| Author |
Message |
gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
|
Post subject: |
|
|
the second question first: yes, you can do that, depending on the equity you have in your home, of course.
first question: you might not have to pay off the second mortgage, again depending on equity you have. what would be required in that case is for the second mortgagee to resubordinate its lien to the new first mortgage.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
|
 |
24mburnett@comcast.net
Guest
0.10 Dollars($)
|
|
Post subject: |
|
|
We just bought our house last Oct, our interst rate is 6%, and we got financed through VA loan. I see that the interest rates are low and I have been getting a lot of mails stating that I can avail of the low interest rates through financing loan. I am not sure how it works or whether we are eligible for it since we just bought our house. We are on fixed 30 year mortgage are paying $1800/mo. I would love to have a lower monthly payment but does not have enough knowledge on how to do it.
Appreciate all the advise I can get.
Thanks. |
|
|
gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
|
|
Post subject: |
|
|
24mburnett, your biggest struggle in trying this will be equity in your home, i suspect. you don't say where you are located, but virtually everyone in this country has lost value in their homes. you also didn't say how much of a down payment you had - va loans allow 100% financing, of course. if you borrowed 100% of the purchase price, you probably won't be in a position to do anything.
even if that's the case, don't fret too much, because 6% really isn't a bad interest rate; it's just higher than the 5's that are being offered now. monthly, the difference in payments would be negligible, i think.
it's worth thinking about, so you would want to drag out your paperwork and do some math with a loan officer to see if it makes sense. see how long it will take you to make back whatever expenses you would have based on the savings to see if it's worth your trouble.
honestly, my gut reaction is that you're not going to benefit from doing a refinance at this time.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
|
|
Sonny
Guest
0.10 Dollars($)
|
|
Post subject: quit claim deeds |
|
|
| How does one get a refinance loan on a property obtained with a quit claim deed? |
|
|
Sonny
Guest
0.10 Dollars($)
|
|
Post subject: quit claim deeds |
|
|
| The home is located in minnesota. The person I'm getting it from owes 77000. I was told that once I recieve the quit claim deed the bank holoding the note would most likely ask for the balance owed on the property. |
|
|
gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
|
|
Post subject: |
|
|
that is correct sonny...there is undoubtedly a due on sale clause on the existing mortgage. you'll need to find a lender willing to allow you to mortgage the property and pay off the existing mortgage.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
|
|
kak
Guest
0.10 Dollars($)
|
|
Post subject: lower house payments |
|
|
| I am a single mom and I'm having trouble making payments. Is there a loan that will help me refiance based on my income.? |
|
|
smithsussane
Joined: 18 Sep 2008
Posts: 3737
Location: Alaska
561.26 Dollars($)
|
|
Post subject: |
|
|
Hi kak!
Welcome to forums!
Whether you will be able to refinance the property or not will depend upon whether you have equity in the property or not. If you are current on your mortgage payments, you can contact your lender and check out if he is ready to refinance the property.
Feel free to ask if you have further queries.
Sussane |
|
|
kwhit15
Guest
0.10 Dollars($)
|
|
Post subject: time frame |
|
|
| how long do you have to wait to refinance? |
|
|
gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
|
|
Post subject: |
|
|
be more specific, please, kwhit
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
|
|
alanjacobson
Joined: 05 Apr 2009
Posts: 2
1.82 Dollars($)
|
|
Post subject: |
|
|
If you mean how long after you've closed on a prior refinance, you'll have to refer to the loan terms of your current mortgage. It can vary from right away to 30 or 60 days. Some even longer. Many banks who do a ton of mortgage loans have no stipulations in this area, but some smaller lenders may have longer periods. Best to call the broker you went through the first time for an accurate answer...
_________________
http://www.Refiloans.org - My blog about mortgage refinancing (I'm not a broker and not selling anything - it's just helpful info!) |
|
|
Centerport, N.Y.
Guest
0.10 Dollars($)
|
|
Post subject: Should I refinance |
|
|
| I am a widow. I owe about $106,000 on my present mortgage. My interest rate is 7.25 per cent. I have about 10 years left on the mortgage. Since my income is now lower, I would like to get a lower rate of interest. |
|
|
Carol Mitchell
Guest
0.10 Dollars($)
|
|
Post subject: refinance |
|
|
| I purchased my home in March,2008. My current rate is 5.75 on a fixed 30 year note. I am 69 years old. Should I consider refinancing? |
|
|
Guest
0.10 Dollars($)
|
|
Post subject: |
|
|
To Centerport: your biggest issue in refinancing is calcualting the cost of a reduced rate and how long it will take you to recover the money spent based on the amount saved. Since you'll be paid in full in 10 years, it may not make sense; but it's definitely worth investigating.
To Carol: with a rate of 5.75% now, you'll probably have to pay a substantial amount to drop the rate by 1 per cent or so. However, if you plan to be in this home for the long run, it would likely be worth your trouble. again, the calculation of how long it takes to make up your costs based on the savings applies.
To Alan Jacobson: the existing mortgage lender has no say in the matter (unless there is a penalty for early payment). Secondary market guidelines are specific these days as to length of ownership prior to a refinance. |
|
|
geoshaft38@yahoo.com
Guest
0.10 Dollars($)
|
|
Post subject: refinancing |
|
|
| i have a remanufactured home that i purchased in 2004 and the land that i already owned is part of my mortgage. i am paying 9% interest on this loan. my mortgage company says that is a low rate. I don't understand that when people are buying homes and getting under 5% interest. Where can i go to get my interest rate lowered? |
|
|
Previous 1 2 3 4 5 Next 
