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adonis
Joined: 22 Oct 2005
Posts: 10267
Location: ALASKA
1046.07 Dollars($)
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Post subject: |
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Hi Rowdy,
Though you've taken cash out loan, if you've equity in your property, then you'll be able to get a refinance. Apart from this, you need to satisfy the credit score and income requirements of the lender.
_________________
Procrastination is the enemy of your financial success |
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Roswell GA Homes
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0.10 Dollars($)
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Post subject: Housing Costs |
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| Are prices for houses returning to normal in your area? |
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tn
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0.10 Dollars($)
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Post subject: |
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| i signed a qweek clame to my ex wife, how i can forse her to remove my name from the loan |
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jameshogg
Joined: 20 Dec 2005
Posts: 10164
Location: Nevada
944.24 Dollars($)
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Hi tn,
You cannot force your ex-wife to remove your name from the mortgage. You need to negotiate with her and convince her to refinance the loan so that your name is removed from the mortgage.
Thanks |
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choppy
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0.10 Dollars($)
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Post subject: refinance |
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| I am 5 years into my current mortgage, so more of my monthly payment is going towards principal not interest and paying off loan amount, if I refinance will more of my payments be applied to intrest rather than principal? |
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0.10 Dollars($)
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Post subject: |
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| If you go for an interest only loan, then most of your payment would go towards paying off the mortgage interest and not the principal amount. |
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ekazor
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0.10 Dollars($)
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Post subject: refinancing |
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| I have 7 years left on a 15yr mortgage loan. I owe about 70000 on a 110000 loan....my current interest rate is 5 and 7/8 and they are now down to 4plus %....could take payment down but my thought is that right now most of my payment each month is on principal and not interest....so is it worth it |
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jameshogg
Joined: 20 Dec 2005
Posts: 10164
Location: Nevada
944.24 Dollars($)
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Post subject: |
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Hi ekazor,
How long are you planning to stay in the property? If you want to stay in the property for around 8-10 years, then it would be a good option to refinance the loan. This will help you in offsetting the closing costs that you pay while you refinance the loan.
Thanks |
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anonymous2
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Post subject: Does refinancing require new Title and Recording? |
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| I bought the house before marriage and now want to refinance. Does it require adding my wife to the title and mortgage? I want to keep this property before marriage as separate since the house was purchased with the help other people not associated with my wife. |
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tommie
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0.10 Dollars($)
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Post subject: Refinancing |
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| Jessica, Would I have any chance of refinancing? My first loan is $142,000, at 7.25%, and a bad second loan of $36,000 at 13.1%. My house is worth about $150,000, and I have never missed a payment. I know rates are much lower, and if I can make high payments, would an institute give me a chance at lower payments? Thanks. |
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k
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0.10 Dollars($)
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Post subject: refinance |
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| I have a fixed rate mortgage in the amount of 480,000 @ 5.375 on a home valued @ 750,000. I am considering refinancing into a 1st of 417,000 @ 4.625 and a 2nd @ 5.125 my credit is excellent and I will have not trouble qualifying for a refinance. Is this a good idea? |
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adonis
Joined: 22 Oct 2005
Posts: 10267
Location: ALASKA
1046.07 Dollars($)
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Post subject: |
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Hi anonymous,
If you have the required credit score and equity and meet the other requirements of the lender, then you'll be able to refinance the loan alone. It is not mandatory for you to add your wife to the property as well as the mortgage.
Hi Tommie,
As you don't have equity in your property, it won't be possible for you to refinance the loan. You can contact your lender and go for the option of "cash in refinancing" where you need to put extra money towards the loan in order to build equity in your property and then get a loan at a lower interest rate.
Hi k,
You will be liable for paying two mortgages after you refinance the loan. If you can afford the payments, then you can go ahead with the deal. As you have equity in your property and your credit is excellent, you won't face any issues in getting a refinance.
_________________
Procrastination is the enemy of your financial success |
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gardenbug
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0.10 Dollars($)
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Post subject: refinancing from 7% to 4% |
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Greetings:
Is it worth my while to refinace an existing morgage balance of $38,000 at 7%fixed with 8 years left on the morgage to a 4%fixed for 10 years on the same balance? |
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jameshogg
Joined: 20 Dec 2005
Posts: 10164
Location: Nevada
944.24 Dollars($)
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Post subject: |
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Hi gardenbug,
Compared to 7% interest rate that you're paying now, 4% is quite a low rate. Thus, it would be a good option to refinance the loan though the term of the loan will get increased by 2 years. However, you should note that while you refinance the loan, you'll be liable for paying the closing costs. Thus, you'll be able to offset the closing costs only if you plan to stay in the property for a long period of time.
Thanks |
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banana
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Post subject: |
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| a couple years ago we took out a moderate home equity loan. Interest rates are now enough to consider refinancing our existing mortgage which has less than 10 years left on it. Does it make sense to merge the 2 loans back together and refinance? If not, what are the drawbacks? |
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