Home arrow Mortgage Forums arrow Looking for Mortgage again arrow

Revolving rate

Author Message
Icon Mini Profile charlesarmbruster
charles.armbruster
Community Expert
Community Expert

best lender badge

Joined: 12 Oct 2006

Posts: 169
Location: Chandler, AZ
43.85 Dollars($)
Post Posted: Wed Mar 05, 2008 12:58 pm    Post subject:
Like 0
Dislike 0

Try an FHA approved broker and ask about a USDA loan.

You can easily inquire with your current lender -- you'd be wise to update your title and deed information when you refinance (but, this can be done separately with a title company.)
Icon Mini Profile patricia
patricia




Joined: 16 Jan 2008

Posts: 133

0.94 Dollars($)
Post Posted: Thu Mar 06, 2008 2:08 pm    Post subject:
Like 0
Dislike 0

Why would I need to update my title and deed information? What does that mean update?
Guest









Post Posted: Thu Mar 06, 2008 3:57 pm    Post subject:
Like 0
Dislike 0

I thought I'd read that another relation was a co-signer on the original financing.....
Icon Mini Profile patricia
patricia




Joined: 16 Jan 2008

Posts: 133

0.94 Dollars($)
Post Posted: Thu Mar 06, 2008 8:00 pm    Post subject:
Like 0
Dislike 0

correct.I had forgottn about that. When we first got that load it was 13 years ago and our credit was not good through some misfurtunes. But now I guess you could it is fair.So maybe we have a chance of stand alone mortgage ,I don't know. If I could move the hubby on it.We will probably end up keeping the loan we have and only refinancing if times get to where we cannot pay that high payment. An FHA is worth looking into.Thanks for the advice.
Icon Mini Profile lisascherzer



best lender badge

Joined: 04 Jan 2008

Posts: 755

1.12 Dollars($)
Post Posted: Mon Mar 10, 2008 8:46 pm    Post subject:
Like 0
Dislike 0

Hi Patricia,

I wouldnt wait for hard times. When times are tough, it is harder to get a loan. It doesnt hurt to check around to see if there is a benefit to a refinance and then make a decision. How can you make a decision if you don't have anything to compare it to?

_________________
Lisa Scherzer
Allpointe Mortgage
Expert Mortgage Broker
440-521-7060
Free Mortgage Quotes
Get Mortgage Information
Search Real Estate Agents Here
Icon Mini Profile patricia
patricia




Joined: 16 Jan 2008

Posts: 133

0.94 Dollars($)
Post Posted: Tue Mar 11, 2008 9:49 am    Post subject:
Like 0
Dislike 0

Thats true but does it hurt to have a second mortage on it. We took out a second mortage a couple years ago to have cabinets put into the kitchen. I would like maybe to get that paid off.Would a second mortgage hurt our chances of refinancing?
Icon Mini Profile adonis
adonis




Joined: 22 Oct 2005



Posts: 10242
Location: ALASKA
1042.50 Dollars($)
Post Posted: Wed Mar 12, 2008 12:37 am    Post subject:
Like 0
Dislike 0

Patricia, you want to refinance the first mortgage or the second? it doesn't affect having a second loan as long as you are making on-time payments. Also depends on how your credit is like.
_________________
Procrastination is the enemy of your financial success
Icon Mini Profile patricia
patricia




Joined: 16 Jan 2008

Posts: 133

0.94 Dollars($)
Post Posted: Fri Mar 14, 2008 8:06 am    Post subject:
Like 0
Dislike 0

First mortgage. I am undecided may wait till we see what our new rate of interest will be once it is up for a new rate.Once a year but can't remember when.
Icon Mini Profile adonis
adonis




Joined: 22 Oct 2005



Posts: 10242
Location: ALASKA
1042.50 Dollars($)
Post Posted: Sat Mar 15, 2008 12:00 am    Post subject:
Like 0
Dislike 0

You mean you don't know when your rate will adjust next?
_________________
Procrastination is the enemy of your financial success
Icon Mini Profile patricia
patricia




Joined: 16 Jan 2008

Posts: 133

0.94 Dollars($)
Post Posted: Tue Mar 18, 2008 11:20 am    Post subject:
Like 0
Dislike 0

No, I can not remember . It should renew a year from the day we started making this high payment. Work in construction has really slowed down for the number of people working here in our area. We have had new people move into the area also who are doing the same work so that creates a shortage of work.We always get a notice from the bank when the rate is changing and so far have not received it yet. Hope it is soon.
Icon Mini Profile helping_user
helping_user




Joined: 31 Mar 2006

Posts: 806
Location: Hawaii
158.49 Dollars($)
Post Posted: Wed Mar 19, 2008 3:10 am    Post subject:
Like 0
Dislike 0

Ok so why don't you check out the loan papers and find out what it says regarding any rate reset.
Icon Mini Profile patricia
patricia




Joined: 16 Jan 2008

Posts: 133

0.94 Dollars($)
Post Posted: Sun Mar 23, 2008 4:32 pm    Post subject:
Like 0
Dislike 0

I guess because they are in a file cabinet that I cannot get into unless I move so much stuff...lol We keep getting this offer in the mail to refinance from some company.Was wondering how legit that is.It is called AFS (Advanced Financial Services,Inc.)Anyone heard of them?
Mortgage Broker

Guest







Post Posted: Mon Jun 08, 2009 8:29 pm    Post subject:
Like 0
Dislike 0

your interest rate should certainly decrease, you have an unfavorable margin on your loan. Having stuck it out this long, you should not refinance unless your total cost of your new loan are lower than you have remaining on your current loan. unfortunately, in your situation this would be difficult to calculate with an ARM considering future adjustments. To factor this, it would be necessary to know the frequency your adjustments, the max increase per adjustment and maximum potential rate and your margin.
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
 Previous  1, 2
Page 2 of 2

 
Highlights
Bookmark this page
Share |

Helpful References
Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools
Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Our Community
MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards
Five simple ways to earn money with the Mortgage Community.

MortgageFit on Twitter

Followers (265)








Community Chat

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 21.147 seconds.