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Most people choose to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] either to get a lower rate compared to what they have received on their existing mortgage or to modify the term of the loan. Besides, they often require extra cash for a variety of purposes and here's where refinance can help them to cash out their equity. This article gives you an idea of the following aspects of refinance:
[list:16cff98493][*:16cff98493]5 ways to refinance your existing loan[*:16cff98493]Loan types to choose for refinance[/list:u:16cff98493]

5 Ways to refinance your loan

  • Rate and Term Refinancing
    This allows you to borrow enough to clear your current mortgage balance. You can either modify the interest rate on your loan or change the loan term or you may adjust both. For instance, you may change to an FRM when the rate on your ARM is expected to move upwards within a short time. Or else, you may switch over from an FRM to a hybrid ARM if you plan to move out within a period of 2 to 3 years.
  • Cash-out Refinancing
    This is one of the home refinancing options which will leave you with excess cash amount after you have paid off the current loan balance. You can thus extract cash proceeds from your home equity. Know more...
  • Streamline refinancing
    Streamline refinancing refers to the documentation and underwriting carried out by a lender in order to find out if the borrower would qualify for a refinance loan. This is a kind of loan program does not require any credit verification. But it may or may not require an appraisal. There are two types of streamline refinances - one offered by the FHA and the other by the VA. Know more...
  • Mobile home refinance
    You can avail mobile home refinancing loans in case you wish to in order to get a lower interest rate on your mobile home mortgage loan and enjoy making some savings out of it. You can opt for a Title I loan program provided the mobile home is your primary residence. There are some criteria which you need to fulfill in order to get a mobile home refinance loan. Know more about the eligibility criteria.
  • Low Credit Refinance
    You may have a number of loans including credit cards, personal loan or even a mortgage and are not able to pay them off in the right time. This is when your credit score starts going down and now if you look forward to a refinance, you may be perceived as a low credit borrower.

    However, inspite of low/bad credit, it is possible to [url=http://www.mortgagefit.com/Mortgage-Basics/do-i-qualify-for-a-mortgage.h... for a mortgage[/url]. But there are lenders who may require you to pay a higher rate of interest on the refinance loan compared to what you had to pay had your credit score been a favorable one. However, bad credit loans provide you with an option to rebuild your credit while you make regular payments on the refinance loan. At times, you do need these loans in order to consolidate and eliminate other debts, provided you take out extra cash through the refinance - the process being known as cash-out refinance. Know more on Bad credit refinance.

Now that you're aware of the different ways by which you can refinance your current loan, you need to decide upon the loan program that can fulfill your purpose of refinancing and help you save the maximum.

Loan types to choose for refinance

There are various loan options available in the market. You need to choose from the options depending upon your finances and the situation you are in. We have given a list of the situations and the loan options one may go for if he wishes to refinance.
Your Situation Favorable Loan programs
Require cash Home equity loan
Home improvement Home equity loan/Line of credit
Need loan amount below $300,700 Conforming fixed rate loan
Need above $300,700 Jumbo fixed rate loan
Plan to stay beyond 5 years Fixed rate loan
Wish to sell within 5 years Adjustable rate of mortgage
Add a room or other improvements at home Cash-out refinance
Buying a vacation home 30 year fixed rate

It's better if you can shop around and apply for mortgage quotes with a number of lenders. This will make you aware of the rates and trends prevailing in the market. It will give you an idea on what the mortgage rates are likely to be in the forthcoming days. You can then go for the right loan program keeping in mind your needs as well as what the market trends are likely to be in the near future.

Related Readings

[list:16cff98493][*:16cff98493]How to refinance your current mortgage[/list:u:16cff98493]

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

do you refinance on a double wide mobile home almost 2 yrs. old.
it sits on 2 acres of land, which is ours.

thank you.

[size=9:0fb0b98e39][color=red:0fb0b98e39]Email removed as per forums rule[/color:0fb0b98e39][/size:0fb0b98e39]

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Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi, Earl

We can definately help you with the loan. I will process you request further to our loan department.

They will look after it and get back to you soon.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i'm looking to refi my manufactured home that sits on a city lot,less than one acre. can you help me?

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Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Nancy,

Welcome to MortgageFit Forums.

We shall require some more details on your score, income, debts and some more information on your home to help you know your home refinancing options.

We have a large network of lenders and definitely we would try our best to help you.

I shall request you sign up here and put in your details or just leave your e-mail address or phone number here. This will be taken up by our customer care department for further reference.

Feel free to post here if you have any more queries. We will be happy if we can help you.

God bless you.

For MortgageFit,
Samantha

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Am looking for help, need to refinance, to consolidate debt

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Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Susan,

Welcome to MortgageFit Forums.

We are certainly going to help you. But we need some more details to help you like your credit score, financial status, debt to income ratio and current debts.

It will help us to forward your requirement to our loan department to suggest you appropriately. You may leave your phone no. here so that we can give you a call and discuss.

Also kindly signup with us here, so that we can contact you through e-mail and you can freely disclose your requirement.

Feel free to post if you have any more queries. We will be happy if we can help you.

God bless you.

For MortgageFit,
Samantha

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I would like to refinance my home but it is a 1974 model, other sites state that it has to be a 1977 model or newer. Can you help?

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Jessica's picture
Jessica | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

Welcome to MortgageFit forums.

It is possible to refinance a mobile home having a 1974 model. It is true that most lenders offer refinance loans for the 1976 model and onwards. But if you shop around, you will be able to find out lenders offering home loans to refinance the 1974 model.

Our Community also has a group of ranked lenders offering various loan prgrams for different kinds of properties. If you are interested in a refinance loan, go for a no obligation free loan sign up with us. Also, check out this section to find out how we follow up after you have signed up with us.

You can also go through our lenders directory and search for the lender of your choice.

Regards,

Jessica.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Does refinancing your home improve your credit score?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Corry,

If your credit score isn't good then it is not very probable that you will qualify to refinance for any low rate mortgage.

So refinancing at that stage when you have not improved your credit score won't help you much by way of a refinance.

Thanks

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blue's picture
blue | Joined: October 21, 2005 09:17 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Corry,

You can have a look at this page on ways you can improve your credit score.

Thanks
Blue

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Caron's picture
Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Corry,

Welcome to the forums.

For a short term, refinancing can bring the credit score down, as there can be inquiries on your credit report when you apply for new credit. But the fact is that, creditors consider the inquiries only if you have applied for too many accounts at a time. I guess you haven't done so, therefore refinancing will not have a negative affect on your score. Rather if you can pay off the loan in time, your credit score will improve.

Refinancing is a good option to make up for late payments or missed payments, if any, and get back on track. This helps to build up good credit.

Thanks,

Caron.

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sara's picture
sara | Joined: July 5, 2006 03:16 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

Refinance means you are trying to find out a way by which you can pay off existing debts, so lenders and credit bureaus consider it as your effort to get rid off the current debts. They feel that you are at least making some effort to make the payment in time. So, you may carry on with it.

Thanks,

Sara.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hello

With the economy. Is this a good time to go for home refinancing options. My home was valued two years ago at 291,000, now it's value is appraised at 240,00. We would like to refinance again, but the interest will be at 6.7 instead of 5.6 which is waht we had before. Would it be better to take out at [url=http://www.mortgagefit.com/second-mortgage.html]second mortgage[/url] instead of have a mortgage of $350.00 more.

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miller_st's picture
miller_st | Joined: January 17, 2007 04:47 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

If you have a 5.6% rate then why are you looking for refinance when the rates stated to you will be 6.7%?

Do you have any majors issues because of which you are attempting to refinance even for higher rates?

Miller

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larry2's picture
larry2 | Joined: June 27, 2007 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Rocesile,

[url=http://www.mortgagefit.com/refinance.html]Refinance[/url] are generally done to get a better rate over the existing loan. But when you know the new rate for the refinance loan is going to be 6.7%, which is higher than your present rate 5.6%, then why will you go for refinance? It is better if you remain with your present loan. To decide whether to go for [url=http://www.mortgagefit.com/second-mortgage.html]second mortgage[/url] or refinance the existing loan, it is better if you can calculate what are going to be the payments in both the cases. For a second mortgage, the interest rate may be higher. You should decide if you will be able to bear that. Why not check out the payments with the Cash-Out Refinance vs Second [url=http://www.mortgagefit.com/calculators/]Mortgage Calculator[/url] at http://www.mortgagefit.com/calculators/cashoutrefinance-secondloan.html

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

get a second mortgage on a reverse mortgage

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larry2's picture
larry2 | Joined: June 27, 2007 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi hponzio.

Welcome to the forum.

Whether you should take a second mortgage or a reverse mortgage, it totally depends upon your situation. So please tell us you situation or problem so that we can help you better. BTW you can even seek No-obligation free consultation to know which kind of mortgage will be best for you situation.

Best of luck,
Larry

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sara's picture
sara | Joined: July 5, 2006 03:16 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Hponzio,

I guess your question is whether you should go for a second mortgage or a reverse loan. Isn't that so? well, how old are you? Reverse mortgages are typically meant for seniors aged 62 and above. Also, do you have enough equity in your home? And one more thing that I'd like to say is, you won't have to make monthly payments in a reverse mortgage. Just read the information on reverse mortgage to know what it's all about.

Take care

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I own a 1997 dw home on a acre of land. Everything is free and clear paid for in cash. I want to buy a boat from my mother and pay off our two cards and a credit card or two. Our credit scores are 580-610. (Maybe alittle higher or alittle lower depending on company.) I have been at my job for 10 years, but i took off two years inbetween, my husband has been in nuclear construction for 5 years and mechanical construction for 12 years, which his job is to move from job to job. Our annaul salary combined is around 100,000 pre-taxed. Do you have any opinions? Also, we filed for bankrupcy 6 years ago, chapter 13, and paid every payment on time for 5 years and have dismissal papers. We would like to do this while rates are lower. Thanks. Tara from NC

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Pay off our two cars.

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi tara

With the credit score that you have mentioned, you can get a FHA loan against your property and then pay off your cars, credit cards and buy the boat. You can also take a personal loan and buy the boat and pay off the cars. As far as the credit cards are concerned, you can try for a debt consolidation.

Thanks.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

We have 5 years left on our 30 year fixed rate mortgage (we are paying 10.98%) but we would like to pay off $15,000's worth of credit cards & a loan and also do some home improvements.
What kind of loan would be best or is refinancing something we should look into?

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Marilyn

I guess you have equity in your property. You can go for a home equity line of credit for home improvements and paying off the credit cards. However, you should remember that this would be a second loan on your property.

Thanks.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am 9 years into a 5.75% loan with 77,000 principle, 24 years left and a 30 year loan. Should I refinance to a4.5% loan at 15 years? Also 3,500 closing costs.

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eric1's picture
eric1 | Joined: January 4, 2009 03:52 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Tabitha

yes I would do it if you can afford the 15yr payments. You will save lots of money in total interest payments by the time you pay off the loan.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have a low credit score, and my loan is at 6.4% . I'm having trouble meeting the payments ( I've got a 30year Fixed VHA loan) I've been late but have always made them. I'm wondering if there is a program that I can see about getting a lower rate to drop my payments by $200 a month - it would really help.

I called my current mortage company and they said they could drop it to around 5.2 % but the payments would only drop around $23 dollars - Is that right? A friend called and she dropped the same amount but it dropped by $300 ( we have the same mortage company) however she has better credit. What gives?

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi PBL,

You can contact other lenders and check out what type of rates they are offering you. If you find lenders offering you a better rate, then you can go with them. However, you should note that in order to refinance the property, you should have some equity in it.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

in need of cash which is better a refinance with cash out or a home equity

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi msmilan,

If you go for a [url=http://www.mortgagefit.com/home-equity.html]home equity loan[/url], you would be responsible for paying off two loans. In my opinion, getting a refinance would be a better option for you as you would be responsible for paying off only one mortgage. However, you should have equity in order to qualify for a refinance.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I lost my job,do to company closing.What can I do about getting help. in payng my mortgage?

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi chuy!

Welcome to forums!

You should contact your lender and inform him about your financial situation. If you do not want to save your property, you should apply for a deed in lieu of foreclosure. This will help you in selling off your property and you won't be liable for the deficient amount resulting from the sale of the property.

Feel free to ask if you've further queries.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Can I [url=http://www.mortgagefit.com/refinance.html]refinance[/url] my home at a interest rate lower than 5%

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eric1's picture
eric1 | Joined: January 4, 2009 03:52 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

You absolutely can. Just contact one of the qualified loan officers on this site for a rate quote.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I would like to streamline a loan on a 1977 single wide in washington state can you help? 253 347 2110

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Get in touch with your present lender and apply for a streamline loan. He will be able to help you in the best way.

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bestrates's picture
bestrates | Joined: October 30, 2009 10:38 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Dear Pat,

You inquired about a refinance loan for a MH that was built in 1974.

These are termed Pre-HUD Mobile Homes since they were built before June 15th, 1976 which is the date that legislation took effect that mandated HUD to govern the construction and safety standards of MH's.

Here are the current factors which apply to the few investors in this type of paper that we know of still in the market.
[list:053678bb50][b:053678bb50][u:053678bb50]Location:[/u:053678bb50][/b:053678bb50] These loans are easiest to get done in California. Right now that is the only state where we know of regular closings (the important part of the loan).
[b:053678bb50][u:053678bb50]Home Type:[/u:053678bb50][/b:053678bb50] Mutli-Section Homes are easier to get accepted (Doublewides, Triplewides, etc).
[b:053678bb50][u:053678bb50]Land/Home or Chattel:[/u:053678bb50][/b:053678bb50] Meaning are you financing the land with the house or is the house in a park or leased lot? The answer to this might surprise you in that there are more programs available for these types of homes in a mobile home park than if the land is deeded with the house.
[b:053678bb50][u:053678bb50]Loan Purpose:[/u:053678bb50][/b:053678bb50] Right now we are only seeing refinance programs that allow for Rate and Term Reduction. NO CASH OUT or Debt Consolidation.
[b:053678bb50][u:053678bb50]Credit:[/u:053678bb50][/b:053678bb50] Since the mobile home is not very strong collateral in this loan you will need very good credit to be considered.
[/list:u:053678bb50]
Of course the other normal lending criteria come into play like income, debt ratios, comparable sales for an appraisal, etc.

We would highly recommend that you ask any potential lender/broker about their guidelines on these issues before you let them pull your credit and most especially before you give any money out of pocket (i.e. appraisal fees).

Hopefully this helps you take some of the frustration out of the process on this property type.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have a reverse mortgage and would like to refinance to pay off debts and have cash out can I do this in maryland

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sara's picture
sara | Joined: July 5, 2006 03:16 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Inez,

You can contact your reverse mortgage lender in Maryland and apply for a refinance. If you meet the required criteria of the lender regarding refinance, then you would be able to go ahead with it.

Take care.

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jmross's picture
jmross | Joined: April 27, 2010 04:28 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

This information is very helpful. Thanks for posting.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

We purchased a home 3 years ago with a 80/20 all interest loan. We have high income and stable jobs and want to refinance to a lower rate. The house has not appreciated or depreciated in value. We plan to stay in the house forever. Are there any options to re-finance?

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi st!

Welcome to forums!

You can contact your present lender and check out if he can help you in refinancing both the loans into one and give you a lower interest rate. As there is no equity in the property, it'll be completely the lender's discretion whether or not he would consider your request.

Feel free to ask if you've further queries.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I own a 1 bedroom condo with a first and [url=http://www.mortgagefit.com/second-mortgage.html]second mortgage[/url] I would like to do a combined refinance 10 or 15 year fixed rate. I owe $45520.78 for both loans Would you be able to help me

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netherton's picture
netherton | Joined: June 17, 2010 10:56 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

What is the condo worth? What are similar units in the area selling for?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,
I am looking to refinance my home or maybe not, I am able to pay of my house but I am getting some advice to do refinance. My current monthly payment is 900 ish and I am on 50K now what I could pay of in few months. I am new in all this and I am not sure what should I do :(. Price of the house was 170K [I close on the house 7 months ago]
Some people say I should refinance and they try to explain why should I do that but I guess they don’t know how to explain

Thank you

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

You should check out whether or not the property has equity in it. If there is equity in your property, then you can contact your lender and apply for a mortgage refinance. As the rates are going low, you'll be able to get a lower interest rate in order to pay off your mortgage once you refinance the loan. However, if you don't have equity in your property, you won't get a mortgage.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Im almost done with my divorce and my husband will give me the house but the loan is also under both name I called my bank and they said they cant refinance because of the equity what else I can do to take him out of the loan?

please help me

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

If there is no equity in the property, then you won't be able to get a mortgage [url=http://www.mortgagefit.com/refinance.html]refinance[/url]. You can contact the lender and check out if he can approve you for a novation which is also one of the ways to transfer the mortgage from one person to another.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Is it posible to get financing on a twenty two year mobile home thru a va loan?

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:48 | Post subject:

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adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome Melody,

Mobile homes which were build prior to 1976 do not qualify for loans. If your mobile home was build after that and if it has equity in it, then you'll be able to get a mortgage refinance.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:48 | Post subject:

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