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joejoe1
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0.10 Dollars($)
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Post subject: Mortgage |
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I currently own a townhome. I bought it 2 years ago. It is a 30 yr, fixed rate on $130,000.
I have $42,000 in the bank and I am considering buying a house. Hopefully this will be the last home I will ever buy.
My question is, should I refinance my townhome mortgage to make it profitable for me to rent out once I move into the house, assuming I find the right house and I get approved for the loan?
My plan is to take advantaqe of the housing market. I have a good credit score. I would rent out the house, assuming I buy one, because it would be easier to rent out, until I felt ready to move into it, which could be anywhere from 1-5 years.
Just pondering,
Joe |
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adonis
Joined: 22 Oct 2005
Posts: 10267
Location: ALASKA
1046.07 Dollars($)
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reidgoforth577
Joined: 06 Jan 2010
Posts: 4
1.85 Dollars($)
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Post subject: deduction for refinced mortgage interest |
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| Is the interest tax deductable on a refinced home mortgage? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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yes, reid, you can deduct the interest you pay on your refinanced mortgage.
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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Ink
Guest
0.10 Dollars($)
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Post subject: Refinance fha loan after divorce |
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Good morning! You have provided great information here. Amazing stuff.
My situation is this: I have an FHA loan for a house purchased in 2003 by myself and my ex-wife. We divorced in 2005 and I was given the house. The title is only in my name now as the divorce decree and quit claim were signed by both of us and she has given up all rights to the home to me. The mortgage is the only thing in both of our names. I want to refinance to remove her name. My credit is not good due to the divorce however, I have not failed to make payments soley on my own to the house. My current lender, Well’s, will not refi due to bank rules.
Can I refi? Is there someone out there that will Streamline Refi this without the credit check? I read the rules stating that this is one of the things streamline refi does not require (though some lenders will).
Thank you in advance for your response! You are a wealth of knowledge and “lending” it to others is a great gift you give to everyone. Continued success to you!
Steve |
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Ink
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Post subject: fha refinance after divorce |
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| I should mention that the original loan is an fha and I want to refi using the streamlined fha. |
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jameshogg
Joined: 20 Dec 2005
Posts: 10164
Location: Nevada
944.24 Dollars($)
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Hi Ink,
It's great to know that you liked the website! 
Keeping in mind the present market situation, it's very important to have a good credit score and income in order to qualify for a refinance. Also, the property should have some equity in it. Without checking your credit, the lenders will not be ready to give you a refinance.
Thanks |
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judy dudley
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Post subject: refinance |
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| i am upside down in my mortgage - by about $20.000 - - is it worth my trying to refinance now at a lower interest rate? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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judy if your plan is to remain in your home, then refinancing now, if possible, is worth your time and trouble. rates have come up since their lows of recent months, but it's still worth it. if you have a conventional loan (and your lender can tell you for sure if you don't know), you can refinance up to 125% of the current value. hopefully, that would suffice for you.
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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timbucktoo
Guest
0.10 Dollars($)
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Post subject: 39,000 due to heloc, credit cards |
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| House worth approx. 75,000. Zero due on mortgage. Between the payments I am put in a hardship. Not to mention the interest rate on the credit card debt. What kind of loan should I get to consolidate these payment to at least give me peace of mind? |
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Baffled - Bummed/Confused
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Post subject: Refinancing a high LTV |
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Jessica,
I purchased my home for approximately 193K a couple years back. I financed abotu 189K. My Current Loan Balance is 183K. My current rate is 6.375%. Althouhgh we are carring about 25K in credit card debt we have a long credit history and never missed a payment - I believe our credit score is excellent. (I've seen rates in the 4% range.....). We plan to stay in the home for atleast 2 more years....and much longer ideally.
Should I look at refinancing - will anyone even look at us with such a high LTV?:
Monthly Blahs Blahs:
Principal & Interest $1,173.50
Homeowner's Insurance(s) $73.25
Mortgage Insurance $55.93
County Tax $67.27
Other Tax $74.06
Shortage $117.53 - Catching up on Escrow as our taxes went up |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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Post subject: |
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you didn't indicate current market value on your home, b-b/c, but that's critical. if it's concurrent with the original price, you might be able to squeeze out an fha refinance (rate/term only), and if it's higher then that's good. if you have a fannie mae loan, you might still be in luck, as lenders can readily go as high as 105% ltv, and legally to 125% (not sure anyone does, though).
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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carollr
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Post subject: mortgage broker fraud |
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| i am wanting to know if there is a statue of limitations on filing a suit against a broker . thank you ,carol........ |
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Marty Lerman
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Post subject: Mortgage refinance without home appraisal |
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| I am wanting to refinance my mortgage in Texas. But because we live in a rural area with 180' of lakefront and there have been no houses sold in our area during the past 4 years, we cannot get a fair appraisal. The mortgage companies will not permit the appraisers to go outside of our county to identify comparable house. Is there a way to refinance without an actual appraisal? |
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Hodgie
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Post subject: |
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| I own a lage manufactured home in a 55+ community in MA. I want to retire and looked into a reverse mortgage but was told since I do not own the land I wasn't qualified for a reverese mortgage. I owe a very small amount on my present mortgage, less than 40,000. Is there any other way for me to go and obtain the equity in now have in my home? The house is worth 275,000. Thanks for your help. |
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