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Wildcat
Guest
0.10 Dollars($)
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Post subject: Refinancing a first and second mortgage |
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| I have a low interest 4.375 on my first with a balance of about 106K...15 yr. with about 8yrs. left....also have a second @ 6.875 with a 40K balance and about 10 yrs left....should I refinance? Don't want ANYTHING over 15 yrs. Current payment on first..monthly is about $1580..taxes and everything...the second is about $440..... |
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smithsussane
Joined: 18 Sep 2008
Posts: 10045
Location: Alaska
921.83 Dollars($)
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Post subject: |
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Hi Wildcat!
Welcome to forums!
You can refinance both the loans into one and go for fixed rate 15 year mortgage. If you're planning to live in the property for a long period of time (around 8-10 years), then it would be a good option to get the loan refinanced.
Sussane |
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Unknown
Guest
0.10 Dollars($)
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Post subject: mortage on my free and clean home |
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Uessica, I own a home in Idaho and I am wondering if I could finance it to pay off other bills that I need to pay?
Kindest regards, |
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nickieyes
Guest
0.10 Dollars($)
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Post subject: first time home buyer credit |
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| can i claim the first time home buyer credit on my 2009 taxes if i only refinanced my mortgage. thank you |
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nickieyes
Guest
0.10 Dollars($)
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Post subject: first time home buyer credit |
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| CAN I GET THE CREDIT IF I REFINANCED MY MORTGAGE |
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anonymous11111
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0.10 Dollars($)
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Post subject: Should I/Can I refinance |
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| Hey. I have only owned my home for two years. My house appraises for $154000, and I still owe $143000. I got my loan at a 5.875% fixed for 30 years. I see that the national average is now 4.5ish. Would it be worth it for my to try to refinance? I have friends who have already refinanced, and say it was a great idea. However, the research I have been doing doesn't necessarily agree. I see that according to the payment calculators I could save a good bit, but I am unsure of all of the costs of refinancing. I am also unsure if I will qualify for those low rates. I just have no idea what to expect. And I don't know if I can trust my bank. |
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adonis
Joined: 22 Oct 2005
Posts: 10267
Location: ALASKA
1046.07 Dollars($)
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Post subject: |
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Welcome Unknown,
If you have the required credit score and a stable financial situation, then you would be able to get a mortgage on your free and clear property.
Welcome nickieyes,
You won't be able to get the first time homebuyer's tax credit if you refinance the loan. You won't be considered as a first time homebuyer in this case.
Welcome anonymous,
As there is equity in your property, you'll be able to get a mortgage refinance and take advantage of the lower rates. If you've a very high interest rate, then it's a good option to refinance the loan.
However, if you don't plan to stay in the property for a long time, then you shouldn't go for a refinance. You won't be able to offset the closing costs that you pay if you leave the property within the next 3-4 years.
_________________
Procrastination is the enemy of your financial success |
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mommie98
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0.10 Dollars($)
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Post subject: should i refinance |
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| i have 7 years left on my mortgage. i'm currently two months behind. my credit is poor and so is my income. what do you suggest? |
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julia
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0.10 Dollars($)
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Post subject: streamline refi no apprasial |
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| I just locked in a refi rate of 5.25 down from 6.25. they are rolling the UFMIP of 2700 into the loan amount bringing up my balance to 150,000 from 147,00 rounding off numbers—a 2.3 yr recovery time. Closing paid by lender. Is the streamline refi worth it? |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 2619
Location: MICHIGAN
415.87 Dollars($)
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Post subject: |
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Hi mommie,
As you're 2 months delinquent on your mortgage payments, you won't be able to refinance the loan. Rather, you should apply for a loan modification in order to get a reduced interest rate which might make it affordable for you to pay off the loan.
Hi julia,
If you can afford the mortgage payments, you can go for it. If you're planning to stay in the property for a longer period of time, then it will help you in recovering the costs that you pay while refinancing the loan.
Thanks,
Jerry |
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P and G
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0.10 Dollars($)
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Post subject: refinace |
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| We took bankruptcy 2 years ago due to medical issues with a big debt load. We filed Chapter 7 in Illinois, and have always paid bills on time. We have purchased 2 used vehicles since bankruptcy and now would like to refinance our ADR mortgage to lower payments only. Problem is no cash due to husbands continued health issues. Is there any hope for those of us who are good payors but just can't come up with cash. Current interest rate is 8.5%. our mortgage has a cap of 15%. but still scary when working so hard to live paycheck to paycheck. any words of wisdom. |
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jameshogg
Joined: 20 Dec 2005
Posts: 10164
Location: Nevada
944.24 Dollars($)
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Post subject: |
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Hi Guest,
If you want to refinance the loan, you will have to come up with some down payment. You should contact your friends and relatives and check out if they can help you by gifting you the money for down payment.
Thanks |
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Matt L.
Guest
0.10 Dollars($)
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Post subject: Refinancing a 30 year arm |
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| We've been paying off our 30 year ARM for twenty years. The rate is currently around 4 % but we'd like to advantage the low rates on a fixed interest loan in order to lock in the rate. We have about 134k remaining on our current loan with about 200k equity. How do we find out if it would be worth it to refi? |
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jameshogg
Joined: 20 Dec 2005
Posts: 10164
Location: Nevada
944.24 Dollars($)
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Post subject: |
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Hi Matt,
If you're planning to stay in the property for a long period of time, then it would be a good option to refinance the mortgage. Moreover, you should check out the type of interest rate you're getting. If it's affordable for you, then you should go for it.
Thanks |
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Lola.
Guest
0.10 Dollars($)
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Post subject: |
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| In April, my husband and I purchase our first home. Five months later, my husband is not working (Im a stay-home-mom of four) our savings are low, we are having trouble making our montly payments. We have been on time but are scare of the future. We are thinking of selling but with this economy, we don't know how soon we can sell. Don't know what to do? Please advice. Thank U. |
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