your refinance problem. or you can try some online mortgage lender where u just fill the form and after they will contact you.

i know one online mortgage lender who provide the all types of home refinancing services http://www.iloanshop.com you can try this.

Good Luck.......!

you got a deal my friend not even 1%

If you were going to borrow $10,000.00 and your choices were to charge, refinance or Home Equity Loan?

เขียนโดย steakpro ที่ 16:48

I admit it numbers make my head hurt, so I could probally figure the difference in Excel but I would rather ask a numbers person. I can charge $10,000.00 with a convenience check at 5%, or refinance my house (plenty of equity) 7.5% or home equity loan at 7.50%. I want to be able to this loan off in 30 to 60 months. Where would the less finance charges by paid? Thanks for your help :)

Home equity loan interest is deductible -- to a point

Those words accompany almost every home equity loan or line of credit solicitation for good reason. Tax regulations allow many people to deduct all or part of the interest they pay on these loans, but there are exceptions. Because of these potential pitfalls, experts say people should educate themselves before borrowing against their homes.

If you have the option to take a home equity loan vs. going out and borrowing money at a higher rate which is not deductible and buying a car, then of course the home equity loan is going to be better.

Thanks to changes in the tax laws dating back to 1986, many people can benefit by moving debt with non-deductible interest -- such as auto and motorcycle loans and credit cards -- over to a tax-deductible loan or line of credit secured by a home. The tax advantage has the effect of lowering the already low equity loan rate even further, making credit cards look like a pretty silly way to manage debt.

For home equity, you can deduct the interest on a loan up to $100,000 regardless of where you use the money.Let's say your children are going to college and you need extra cash. You can take a home equity loan of up to $100,000 and deduct the interest payments on the Schedule A.

The limit applies regardless of whether a borrower has one $100,000 equity loan against a primary residence, or a combination of loans worth that much but secured against two different homes.

Tighter tax restrictions apply to borrowers who take out home equity loans that, along with a first mortgage, raise the debt to a level above the value of the property.

In such circumstances, borrowers can deduct the interest on only part of home equity debt. The Internal Revenue Service determines the eligible debt by subtracting the amount borrowed to acquire the property -- the first mortgage -- from the fair market value of the home.

A homeowner with a $100,000 property and an $80,000 first mortgage, for example, might be able to get an equity loan for $45,000 under a 125 percent loan-to-value program. But the house is worth only $20,000 more than the original debt, so only the interest on the first $20,000 of the home equity debt is deductible.

Equity loans used for home improvement qualify for different treatment, however. They resemble first mortgages for tax purposes. And since people can deduct interest on $1 million worth of first mortgage debt, they have greater leeway than those who use their equity loans for things besides a new deck or garage.

It's called 'acquisition indebtedness -- a loan you get to build your house, a loan to buy your house, or any loan you take out to substantially improve your home.

For instance, someone with a $400,000 first mortgage who added a bedroom wing for $200,000 could deduct all the interest paid. A similar borrower who used the $200,000 loan for college expenses, on the other hand, only could deduct the interest paid on the first $100,000 of the balance.

Home equity loan. Refinace would involve closing costs.The payback on a Home equity loan would be structured so you would pay it back within 5 years and the interest would be tax deductible. The convenience checks usually have a service charge attached to them in addition to the interest, which usually goes up after a couple of years.

Well, clearly the 5% would be the less finance charges. However, the interest on your home equity loan is tax deductible, so I would go with the home equity loan. Re-fi of course is another option but too much trouble.

I would go either refinance or home equity loan. I work for a mortgage lender and broker so send me an e-mail and if I'm licensed in your state I would be glad to help you out.

Since you mention you have lots of equity, it's likely that you took out your loan a few years ago. So I think you're better off refinancing, so you can still enjoy the tax benefits. You can comparison shop at the below website and see who can offer you the best deal

is this some kind of trick question?

I say Home Equity Loan

I would say home equity loan. Can you get a better rate through a re-fi? If not....that is your worst option. Home equity loan for the tax write off......final answer

re finance...

Convenience check is the worst option, 5 % is not tax deductable & usually the "intro of %5" is not for 2 years.

-refi is nice if you can shave off a few pts of the interest rate, however you will get killed in refi cost added to the back end of your loan.

-Home equity loan is prob your best option.

Only take money out on your house as a last resort.

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