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jameshogg
Joined: 20 Dec 2005
Posts: 10164
Location: Nevada
944.24 Dollars($)
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Hi Carol,
If the mortgage broker has committed a fraud then you can sue him for it. I don't think there is any statute of limitations on filing a suit against a broker.
Hi Lerman,
As far as I know, there is no way to refinance the mortgage without an actual appraisal. The appraisal will help you and your lender to know the exact value of the property.
Hi Hodgie,
You can refinance your present mortgage and cash in the equity that you have on the property. You can even go for a home equity loan to cash in the equity.
Thanks |
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Robson
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0.10 Dollars($)
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Post subject: Should I refinance? |
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I bought my condo here in Venice,FL in April 2005. Loan type: 5-year-ARM,
@5.625% Int. Rate. The current loan ballance is $ 131,500 and the value of my condo is about $ 103,000. My lender (Bank of Amerika) is offering a new loan @ 125% of my home value, which equals $128,000 @ 5.875% int. rate for 30 years. I do not know how long this offer will be available. It depends on the goverment's decision. My question:Does refinancing in these conditions make any sence to you? Should I go for it?
Thank you very much for taking my question and for your professional advice.
Regards,
Robert. |
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Jasmine
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| You should only refinance the loan if you feel you would be able to afford the mortgage payments. Moreover, how long are you planning to stay in the property? If you are planning to stay in the property for a shorter period of time, then you shouldn't refinance the loan as it won't help you in offsetting your closing costs. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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it's pretty clear that your adjustable rate is likely to be going down this year. rates are low, and the indices on which arms are based are even lower. if you don't feel bad about your chances with the adjustable rates, then sticking with it may be worth your trouble.
when they offered you $128K, i gather that means that you'll have to pay down the difference between the loan amount and the current balance, along with closing costs - right?
honestly, if i were in your shoes, and i didn't have any difficulties in making payments, i have to say i'd sit still and let the rates take care of themselves. you'll presumably have another opportunity in a year, and of course, if the economy improves, your property value may stabilize at worst and improve at best.
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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Sherri France
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0.10 Dollars($)
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Post subject: home refinance |
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| I no longer have to pay PMI; if I refinance, will it come back on my loan? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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sherri, if the loan to value ratio on your new refinance loan exceeds 80%, mortgage insurance would be required (conventional loan)
if you are planning on getting an fha loan in your effort to refinance, you'll pay mortgage insurance premium (MIP) regardless of the loan to value ratio.
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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seamles1
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0.10 Dollars($)
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Post subject: Refi |
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| Three years ago I bought a mobile home in Ca. 5% down, the owner held the note. May 1st the note becomes due, built in 1974, I'm having a hard time finding a lender. Any advice? seamles1 |
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Niicss
Joined: 03 Oct 2005
Posts: 4772
Location: New Jersey
499.62 Dollars($)
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Mobile homes build prior to 1976 hardly qualify for loans. That's the reason why you are facing issues in finding a lender. You may contact the retailers selling mobile homes in order to get a personal property loan for your home. However, these loans are available at a higher interest rate.
_________________
Good is the Enemy of Great. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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seamles1 i agree with that assessment; you may find a local mobile home dealer who can arrange financing for you, or suggest another source for financing. shop around a bit by calling local banks and/or credit unions to see if you have a shot with them to obtain financing.
most lenders are leery about lending on mobile homes in general, and the age of your unit makes it especially hard to find financing. i hope you find success.
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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MOBEE
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Post subject: DIVOCE, DEED, SHARE MOTGAGE |
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| PLS FORGIVE MY IGNORANCE, MY WIFE AND I N EARLY NON-CONTESTED DIVORCE, OUR NAMES ARE ALL DOCUMENTS, HOME PLUS HONE EQITY LINE CEDIT COME TO 370,000, NEGATIVE EQUITY >120,000; NEITHER CAN REFINANCE ALONE OR TOGETHER, WE BOTH TRUST EACH OTHER, NO MINOR CHILDREN CAN WE CONTINE DIVORCE CHANGE DEEDS/TITLE ONLY AND CONTINUE SAME MORTGAGE PAYMENTS? WILL WE HAVE TO INFORM LENDER? THANKS |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 2650
Location: New Brunswick, New Jersey
489.32 Dollars($)
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Hi MOBEE,
If there is a change in the property deed, then the lender will want anyone of you to refinance the mortgage. Thus, that person would become solely responsible for the mortgage. You and your wife can sell off the property and pay off the mortgage. This will free both of you from the liability of paying off the mortgage.
Take care. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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if you wish to continue making the payments as is, go ahead and do so.
what you need to decide, most of all of course, is how you're going to work out living arrangements, and how to deal with that question as one of you has a new rent or mortgage payment to make.
as sara noted, your lender will be interested in what you're doing, so as to protect their investment in the home.
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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VK
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0.10 Dollars($)
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Post subject: refi from one spouse to another |
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Hi,
Our mortgage is under my wife's name...and joint title...fast forward 5 years after we bought the place, my income is our main income, and my credit is much higher than my wife's.....can we refi from her being on the mortgage to just me being on the mortgage??? I know we can refi from her on the mortgage to both of us....but, when doing so, the banks will take the lowest med scores, i.e, my wifes....
In summary, when both spouses are on the title, but only spouse A is on the loan, can you go from A only on the loan to B only? or must be joint?
thanks so much |
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adonis
Joined: 22 Oct 2005
Posts: 10267
Location: ALASKA
1046.07 Dollars($)
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Hi VK,
If you have excellent credit scores and stable income, you will be able to refinance the loan in your name. I don't think the refinance has to be in joint names.
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Procrastination is the enemy of your financial success |
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aaron kinkoff
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Post subject: loan modifications |
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| THE MODIFICATION GROUP'S COMPANY PROFILE Negotiation Experts: Our highly dedicated employee's at TMG are experienced negotiators that will secure your home with the lowest fixed rate available. We will reposition all the late payments back into your loan bringing the account current, lower your interest rate and payment making it easier for you to afford. Our Commitment: TMG, LLC is proud to have developed beneficial relationships with lenders, inspectors, contractors, and a wide range of housing professionals. We pride ourselves on building a solid foundation for your home to rest upon. Whether you are saving your home, purchasing, selling...we ensure that you have the support you need to make sound decisions and receive the best loan possible. • Are you in a loan you cannot afford?• Are you late on your mortgage payments?• Do you think you are the victim of predatory lending?• Are you having difficulties refinancing?• Are you in an ARM loan that keeps adjusting up and up?• Are you no longer able to afford your monthly payment?• Is your mortgage set to adjust soon?• Has your home decreased in value?• Have you had a notice of default or are you close to foreclosure? WE CAN ASSIST YOU TO RESTORE YOUR FINANCIAL FREEDOM! Call in today! HERE IS MY CONTACT INFORMTION:Aaron Kinkoff 6444 Pearl Rd. Parma Heights, Oh 44130 (877) 617-4383 Ext. 1006 |
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