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Niicss
Joined: 03 Oct 2005
Posts: 4772
Location: New Jersey
499.62 Dollars($)
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It will be a good option to merge both the loans into one single loan. This will make you liable for paying a single monthly mortgage payment. However, you should refinance the loans only if you're planning to stay in the property for a longer period of time. This will help you in offsetting the closing costs that you pay while refinancing the loan.
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Good is the Enemy of Great. |
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jennysmith
Joined: 20 Jul 2010
Posts: 4
1.64 Dollars($)
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When you refinance, you can replace the existing mortgage, which is more favorable rates and terms that allow you to cope better with the monthly payments without a fight. Your house is used as collateral, and that this amount may not exceed the current balance you have.
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LisaS
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Post subject: Refinance |
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| Hi, I would like to refinance my mortgage from a 30 to 15 year. Straight Refi, with no additional cash out. Where is the best place to start? My current lienholder? A mortgage broker? or somewhere else. Thanks, Lisa |
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what to do
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Post subject: rate of refinancing |
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| If I already have a 6% mortgage loan rate, would I benifit if I refinanced at a rate of 4.75% ? |
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Allmortgagebank
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Post subject: Allmortgagebank |
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| Private mortgage insurance, often referred to as PMI, is insurance that lenders require borrowers to pay for when they get a mortgage |
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PADivorce
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Post subject: Can I refinance before an assumption |
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| I have been trying to assume the loan from the lender for my property in an effort to remove my ex-husbands name from the loan and the deed. Because the intresest rate is high (6.5%), i am out of the debt to income bracket by about 2%. The lender will not budge on this. I have been told that the two of us together can apply for a streamline refinance to lower the interest rate, after which i could then immediately apply for the assumption once again with the lower interest rate/lower payments since i would then be within the debt to income bracket requirements. Is there any period of time that i would have to wait in between transactions? |
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Niicss
Joined: 03 Oct 2005
Posts: 4772
Location: New Jersey
499.62 Dollars($)
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As far as I know, you cannot immediately refinance a loan. You need to wait for 10-12 months in order to refinance the loan.
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Good is the Enemy of Great. |
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Rabin
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Post subject: Refinancing my second home |
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| I have a second home in Las Vegas in which my son and daughter live and pay the mortgage but the house is in my name. I have never collected any rent on this home. I would like to refinance the loan on this house so as to reduce the monthly payments. I currently have a 30 year fixed loan at 6.5%. I have excellent credit. Should I refinance now? Are interest rates on a second home higher? |
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adonis
Joined: 22 Oct 2005
Posts: 10267
Location: ALASKA
1046.07 Dollars($)
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Hi Rabin,
Do you have equity in your property? Unless you've equity in your property, it won't be possible for you to refinance the loan though you've excellent credit. If you meet the required criteria of the lender, you can go ahead and refinance the loan. As far as I know, the mortgage interest rates for second homes are similar to that of primary homes.
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Procrastination is the enemy of your financial success |
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ram
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Post subject: Can streamline refinances be done without appraisals? |
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Hello: I am in the process of looking around for a refinance option. I currently have a 30 yr FHA loan originated in 06/2007. I do not have any late payments. I want to know if there are opportuinities to refinance my loan to a lower rate/lower term without an appraisal?
cheers |
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smithsussane
Joined: 18 Sep 2008
Posts: 10045
Location: Alaska
921.83 Dollars($)
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Hi ram!
Welcome to forums!
As far as I know, the lender will want to appraise the property in order to know whether or not there is equity in it. You won't be able to refinance the loan without a property appraisal.
Feel free to ask if you've further queries.
Sussane |
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RAM
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Post subject: fhastream line? |
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| I have heard about the FHA streamline refiance option. This option says it does not need an appraisal....does this mean even with a FHA streamline I will need an appraisal? |
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MOE
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Post subject: Refinancing my existing conventional loan to a VA loan rate |
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Dear Jessica,
I am a veteran and I want refinance my existing conventional loan to use my Va LOAN TO DO A RATE TERM REFINANCAE, BUT THE PROPERTY VALUE IS A LITTLE LESS THAN MY PAYOFF.(ABOUT 2900.00) THE REFINANCE OF CLOSING COST AND ALL IS ABOUT $8500.00 OVER THE APPRAISAED VALUE. WILL MY VA LOAN COVER THAT AMOUNT?
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Joe F
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Post subject: refinance |
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| I am having trouble deciding whether I should refinance my mortgage. I owe $309,000 and have 25 years left on a 30 year mortgage. My interest rate is 5.25 and I pay PMI. I don't know the value of my house but am guessing anywhere between $320,000-$350,000. I think I could get at least $340,000. My dilemma is should I refinance to a 20 year fixed at 4.125 or 10/1 ARM 3.875, or should i just stay with my current mortgage? I do not have 20% equity because of the depreciation of my home's value. I will be in this house at least another 5 years. Any help would be appreciated. Sorry for the long post. |
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jameshogg
Joined: 20 Dec 2005
Posts: 10164
Location: Nevada
944.24 Dollars($)
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Hi RAM,
In certain cases, the lenders can offer a FHA streamline loan without appraisal of the property. However, it would be completely the lender's discretion whether or not he would offer you a loan without appraisal.
Hi MOE,
If you don't have equity in your property, you won't be able to qualify for a mortgage refinance. I don't think a VA loan will cover the closing costs and other fees.
Hi Joe,
Your query has been replied to in the given page:
http://www.mortgagefit.com/refinance/depreciation-homevalue.html
Take a look at it. Hope it helps you.
Thanks |
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