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miller_st
Joined: 17 Jan 2007
Posts: 917
168.92 Dollars($)
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If you have a 5.6% rate then why are you looking for refinance when the rates stated to you will be 6.7%?
Do you have any majors issues because of which you are attempting to refinance even for higher rates?
Miller |
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larry
Joined: 27 Jun 2007
Posts: 3328
474.49 Dollars($)
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Hi Rocesile,
Refinance are generally done to get a better rate over the existing loan. But when you know the new rate for the refinance loan is going to be 6.7%, which is higher than your present rate 5.6%, then why will you go for refinance? It is better if you remain with your present loan. To decide whether to go for second mortgage or refinance the existing loan, it is better if you can calculate what are going to be the payments in both the cases. For a second mortgage, the interest rate may be higher. You should decide if you will be able to bear that. Why not check out the payments with the Cash-Out Refinance vs Second Mortgage Calculator at http://www.mortgagefit.com/calculators/cashoutrefinance-secondloan.htm l |
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hponzio
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0.10 Dollars($)
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Post subject: second mortgage on a reverse mortgage |
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| get a second mortgage on a reverse mortgage |
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larry
Joined: 27 Jun 2007
Posts: 3328
474.49 Dollars($)
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Hi hponzio.
Welcome to the forum.
Whether you should take a second mortgage or a reverse mortgage, it totally depends upon your situation. So please tell us you situation or problem so that we can help you better. BTW you can even seek No-obligation free consultation to know which kind of mortgage will be best for you situation.
Best of luck,
Larry |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 1679
Location: New Brunswick, New Jersey
315.05 Dollars($)
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Post subject: RE: second mortgage or reverse mtg |
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Hi Hponzio,
I guess your question is whether you should go for a second mortgage or a reverse loan. Isn't that so? well, how old are you? Reverse mortgages are typically meant for seniors aged 62 and above. Also, do you have enough equity in your home? And one more thing that I'd like to say is, you won't have to make monthly payments in a reverse mortgage. Just read the information on reverse mortgage to know what it's all about.
Take care |
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tara
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0.10 Dollars($)
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Post subject: dont know which one is for me |
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| I own a 1997 dw home on a acre of land. Everything is free and clear paid for in cash. I want to buy a boat from my mother and pay off our two cards and a credit card or two. Our credit scores are 580-610. (Maybe alittle higher or alittle lower depending on company.) I have been at my job for 10 years, but i took off two years inbetween, my husband has been in nuclear construction for 5 years and mechanical construction for 12 years, which his job is to move from job to job. Our annaul salary combined is around 100,000 pre-taxed. Do you have any opinions? Also, we filed for bankrupcy 6 years ago, chapter 13, and paid every payment on time for 5 years and have dismissal papers. We would like to do this while rates are lower. Thanks. Tara from NC |
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tara
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0.10 Dollars($)
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Post subject: splling error |
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| Pay off our two cars. |
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Niicss
Joined: 03 Oct 2005
Posts: 2617
Location: New Jersey
409.01 Dollars($)
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Hi tara
With the credit score that you have mentioned, you can get a FHA loan against your property and then pay off your cars, credit cards and buy the boat. You can also take a personal loan and buy the boat and pay off the cars. As far as the credit cards are concerned, you can try for a debt consolidation.
Thanks. |
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Marilyn
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0.10 Dollars($)
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Post subject: what would be the best loan for me? |
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We have 5 years left on our 30 year fixed rate mortgage (we are paying 10.98%) but we would like to pay off $15,000's worth of credit cards & a loan and also do some home improvements.
What kind of loan would be best or is refinancing something we should look into? |
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Niicss
Joined: 03 Oct 2005
Posts: 2617
Location: New Jersey
409.01 Dollars($)
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Hi Marilyn
I guess you have equity in your property. You can go for a home equity line of credit for home improvements and paying off the credit cards. However, you should remember that this would be a second loan on your property.
Thanks.
_________________
Good is the Enemy of Great. |
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Tabitha
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0.10 Dollars($)
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Post subject: Refinance |
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| I am 9 years into a 5.75% loan with 77,000 principle, 24 years left and a 30 year loan. Should I refinance to a4.5% loan at 15 years? Also 3,500 closing costs. |
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eric1
Community Experts
Joined: 04 Jan 2009
Posts: 1172
175.80 Dollars($)
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PBL
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0.10 Dollars($)
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Post subject: Refinance |
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I have a low credit score, and my loan is at 6.4% . I'm having trouble meeting the payments ( I've got a 30year Fixed VHA loan) I've been late but have always made them. I'm wondering if there is a program that I can see about getting a lower rate to drop my payments by $200 a month - it would really help.
I called my current mortage company and they said they could drop it to around 5.2 % but the payments would only drop around $23 dollars - Is that right? A friend called and she dropped the same amount but it dropped by $300 ( we have the same mortage company) however she has better credit. What gives? |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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Hi PBL,
You can contact other lenders and check out what type of rates they are offering you. If you find lenders offering you a better rate, then you can go with them. However, you should note that in order to refinance the property, you should have some equity in it.
Thanks |
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msmilan
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0.10 Dollars($)
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Post subject: mortgage |
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| in need of cash which is better a refinance with cash out or a home equity |
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