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CAROLYN MARTIN
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0.10 Dollars($)
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Post subject: REFINCE MORTAGE |
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| i have a 30 yrs fix mortage @ 6.375% fha & mip balance @ apx $79,300 with 23 yrs to go.SHOULD I REFINCE. |
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smithsussane
Joined: 18 Sep 2008
Posts: 10439
Location: Alaska
985.83 Dollars($)
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Post subject: |
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Hi CAROLYN!
Welcome to forums!
If you're getting lower rates and plan to stay in the property for a longer period of time, then it will be a good option to refinance the loan. However, you should have equity in your property in order to get a refinance.
Feel free to ask if you've further queries.
Sussane |
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andreaanonymous
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Post subject: RE: Loan Modification |
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| If a loan modification could be done for $1,100.00 ahd the rate would drop by .750% would that be considered cost effective? |
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jameshogg
Joined: 20 Dec 2005
Posts: 10477
Location: Nevada
990.06 Dollars($)
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nina-59
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Post subject: mortgage refinance |
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| having recently paid off the mortgage on my home appraised at 175,000. i refinanced 40,000 to pay off all credit card dept , purchase a new car for cash and eliminating all monthly bills except a mortgage payment of 450 $ i have a credit score of 765 and a job ive been on for 27 yrs . With it being a good time to buy investment property at forclosure prices and considerable equity in my home. Im considering refinancing enough to pay off the 40,000 and have 20,000 to 25,000 cash left to take advantage of this buyers market by investing in a duplex or triplex at forcloser prices for extra income as I prepare for retirement in a few years as well as leaving a good asset to my grand children for their future. Is this a wise move ? |
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nina-59
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Post subject: refinance |
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| is useing some of my home equity as a down payment on low risk investment property a good idea ? |
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adonis
Joined: 22 Oct 2005
Posts: 10562
Location: ALASKA
1089.18 Dollars($)
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Post subject: |
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Hi nina,
The plan that you have mentioned here is quite good. You can buy an investment property by using the cash out money that you receive from the home equity loan. However, if you already have a mortgage on a property, then there are chances that the lender may not be ready to give you a mortgage in order to buy another property.
_________________
Procrastination is the enemy of your financial success |
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chitowncharlie
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Post subject: cash out |
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| Is it OK to pull cash out of my HELOC before my scheduled refinancing closing date? The HELOC will be closed upon refinancing. |
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smithsussane
Joined: 18 Sep 2008
Posts: 10439
Location: Alaska
985.83 Dollars($)
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Post subject: |
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Hi chitowncharlie!
Welcome to forums!
As the HELOC will be closed after you refinance the exiting mortgage, it will be better if you do not pull out cash from that account.
Feel free to ask if you've further queries.
Sussane |
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Rafael A
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Post subject: Mortgage Note in closing documents |
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I'm refinincing with Quicken Loands, in the doc called Mortgage Note that I have to sign it says in paragraph 10(E): "Borrower agrees that should the Security Instrument and this Note secured thereby not be eligible for insurance under the National Housing Act within 60 days within 60 days from the date hereof, Lender may, at its opinion and notwithstanding anything in paragraph 10, require immediate payment in full of all sums secured by the Security Instrument. A written statement of any authorized agent of the Security dated subsequent to 60 days from the date hereof, declining to insure the Security Instrument and this Note secured thereby, shall be deemed conclusive proof of such ineligibility. Notwithstanding the foregoing, this option may not be exercised by Lender when the unavailability of insurance is solely due to Lender's failure to remit a mortgage insurance premium to the Secretary."
What does this means? |
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adonis
Joined: 22 Oct 2005
Posts: 10562
Location: ALASKA
1089.18 Dollars($)
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Post subject: |
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Welcome Rafael,
You should contact your local real estate attorney and he will help you in understanding the meaning of this paragraph.
_________________
Procrastination is the enemy of your financial success |
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jryan67
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Post subject: Should I refinance? |
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| I have owned my house for 5 years. In that time I have only knocked my mortgage down from $83,000 to $77,000. My property taxes are getting out of control ($4,300 a year) and I took a MAJOR pay cut this past year. My current fixed rate is at 6.5 which is not terrible, but I need to lower my mortgage payments or risk falling behind on my payments for the first time EVER!! My house has climbed in value and is worth some where in the range of $96,000-$115,000. My credit was never all that great to begin with and I have had a few hiccups (like a private student loan going to collections) along the way so I am sure it is far from stellar now. Is a refinance something that would be a good option for me to lower my payments? I also thought about selling and moving to a cheaper area, but I dont even know if I could get a loan with my poor income and not so perfect credit. |
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jameshogg
Joined: 20 Dec 2005
Posts: 10477
Location: Nevada
990.06 Dollars($)
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Post subject: |
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Hi jryan,
If you have equity in your property, then you can go for the option of refinance which will help you in lowering your monthly payments as the rates are going low. You should contact your lender and check out if he will be ready to help you in refinancing your loan.
Thanks |
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JoshGoonie
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Post subject: refinance |
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| We have been in our house for 4 years. The original loan was for 144,000. We owe 139,000 currently with a 6.5 % interest rate. Our current mortgage is 1,580....which includeds insurance/PMI. What can we do to lower this.....this seems really high to me. The value of the house is approx. 165,000 |
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jameshogg
Joined: 20 Dec 2005
Posts: 10477
Location: Nevada
990.06 Dollars($)
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Post subject: |
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Hi JoshGoonie,
If you have equity in your property, then you can refinance the mortgage. As rates are going quite low, you will be able to get a low interest rate to pay off the loan. However, refinance will make sense only if you plan to stay in the property for a longer period of time or else you won't be able to offset the closing costs.
Thanks |
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