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bella6
Guest
0.10 Dollars($)
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Post subject: low appraisal |
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| can you dispute a low appraisal for refinance due to the market? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 10701
Location: bloomfield, ct
36.62 Dollars($)
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Post subject: |
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bella, if you have reason to believe that an appraisal is not valid and you have information that backs up your belief, then you can certainly present that information and have it considered.
_________________
George M. Akerley
Credit & Lending Consultant
Word of Excellence
860-221-5044
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Marsha
Guest
0.10 Dollars($)
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Post subject: streamline refinancing |
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| I have an fha loan and want to do a streamline refinance. How many mortgage companies supply this service and how do I get in touch with them? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 10701
Location: bloomfield, ct
36.62 Dollars($)
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Post subject: |
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anyone who offers fha loans can do streamlines.
_________________
George M. Akerley
Credit & Lending Consultant
Word of Excellence
860-221-5044
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dorinda
Guest
0.10 Dollars($)
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Post subject: refinancing |
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| we have had a mobile home for about 13 years and we are about 6,000.00 under what we bought it for. we are thinking about refinancing is this a good idea |
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smithsussane
Joined: 18 Sep 2008
Posts: 6478
Location: Alaska
362.79 Dollars($)
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Hi dorinda!
Welcome to forums!
As the mortgage on the property is greater than the value of the property, the lender will not refinance your mortgage. This is because, you don't have equity in the property. In my opinion, it would be better if you could speak to the lender about a loan modification.
Feel free to ask if you've further queries.
Sussane |
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Teresa Posey
Guest
0.10 Dollars($)
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Post subject: Land home Package |
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| Land is not in loan, we need to improve rate. Only want go 10 years and improve our home with solid base, new roof, upgrade inside and outside. I like go with company other than Green Tree, we where with Cosico, they sold to Green tree lets say customer service is nor the best. Not late, never have been. Then this would change our statis to homestead, instead of Mobil Home. Very low pay off. Year of home, 10-1999. |
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Teresa Posey
Guest
0.10 Dollars($)
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Post subject: Land Home Package |
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| Do you have any suggestion where we should try? Our Appraisal is higher than our loan balance due. |
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Poets58
Guest
0.10 Dollars($)
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Post subject: mobile home refinance |
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| We have a beautiful doublewide mobile on 5 acres. Problem, the banks here in AR will not give a loan for a mobile. We have an ARM thats up in 2 1/2 years, we did not understand that. Where can we go to get a regular loan? Help. |
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adonis
Joined: 22 Oct 2005
Posts: 6713
Location: ALASKA
548.13 Dollars($)
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Post subject: |
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Hi,
To Teresa,
As you've equity in the property, you should shop around and check out the type of rates and terms offered by the lenders. This will give you an idea whether you would be able to afford the refinance or not. However, you should note that you should have stable income and good credit score in order to get a refinance.
To poet,
You need to check out with your current lender whether or not he can refinance the loan for you. This may help you in getting a fixed loan. However, you should note that if you don't have equity in the property, you won't be able to get a refinance.
_________________
Procrastination is the enemy of your financial success |
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PEATO
Guest
0.10 Dollars($)
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Post subject: Confused |
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Hi-I just bought my first home with cash. So, I do not owe any money-or pay a mortage. I want to take out $40,000 to do home improvements and other things-I do not want a home equity line of credit-as I do not want to have debts. I want a monthly fixed payment and mortgage loans are the best interest rates available. I have already paid for my home owners insurance for the year also. I am disabled and receive a little over $1,000 monthly and have a boyfriend-no dependents. Is this the best way for me to go? I'm so confused-Thank you:)  |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 10701
Location: bloomfield, ct
36.62 Dollars($)
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Post subject: |
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peato, you can actually obtain an FHA 203(K) loan (for rehabilitation/renovation) for what you propose to do. this is a loan type specifically designed for properties that need updating, repairs, etc. rates are slightly higher, in general, than an ordinary fha loan, but not prohibitively so.
clearly, to qualify you need to have sufficient income in comparison with debts owed, and your real estate taxes on the home plus insurance would factor in, and you'd need a credit score of not less than 620.
it's definitely within the realm of possibility for you.
_________________
George M. Akerley
Credit & Lending Consultant
Word of Excellence
860-221-5044
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Sherrryd
Guest
0.10 Dollars($)
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Post subject: Re-fi after quit claim |
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My son quit-claimed a house to me 2 years ago. I am attempting to re-finance the house after making mortgage payments for two years; however, the mortgage company (not the one that holds the mortgage on the house) wants to see my name on the mortgage or year-end interest statements before they’ll go ahead with the re-fi. Currently only my son’s name is listed. Any suggestions?
[E-mail address deleted as per forum rules. Thanks.] |
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adonis
Joined: 22 Oct 2005
Posts: 6713
Location: ALASKA
548.13 Dollars($)
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Post subject: |
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Hi Sherrryd,
If your son had quitclaimed the property to you, then your name should be listed on the property deed. If your name is on the property deed, you can apply for a refinance and transfer the mortgage in your name.
_________________
Procrastination is the enemy of your financial success |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 10701
Location: bloomfield, ct
36.62 Dollars($)
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Post subject: |
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sherry i think the issue the bank has raised is that you cannot document having made payments for the previous two years. ask them if that's what they're looking for, and if you can provide bank statements to show your having made payments, you ought to be good.
you can also move on and begin doing business with someone else who might be more amenable to your circumstances.
_________________
George M. Akerley
Credit & Lending Consultant
Word of Excellence
860-221-5044
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