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smcgovern28
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0.10 Dollars($)
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Post subject: property tax |
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| In order to take advantage of my husband's 100% Veteran Disability property tax break, i.e., we do not have to pay property tax since he is at 100% permanent and total however his name must be on the deed/title. I purchased my house 17 years ago, we only married 7 years ago. 2 yrs ago we did a SRR and he signed papers with the mortgage company, however I was told a Quit Claim Deed would be sufficient to add him so we can file for the property tax break. Does anyone know if this is the case. I would think so, but just want to make sure. |
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Niicss
Joined: 03 Oct 2005
Posts: 3255
Location: New Jersey
513.90 Dollars($)
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Post subject: |
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Hi smcgovern!
I think your lender is correct in saying that you should use a quitclaim deed to add your husband to the property. You can get quitclaim deed forms online but you can also take the help of an attorney to draft one. To know more about quitclaim deed, check out the link:
http://www.mortgagefit.com/quitclaim-deed.html
Thanks
_________________
Good is the Enemy of Great. |
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Joseph LaNasa
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0.10 Dollars($)
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Post subject: Refinance because I need cash out |
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I am 52 and know that I will never pay off a 30 yr loan and do not have the optimism to think that I will live past 70. Anyway, I need about $30,000.00 cash out to pay off high interest debt. This inturn will not give me 20% equity anymore. I need debt consolidation; FHA Refinance? I will put a lot of money out(closing, FHA premiums, etc.) but will save money over the next 10 or 15 years. However, I will be paying a higher monthly house note for 30 years. I will be more open toward the rest of my 50's and early 60's BUT will continue this higher note unitl my death. I am worried that my wife will not be able to pay this house note if I die. I do not or Cannot get enough insurance to cover the monthly mortage?? Do I refiance at the same rate(I have 6.00% now) and cash out the money and pay all of the closing fees and 1 point to the lender(permanant mortage insurance also) I will be saving about 600.00 per month initially BUT will pay this higher house note(by refinancing at 6.00%) for the rest of my life. You must know that I do not feel as if I am going to live to 82 NOR do I care. My retirement from the government in a year or two will be about $5,000.00 a month clear and my house note will be about $1500.oo per month with everything included in it.???????
oi |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 1849
Location: MICHIGAN
283.84 Dollars($)
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Hi Joseph LaNasa!
As you are planning for a cash out refinance, I don't think there is any need to go for a debt consolidation separately. A cash out refinance will help you to solve the issues that you may be facing. You can definitely get FHA refinance provided you meet the terms and conditions of the getting an FHA refinance loan.
To get a FHA cash out refinance loan:
- You should not be delinquent under the terms and conditions of their current mortgage.
- The property should be owned by you as your primary residence.
- The loan amounts cannot exceed the maximum loan limits for the area.
- The lender will check your credit and your credit should match the requirements of the lender.
You can try for refinancing at the same rate but as you are looking for a cash out refinance, there are chances that the interest rate and the payments may increase and it can be a bit higher than the usual refinance rates.
This community also has a number of lenders who can help you as well. You can seek a no-obligation free mortgage quote from them. This will help you to know about the rates that you may get. Thus, you will be able to compare the rates and choose the one which you can afford.
Thanks,
Jerry |
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aloneymous
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0.10 Dollars($)
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Post subject: self employed refinancing |
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| I have tried to refinance but I am self employed. This makes it very difficult. There seem to be different rules. I have not missed a payment but live on the edge of possible miss. Who takes on these types of loans and could I get a good rate? My rate is now 6.75. |
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Niicss
Joined: 03 Oct 2005
Posts: 3255
Location: New Jersey
513.90 Dollars($)
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Hi aloneymous
As far as I know, it is not impossible to get refinancing but it is difficult to get. More documentation is required if you are self employed and seeking refinance. You can consult other lenders as well and check what they are saying. It is not mandatory to refinance the mortgage with the same lender.
This community also has a number of lenders. You can speak to them and seek a no-obligation free mortgage consultation from them. This will help you in comparing the market rates and you can select the one you can afford.
Thanks
_________________
Good is the Enemy of Great. |
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Jane
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0.10 Dollars($)
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Post subject: refinance |
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| I wish to refinance from a variable rate to a fixed rate. I also wish to shorten the term of the loan. I've been in my home with excellent credit for 16 years and often have doubled my payments to whittle down the principle. Unfortunately, the balance of my current loan is "too low" to refinance. Most companies will not even consider a refinance with me unless I borrow more. Why do I have to be further in debt to qualify for a refinance? |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 1849
Location: MICHIGAN
283.84 Dollars($)
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Post subject: |
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Hi Jane,
Lenders generally don't prefer to offer refinance for a loan which has too low balance. They generally prefer refinancing when the loan balance is higher. They do this because of their benefit. It is not that you have to further in debt in order to qualify for a refinance, but the lenders feel it is very time consuming for them to approve the loan and go through the closing for a very small amount of loan.
Thanks,
Jerry |
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Pauletten55
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Post subject: |
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my home is paid for. . I'm paying a car note ,but i need funds to renovate my home,can i refinance car note and get extra moneys,I need about 10,000 dollars  |
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Niicss
Joined: 03 Oct 2005
Posts: 3255
Location: New Jersey
513.90 Dollars($)
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Post subject: |
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Hi Pauletten!
You have mentioned that you need funds to renovate your home. In that case, you can take a home improvement loan. As far as car note is concerned, you will be able to refinance it. But you will have to inform the lender that you will use the money for home improvements.
Thanks.
_________________
Good is the Enemy of Great. |
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JustCarl
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0.10 Dollars($)
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Post subject: Can/ should I refinance? |
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| I'm a first time home owner. I've been in my house for a little over 3 months. My interest rate now is 6.75%. I've recentyl seen where rates are somewhere around 5.3-5.5. I have perfect credit with little to no other debt. Can someone give me a few options on refinancing? Am I able to now? My mortgage company has not returned any messages.. frankly, they have not been a bit of help since they got my money!! I feel lost and alone. Thank you for any help. |
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eric1
Community Experts
Joined: 04 Jan 2009
Posts: 1414
209.98 Dollars($)
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Post subject: JustCarl |
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You may have to wait another three months because most banks will not allow you to refinance for six months. In addition, if you have good credit and you got a rate of 6.75% three months ago from your current lender, then I would suggest that you try a few other lenders as well. That rate seems a bit high three months ago.
Eric
"http://www.dreamhomefinancing.com"
[Link deactivated as per forum rules. Thanks.] |
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Tom H
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Post subject: |
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| I have a first mortage loan and a fixed home equity loan. Can I refinance just the home equity loan? The first mortage already has a good rate. |
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anonymous guy
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Post subject: fees associated with re-finance |
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Am I imagining it or do some of the fees associated with refinancing seem like a borderline scam? It seems like the borrower should have more control of this. I.e., why couldn't we compare rates from the various providers to get the best value instead of having the banking "professionals" co-opt this and just bundle thenm together as-is?
Also I wonder, do the fees change at all based on how long it's been since the last time that a mortgage was financed?
Thanks (and sorry to seem so negative, but even to do a re-fi, it seems like I engage this huge juggernaut, when the Title search, etc was all done just last spring) |
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jameshogg
Joined: 20 Dec 2005
Posts: 5203
Location: nevada
651.69 Dollars($)
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Hi,
To Tom H,
As far as I know, yes, you will be able to refinance the home equity loan. You do not need to refinance the first mortgage.
To anonymous guy,
You definitely have the option of comparing the mortgage rates before refinancing the property. I don't think the fees are based on the fact as to how long it's been since the last time that a mortgage was financed.
Thanks |
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