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Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
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Hi Jason
Thank you for sharing the information with the community members. A lot of people will definitely be benefited from this.
Thanks.
_________________
Good is the Enemy of Great. |
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Jimmy Jams
Guest
0.10 Dollars($)
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Post subject: ReFinance |
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| I have a 30 year first mortgage at 7% that I pay bi-weekly with about 10 years to pay off. I also have a monthly 20 year second mortgage with about 18 years left at 8% of $95,000 that I pay monthly. Should I refinance just the second mortgage? If so, what is the % rate for second mortgage refinances? |
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Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
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Hi Jimmy Jams
Yes, you can refinance the second mortgage. You can even refinance both the mortgages into a fixed rate mortgage. At present the rates are going low. Before refinancing the property, you should do some mortgage shopping. This will help you in knowing about the market rates. You can then compare the rates and go for the best deal. To know about the current mortgage rates, check out the following link:
http://www.mortgagefit.com/rates/
This community also has a large number of mortgage lenders. You can speak to them and seek a no obligation free mortgage consultation from them. Let's hope they will able to help you.
Thanks.
_________________
Good is the Enemy of Great. |
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penelope
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0.10 Dollars($)
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Post subject: Sop paying the mortgage |
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| For how long I can leave in the property if I stop paying the mortgage. |
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Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
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Hi penelope
If you do not pay your mortgage dues for 90 days, the lender may start foreclosure proceedings and after the foreclosure sale, you will have to leave the property. However, if you are 30-60 days late, you may speak to lender and check out the options to avoid foreclosure.
Thanks. |
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eric1
Community Expert
Joined: 04 Jan 2009
Posts: 1511
226.89 Dollars($)
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Jimmy,
Depending on your situation, you may want to refinance BOTH of your loans and roll them into one with a much lower interest rate. Your rates are high.
Eric
"http://www.dreamhomefinancing.com"
[Link deactivated as per forum rules. Thanks.] |
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Ting
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0.10 Dollars($)
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Post subject: rate and term loan |
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| We are looking into refinancing a $100,000 loan that is 2 1/2 yrs old at 6.75%. We are not looking to get cash out, but see if we can take advantage of the lower interest rates. The entire process is a little confusing. I came across the term "rate and term" refinance and wonder if this is something we could get? We were told by credit union that we "had" to borrow $100K because refinancing our balance of 90K was inconvenient. Can you help me make sense of this? |
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jameshogg
Joined: 20 Dec 2005
Posts: 10148
Location: Nevada
941.94 Dollars($)
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Hi Ting,
In a rate and term refinancing, the interest or term of an existing mortgage will be changed. This differs from a cash-out refinance wherein new money is advanced on the loan. Rate and term refinances can carry lower interest rates than cash-out refinances. You can contact your lender and check out this option but it will be lender's discretion whether he will be ready for offering you such a loan.
You may also speak to the other lenders to know whether they offer will offer you such a loan. You may also seek a no-obligation free mortgage consultation from the lenders of this community. It will help you in knowing the type of rates and terms you may expect to get.
Thanks |
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momof3girls
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0.10 Dollars($)
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| Is it possible to refinance our current residence to rent it out? We are looking for a bigger house but don't think there's anyway we could sell our house. My husband seems to think it will be easier and smarter to rent it out. How difficult will the process be with his credit score being below 600? |
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adonis
Joined: 22 Oct 2005
Posts: 10242
Location: ALASKA
1042.50 Dollars($)
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Welcome,
You can definitely refinance your current home and give it on rent. However, you should note that as your credit score is below 600, no lender will be ready to offer you a refinance. Try to improve your credit score first and then look out for a loan. To know about ways to improve your credit, check out the given link:
http://www.mortgagefit.com/credit-rating/credit-repair.html
_________________
Procrastination is the enemy of your financial success |
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jchristy_99us
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Post subject: refinance |
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| Can I negotiate the fees involved in refinancing my home? I will need to borrow approx $145,000 my home will appraise for approx $200,000 |
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Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
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Hi jchristy,
You can try negotiating the fees for refinancing the property but whether to accept it or not will be your lender's discretion.
Thanks.
_________________
Good is the Enemy of Great. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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jchristy, there are some fees that are simply non-negotiable. for example, fees paid to outside vendors, such as appraisers, credit reporting agencies, etc. also, you'll encounter fees for legal work that are not going to be negotiable with a lender (you can certainly bargain with your attorney).
you can certainly ask to have fees waived wherever possible. as niicss points out, your lender will make those decisions, of course.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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eric1
Community Expert
Joined: 04 Jan 2009
Posts: 1511
226.89 Dollars($)
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In addition to what George had mentioned, there are more fees that you cannot avoid such as recording fees and the fees related to title searches and title insurance. In fact, the title insurance is regulated. If your lender tells you that you do not have to pay those fees then the lender is paying them for you. In return, you are most likely paying a higher rate. Do your homework to be sure you know what you are getting.
_________________
Eric JFree Rate Quote, Stated Income Loans
FHA RATE QUOTE
Mortgage Rate Quote |
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lpepi98
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0.10 Dollars($)
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Post subject: 2nd Mortgage |
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| I have a 2nd mortgage. If I wanted to refinance my original mortgage, would i have to first pay off my 2nd mortgage? Can I refinance my 1st mortgage for a higher amount than I owe, and use the cash out to pay off the 2nd mortgage? |
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