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adonis
Joined: 22 Oct 2005
Posts: 10267
Location: ALASKA
1046.07 Dollars($)
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salamander
Guest
0.10 Dollars($)
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Post subject: refinancing |
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| If I have fallen behind due to a sudden increase in number of dependents and a salary reduction, can I still refinance and get additional funds so I can reduce debt? |
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jameshogg
Joined: 20 Dec 2005
Posts: 10164
Location: Nevada
944.24 Dollars($)
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Hi salamander,
As you are past due on your debts, you won't be able to refinance your loan. However, you can always contact the lender for a loan modification. If the lender accepts this offer, you would get a lower interest rate to pay off the loan but the term of loan payment would get increased.
Thanks |
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Bill59
Guest
0.10 Dollars($)
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Post subject: trailer |
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| have good credit but i bought it for my daughter a nd she skipped out on the payments.We picked them up because we co sign.The interest rate is 12% we have had this nice trailer for 6 years still owe .Is it possible to refinance the trailer at a lower rate. |
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adonis
Joined: 22 Oct 2005
Posts: 10267
Location: ALASKA
1046.07 Dollars($)
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Hi Bill,
If you're current on your mortgage payments, then you can refinance the loan. This will help you in getting a better interest rate. I hope you have a steady income and a good credit score. In order to get a mortgage, you should have a credit score of around 740.
_________________
Procrastination is the enemy of your financial success |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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adonis, there are plenty of mortgages available out there for folk with credit scores below 740. yes, with a conventional loan, a person is best served with an excellent score, but fha loans (and others) provide more than adequate financing for those with scores far lower than that.
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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Darlene
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0.10 Dollars($)
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Post subject: Refinance mortgage |
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| Hi, I refinanced in 2003 from a 30yr on my home purchased in 1999 for $75K at 7.5%, DOWN to 15yr at 5.75%. My payments went up $16.00 mo. and I cut 15yrs off my loan. I'm now wondering if I should refinance again. I owe about $40K and have 6 yrs (approx.) left on my loan (because I've always paid $100 extra toward principal). I went via my original lender and only paid a fee of $380! Can/should I refinance again, for maybe a 5 year term??? The current value of my home is about $174K. Thanks! This site has been SO helpful! |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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darlene, with only 6 years remaining based on your payment habits, i wouldn't think it's worth the trouble to investigate a refinance. this is before i even begin to tell you that there are no lenders offering 5 year terms.
it just seems like a waste of time to me...and yes, i know i am potentially eliminating a payday for somebody, but i don't really see your benefit coming here.
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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Niicss
Joined: 03 Oct 2005
Posts: 4772
Location: New Jersey
499.62 Dollars($)
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It is a good idea to refinance the loan but you've to pay the closing costs. If you're planning to stay in the property for a longer period of time then it would a better to refinance the loan. Moreover, you should check out the interest rates that you would while you refinance the loan. If the interest rates are affordable for you, then you can go ahead with the deal.
_________________
Good is the Enemy of Great. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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Post subject: |
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however, bear in mind that you won't find any 5-year terms. if you fully intend to try to do that, find a lender that will give you a home equity loan at a very low rate. i think it's folly to try to refinance when you've got 6 years left, for the sole purpose of a minimal interest rate reduction. do the math first.
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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Darlene
Guest
0.10 Dollars($)
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Post subject: Thanks George and Niicss! |
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| I think I'll ride out my time. Id'd actually planned to sell my home and all it's contents last year, with the goal of packing up and moving to San Diego!! BUT...life happens...had a baby in February (at 44yo) and my only baby before her, a 19 year old son, was recently diagnosed with advanced colon cancer (a week before he was to leave for college in San Franciso). So, I'm up in the air as to if I should stay or go once he finishes chemo,...but your resonsed on refinancing have been helpful! |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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darlene, if you can have a healthy new baby at 44, then there's also hope that your son will be able to be healed from his cancer. we'll agree on that and pray.
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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Darlene
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0.10 Dollars($)
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| George, wonderfully stated. Please continue to pray for my son, Kalief. He WILL beat this! |
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Niicss
Joined: 03 Oct 2005
Posts: 4772
Location: New Jersey
499.62 Dollars($)
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All my best wishes are with you, Darlene. I pray to the Almighty that your son gets well soon.
_________________
Good is the Enemy of Great. |
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anonymous30161
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Post subject: refinancing |
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just applied for refinance. we were told we qualified for 5% interest (from 8.05%). asking for 108,000 (payoff 102,000, cashing out 2,000, and including closing costs). appraisal came in at 102,000. requiring us to pay 6500 at closing! all comparables were 2 at 119,000 and 1 at 111,000. neighbors property refinanced 2 years ago appraised at 115,000 and we share the same driveway, roughly the same house size. what are we gonna do?  |
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