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Niicss
Joined: 03 Oct 2005
Posts: 3227
Location: New Jersey
509.11 Dollars($)
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Hi geoshaft
You can refinance the mortgage with any other lender. You can speak to the other lenders and check out the type of rates and terms they are offering you. This will give you an idea whether you would be able to refinance the loan or not. You can also speak to the lenders of this community and seek a no obligation free mortgage quote. This will help you in knowing what type of rates and terms you may receive.
Thanks.
_________________
Good is the Enemy of Great. |
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kateamendt
Guest
0.10 Dollars($)
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Post subject: refinance to lower interest rate |
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I purchased the house 09/07 at 6.25% interest rate
can I refinance to a lower rate or is it too soon? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 9749
Location: bloomfield, ct
35.02 Dollars($)
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this is a fine time for you, kate. rates are not at all bad, so you ought to be able to do well for yourself.
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George M. Akerley
Loan Consultant
860-221-5044 |
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mkw82762
Guest
0.10 Dollars($)
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Post subject: home equity refinance with irs lien |
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| I have a tax attorney who said that I need to get at least 2 banks to give me 2 letters of refusal to refinance my home equity loan. I have federal tax liens against my peronsal residence. If I can get the refusal letters they might consider subordinating the liens. If they do that I can get a reverse mortgage and make them an offer in compromise. Where is the flaw in this plan ? |
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adonis
Joined: 22 Oct 2005
Posts: 4719
Location: ALASKA
255.10 Dollars($)
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Hi mkw,
You can get a reverse mortgage, but you will have to pay off the tax lien as well as the existing mortgage on the property.
_________________
Procrastination is the enemy of your financial success |
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jasmin
Guest
0.10 Dollars($)
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Post subject: refinance |
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I have an investment hause,and purchased 4 years ago.
15 years and 5.75 rate.
I just want to get lover rate than this and make little more cash from this rental.
I am paying 889 each month
Do you think it is worth to refinance? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 9749
Location: bloomfield, ct
35.02 Dollars($)
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Post subject: |
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not right now, jasmin. you can get a lower rate, but not without paying closing costs. you can do the math with a friendly lender, but i'm not of the opinion that it would be beneficial to you at this point.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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GEgrams
Joined: 05 Jun 2009
Posts: 1
1.22 Dollars($)
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Post subject: practicality |
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| What if I own outright and my only mortgage is the reverse? |
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adonis
Joined: 22 Oct 2005
Posts: 4719
Location: ALASKA
255.10 Dollars($)
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Hi GEgrams,
If it's a reverse mortgage, you won't have to pay the dues to your lender now. After your death, your heirs need to refinance and pay off the dues or the lender would sell off the property to recover the payments. |
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HELP
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Post subject: 40yr fixed |
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| my husband is retired,Iam sick and do not work.We are on a30yrfixed for 110,000.00 Wewould like to stay in our home,so we are thinking about a40yr fixed because rent is as high as our house payment. We do have 80% of eouity in our home.WHAT TO DO |
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eric1
Community Experts
Joined: 04 Jan 2009
Posts: 1414
209.96 Dollars($)
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delene evert
Guest
0.10 Dollars($)
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Post subject: break even period |
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| we want to going from a 30 yr loan to a 15 yr loan. Loan amount 122,000. Original price of home in 2004 155,000. How do you figure break even period. Why would points be charged if lender says there is no broker involved? Credit is good. Was checked last week. Is the 2% rule or at least 1.8% something to stay with in deciding whether to do the deal? Where does the money go that is between the interest rate stated and the APR interest rate. What is APR The definition I just read didn't mean much to me. "Rate of Interest which includes charges on mortgage loan and interest payment. What charges are those. Isn't the rate the charge or interest to be paid for borrowing the principle? |
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kw
Guest
0.10 Dollars($)
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Post subject: refinance |
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| I am recently divorced and my ex-husband will quitclaim the property to me. The loan is a 30yr @ 6.375, we have paid on it for 3yrs. I want to refinance it in my name. What are my options? My balance is appox. 95,000.00. Do all refinances have a 20% down? I don't have that kind of money. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 9749
Location: bloomfield, ct
35.02 Dollars($)
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Post subject: |
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kw, do you have an idea of what the home value might be? that's critical, though you can obtain a refinance on an fha loan up to a maximum of 97% if you are not taking cash out on the loan, or up to 85% if you are seeking cash out.
if you can find out what homes in your area are selling for (comparable homes), that'll give you an idea as to your value and you can take it from there.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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kw
Guest
0.10 Dollars($)
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Post subject: refinance |
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| I know that my assessed value is 104,000.00 |
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