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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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Nancy if you don't know how much you need to borrow, I don't anticipate any one of us on the forum to have any knowledge about it.
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George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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Rick Martini
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| If I purchase a home cash, is there a waiting period before I can apply for a mortgage in New York state? |
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adonis
Joined: 22 Oct 2005
Posts: 10562
Location: ALASKA
1089.18 Dollars($)
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Welcome Rick,
If you purchase a home for cash, you won't have to wait for a certain period of time to get a mortgage on that property. You can apply for a loan now and check out whether or not you qualify for it.
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Procrastination is the enemy of your financial success |
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Refinance
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Post subject: Refinance |
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Hi Jessica,
I currently have a mortgage of 240K as loan at Prime plus 1
I am being offered two options
1. 2.35% for 2 years fixed with an Amort. of 8 years
2 . 3.45 % for 5 years fixed with an Amort. of 8 years
I like the 5 years but because in 5 years I think rates might be higher. what would you suggest?
thanks |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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"Refinance" - if your amortization is for 8 years, then your only risk is the last 3 years. Rates may well go up, but presumably the lender you're working with will provide a maximum cap on your rate, won't they? What is your maximum rate over time? That's the key to knowing what to do.
What kind of lending institution makes 8 year loans?
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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Refinance
Guest
0.10 Dollars($)
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Post subject: Refinance |
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Thanks for your response. I just asked the institution am working with the two questions you asked.
It's not a new mortgage, I was in a 25 years before and each time I refinance I choose a lower term. This time around it's 8 years.
I will let you know their response
thanks again |
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Earle
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Post subject: Value of Home Decreasing? |
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| Under -- Bad Time to Refinance -- it says if your house value has gone down, then it's a bad time to refinance. My question is ... hasn't EVEYRBODY'S house value gone down recently? Does this bullet point still hold true? |
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adonis
Joined: 22 Oct 2005
Posts: 10562
Location: ALASKA
1089.18 Dollars($)
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Hi Earle,
This point still holds value. Moreover, unless you have equity in your property, lenders will not be ready to refinance your mortgage.
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Procrastination is the enemy of your financial success |
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not sure what to do
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| I bought out my mom loan when she passed it was with country wide now bank america bought out they alway tell me I am behind would another company refinance me |
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smithsussane
Joined: 18 Sep 2008
Posts: 10439
Location: Alaska
985.83 Dollars($)
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Hi Guest!
Welcome to forums!
If you're current on your mortgage payments and have equity in your property, then you will be able to qualify for a mortgage refinance with some other bank.
Feel free to ask if you've further queries.
Sussane |
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jpeeples@txcapital.net
Guest
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Post subject: Waive escrow |
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| When refinancing a mortgage is it possible to waive escrow fees? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10439
Location: Alaska
985.83 Dollars($)
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Hi jpeeples!
Welcome to forums!
I don't think you will be able to waive off the escrow fees.
Sussane |
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29
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Post subject: Mortgage.. |
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| I am in situation where property value has depreciated and I owe wore than 90% of the mortagage. What can be possibly done. |
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adonis
Joined: 22 Oct 2005
Posts: 10562
Location: ALASKA
1089.18 Dollars($)
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Hi Guest,
Do you wish to get rid of the property? If you're already delinquent on your mortgage payments, then you can apply for a deed in lieu of foreclosure. This will help you in getting rid of the property. Moreover, you won't be liable for paying off the deficient balance resulting from the sale of the property.
_________________
Procrastination is the enemy of your financial success |
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refi?
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Post subject: Mortgage refi question |
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| I have a first and a second and I would like to look at just refinancing my second..can you tell the rate on a second and some qualifiying factors? |
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