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charlesarmbruster · Posted: Wed Mar 05, 2008 12:58 pm Post subject:

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.)

patricia · Joined: 16 Jan 2008 Posts: 133 0.94 Dollars($)

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

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

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

patricia · Joined: 16 Jan 2008 Posts: 133 0.94 Dollars($)

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.

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.12 Dollars($)

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?

patricia · Joined: 16 Jan 2008 Posts: 133 0.94 Dollars($)

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?

adonis · Posted: Wed Mar 12, 2008 12:37 am Post subject:

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.

patricia · Joined: 16 Jan 2008 Posts: 133 0.94 Dollars($)

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.

adonis · Posted: Sat Mar 15, 2008 12:00 am Post subject:

You mean you don't know when your rate will adjust next?

patricia · Joined: 16 Jan 2008 Posts: 133 0.94 Dollars($)

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.

helping_user · Posted: Wed Mar 19, 2008 3:10 am Post subject:

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

patricia · Joined: 16 Jan 2008 Posts: 133 0.94 Dollars($)

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?

Guest

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.

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