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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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Hi Muzicvirus,
Frankly speaking, I have not refinanced following the Obama Help Guidelines. But I would suggest you to discuss your options with your current lender first and check out if he will help you in refinancing the loan. If your lender is not offering good terms and conditions for refinancing, then you can contact other lenders and check out what they are offering.
_________________
Procrastination is the enemy of your financial sucess |
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lisicar
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0.10 Dollars($)
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Post subject: 6% |
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| Both my 1st and 2nd mortg are at 6%, I am paying 1700 per month on mortg I have excellent credit except the debt to income ratio but I would love to pay less for my mortg. what should I do? |
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Guest
0.10 Dollars($)
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| my gut reaction is to sit tight - you won't substantially improve your situation by refinancing. you would have to measure the upfront costs based on how long you plan to live there to determine if it's worth it. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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at 6% right now, you'd have to determine if the costs of reducing your rate(s) would be offset by the savings. how long do you plan to remain in the home? will you realize a real savings within the first couple of years based on what it will cost? answer these questions first. shop around anyway and see what rates and fees are out there for you.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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Angela
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0.10 Dollars($)
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Post subject: Divorced and need to refinance him off the mortgage |
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Divorced just over a year with ruined credit from his bill paying tricks, he's
coercing me to refinance him off the mortgage when I owe more than it's worth. I am making the payments on time but my credit was ruined during the marriage and I don't know how to find help. I understand his only option is to have the house auctioned off for a loss but then me and our kids will be homeless. Isn't there something I can do? I pay my bills and all I want is for him to be off the mortgage! Please help! |
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smithsussane
Joined: 18 Sep 2008
Posts: 3709
Location: Alaska
556.69 Dollars($)
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Hi Angela!
Welcome to forums!
You're in a tough situation. You can contact your lender and apply for a loan modification. The lender will judge your situation and decide whether he would accept your request or not. This will help you in saving the property as well as your credit score. When you're in a better financial situation, refinance the loan and get the mortgage transferred in your name.
Feel free to ask if you have further queries.
Sussane |
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manoj_gopale
Joined: 16 Feb 2009
Posts: 481
0.49 Dollars($)
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i think in this precarious situation you should opt for child help as alimony from your ex-husband which will serve some purpose for payment to the mortgage.
Discuss about loan modification to your lender.
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eric1
Community Experts
Joined: 04 Jan 2009
Posts: 1167
174.87 Dollars($)
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Robertecorrado
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0.10 Dollars($)
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Post subject: Should I re-finance? |
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Help me please make a decision.
I paid off my 30 year mortgage about 4 years ago. It was a hi rate and i was able to pay it off. Then i decided to take a large home equity line of credit, my home is worth $800,000.00 and i had excellent credit *00 credit score.
So i took $200,00.00 i re-did my entire house, extension, kitchen and bathrooms. I owe $190,000.00 at 5.7% on a 15 year loan and i have a little over 12 years left on the loan. My monthly payment is $1740.00 and i also make 1-2 extra payments per year when i can. So the question is? Should i re-finance? Between the closing costs and the points on a 15 year loan or even a 10 year loan does not sound like it is a good idea. Help me?? My email is r.corrado@albawheelsup.com Thank you |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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robert your best way to calculate if it makes sense dollars-and-cents-wise is to determine how long it will take you to recover the costs of the refinance based on the savings in rate. if you plan to be in the home long enough (another 5 years at least), it might be worth your trouble.
of course, rates being funny like they are, they yo-yo each day lately, and you're rapidly losing ground, as they ratchet up a bit. at 5.7% you're still doing pretty well, and i can't disagree with you on it not sounding like a good idea, especially since you are in the habit of making prepayments.
your home equity line of credit is undoubtedly variable, which might color your decision a bit, though rates are definitely in your favor as they go.
it's clearly your decision to make, but unless rates spike quite a bit, it seems a good idea to stick with what you've got.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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Lou
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0.10 Dollars($)
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Post subject: Can a 2nd mortgage be refinanced at a lower percentage rate? |
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| We have filed bankruptcy in 11/07. And we could not include the second mortgage so we decided to keep our house. Our house payment we can handle , but the second mortgage at 11.75 percent is killing us. Can people ever refinance these loans? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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the answer to your question is yes, lou. lenders often refinance second mortgages. however, your bankruptcy filing is going to get in the way of whatever you try to accomplish.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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troubled in maryland
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0.10 Dollars($)
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| the loan on our house in in my husband's name only. the deed is in both names- tenants in entirity we want to refi. the mortgage tells us they will do a streamline refinance but needs me to sign a deed of trust. should i? we live in maryland. |
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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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Hi Guest,
Does the lender wants to include your name in the mortgage deed? If yes, then you need to sign the deed of trust.
_________________
Procrastination is the enemy of your financial sucess |
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janet4201@comcast.net
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0.10 Dollars($)
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Post subject: Please find me a lender |
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| I have a Double-wide on a perament foundation.I own the property also my credit score is about a 550 now my husband 620-650. we are just tryin to find someone to give us a fha loan we owe 148,000 th home value at 200,000 int he state of delaware could you recommend someone. |
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