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Refinance a mortgage at the right time and for right reasons

Are you stuck with increasing monthly payments and looking for favorable rates and terms on your loan? Or, do you want to consolidate your debts and pay them off faster? All these and more can be done by refinancing your mortgage. If you want to know what refinancing is all about, check out the following topics:
Do it yourself!

What is refinancing?

Refinancing replaces your current mortgage with a new loan that has a more favorable interest rate and terms that you can afford to manage. The new loan is secured on the same property as your current loan. The new loan funds are used to pay down the current mortgage while any remaining money can be used to your best advantage. [b]Example:[/b] Mr. X and Mr. Y both took out a mortgage loan worth $400,000. After 4 years, both of them paid off $200,000. Mr. X then took out another home loan worth $200,000 in order to repay the existing loan balance. On the other hand, Mr. Y took out another mortgage worth $300,000 in order to repay the unpaid loan balance which is $200,000. Mr. Y could use the remaining balance in order to fulfill other financial obligations. The first scenario is a simple refinance while the second is that of a "cash-out refinance".

5 Reasons why you should refinance

If you're thinking of refinancing your house, check out these 6 reasons why a mortgage refinance might be right for you.
  • You want to save more:
    Your monthly payments will be reduced if you get a lower interest rate or when the term of the loan is extended. However, with an extended term, you will be paying more in interest during the life of the loan.
  • You want to pay down your mortgage quickly:
    You can shorten the length of your mortgage by reducing the term of the loan. Your Monthly payments will go up, but you will be able to save more in interest payments. Moreover, you'll be debt free sooner.
  • You need extra cash to pay off credit cards:
    If you have enough equity in your home, you can refinance and borrow more than the current loan balance. With the extra money, you can pay off high interest debts such as credit card balances or installment loans. This refinance loan may be tax deductible under certain conditions.
  • You wish to consolidate 2 loans into one:
    If there's enough equity (due to high appreciation), you can consolidate a 1st and 2nd mortgage into a single mortgage. The monthly payment on the new loan might be lower than the combined payments on the first loan and the second mortgage.
  • You want to convert an Adjustable Rate Mortgage (ARM) into a Fixed Rate Mortgage (FRM):
    A FRM prevents the lender from increasing your monthly interest payments over the life of the loan, unlike with an ARM. This means your monthly payments will remain the same.
  • You want to keep your name in home during divorce:
    In case of divorce, you may want to keep home and at the same time and want your ex-spouse to be clear from mortgage payments. For that you should refinance the loan into a new one in your name only.
  • When to refinance a mortgage

    "Should I refinance my house now?" This is what most people ask when they're looking to reduce their mortgage payments by taking advantage of low rates. To find the answer, check out the mortgage refinance tips below:
    • Build up equity:
      You can refinance when you have built up at least 10% equity in your home (Fannie Mae owned mortgages, require 5% equity). It is possible for you to refinance if you have less than 5% equity, but you may have to pay a certain amount of money in order to make up the difference in equity.
    • Check if mortgage refinance interest rates are low:
      It's better to follow the 2% Rule. The 2% Rule allows you to enjoy the benefits of home refinance if the refinance interest rate is 2% lower than your current loan's interest rate. The savings in interest will help you recoup the costs of the new loan, provided you aren't planning to move soon (the break-even period). However, there are no-cost as well as low-cost refinance loans where the costs of getting the loan are included. However, these loans have comparatively higher rates than loans that do not include the refinance costs and your options are limited when the credit market is experiencing a slump. Learn more about the when to refinance rule of thumb. As always, compare mortgage refinance interest rates offered by different lenders in order to get the best interest rate. This will help you save more over the life of the loan.
    • Pay off any late payments:
      There is no such limit on the number of times you can go for home refinance loans. Most lenders prefer that you have no late payments in the last 12 months before you refinance.
    • Remove negatives and improve your credit score:
      Get your credit report from the bureaus and review it for any negative items (late payments, collections, etc) and inaccurate items. Dispute any inaccurate items and remove them from the report. Pay off as much of your debt as you can. Otherwise, you won't get a low interest rate and may not even qualify for a refinance loan. Of course, there are lenders in the subprime lending market who may offer you a mortgage refinance loan, but it's better to avoid them as they'll charge higher interest rates and fees and could be fraudulent.

      When not to refinance

      Refinancing is not a good idea if:
      • Your property value has gone down:
        If your property value goes down and you refinance up to 80% of the appraised value, your original mortgage amount may be higher than the amount you borrow. Therefore, the new loan will not be enough to pay down the existing one.
      • You have been paying off the first loan for a long time:
        If you are almost finished paying off a 30 year fixed mortgage, then refinancing is not a good idea. You will lose equity in proportion to the amount you borrow over and above the remaining loan amount.
      • You have used up enough equity:
        Refinancing is not a good idea if you have already reduced the amount of your equity by taking out a 2nd mortgage or a home equity loan. Refinance loans for 100% of the loan are rare, and with the mortgage market currently in a crisis, are hard to find.
      • You have a few years left on the current loan:
        If there are only a few years left on your current loan, then refinancing is not a good idea. Taking out a new loan will only put you deeper into debt just when you were about to become debt free.
      Refinancing makes sense for the right reasons and at the right time. You need to decide whether to opt for a simple interest rate adjustment refinance or a refinance that will provide you with extra money. If you'd like to check out what mortgage refinance rates and terms are currently available, request a no-obligation free mortgage refinance quotes from our community lenders and brokers.
      Related Readings
      Related Forum Discussions
      [b][/b][b][/b]

Are you burdened with rising monthly payments and seeking better terms and conditions on your mortgage? Or, are you looking to consolidate your unpaid debts and get rid of them faster? All these mortgage scenarios and many more can be accomplished by mortgage refinancing. To get the basic idea on refinancing, go through these topics:

Do it yourself!



What is mortgage refinance?

With mortgage refinancing, you can replace your original mortgage with a new one with better terms and conditions but the new mortgage should be within your affordable limit. The same property that you used as collateral to secure the original mortgage is used to secure the new loan also. The new loan proceeds are utilized to pay off the existing mortgage. In case there is any remaining money after paying down the original mortgage, that amount can be used to meet other financial obligations.

Example: Suppose each of the two borrowers A and B took out mortgage loan worth of $500,000. Again, say after 5 years, both A and B paid down $250,000. So, for both these borrowers, remaining unpaid mortgage amount is $250,000.

Borrower A then took out another loan worth of $250,000, so as to repay the remaining balance on the existing mortgage. This depicts a case of simple refinance.

Borrower B then took out another loan worth of $350,000. Out of this new loan amount, B used $250,000 to pay down the original mortgage. B could use the remaining $100,000 to meet other financial obligations. This describes a case of cash out refinance.

The first scenario is a simple refinance while the second is that of a "cash-out refinance".


5 Reasons that make refinancing sensible

There are some strong reasons which make mortgage refinance a very sensible move. Here we delve upon 5 of those -
  • To reduce monthly payment:
    If the mortgage rate is lowered or if the mortgage term is extended, your monthly payment amount gets reduced. With reduced monthly payment, you can pay off your mortgage with more ease. In case the term of the loan is extended, you have to however pay more in interest during the whole life of the loan.
  • To switch from ARM to FRM:
    Fixed rate mortgage (FRM) offers you the certainty of making fixed payment over the term of the loan. Whereas, in case of adjustable rate mortgage (ARM), the monthly payment amount may rise or fall, depending upon the prevailing mortgage rate. So, in case of ARM, the monthly payment amount is not fixed; rather it is uncertain. If you are looking for certainty in payments, then you can convert your existing ARM to an FRM through mortgage refinance.
  • To repay mortgage faster:
    If you want to pay down the mortgage early, then you can shorten the term of the loan. However, here your monthly payment amount increases. Here, over the term of the loan, you save more in interest payments. You also attain property ownership early.
  • To combine two loans into one:
    If you have adequate equity in your property, you can then consolidate your first mortgage and the second mortgage into a single mortgage. The main advantage of this type of consolidation is that the monthly payment on the single loan is less than the combined payments on the 1st mortgage and the 2nd mortgage.
  • To pay off high interest debts:
    If you have sufficient equity in your home, you can opt for a cash out refinance. You can use the remaining money to pay high interest debts such as credit card bills, car loans, installment loans etc.


What is the best time to refinance?

You may not always be eligible for refinancing or the situation may not always be conducive for refinancing. You have to time your move correctly so as to reap its benefits. You need to check out these crucial things carefully before applying for mortgage refinancing -
  • If you have built up equity:
    You may be eligible for refinancing when you have built up equity of at least 10% in your home. However, for mortgages owned by Fannie Mae, the equity requirement is 5%. It is possible to get the refinance approval even with less than 5% equity, but in that case you may have to pay a certain sum of money to compensate for the deficiency in equity.
  • If the refinance rate is sufficiently low:
    If the current mortgage rate is sufficiently lower than the rate on the original mortgage, then it may be wise to opt for refinancing. Here, you need to follow the 2% Rule. As per the 2% Rule, refinancing is beneficial for you in case the refinance rate is 2% lower than the rate on the original loan. Here, the savings accrued from low rate outweigh the costs of the new loan after a certain period of time, which is called the break-even period. To get benefits of refinance, you have to stay in the house at least till the break-even period.
  • If you have removed negative items and paid off debts:
    Before plunging into refinancing, obtain your credit report from the credit bureaus and review it carefully. If you find some negative items such as collections or late payments, dispute those items immediately and get those items removed from your report. Prior to refinancing, pay down as much debts as possible. All these will work in your favor in getting the refinance approval.
  • If you have no late payments in past 1 year:
    If you have history of late payments in the past 1 year, then your refinance appeal may be rejected. So, before refinancing, make sure you don't have any late payments in the past 1 year.


When refinancing is not a good idea?

Despite the fact that refinance has several benefits, it is not always a good idea to go for mortgage refinancing. There are some cases when your refinance appeal is rejected by the lender or it may not fetch the desired returns. Here are some cases when refinancing is not a good idea at all-
  • If the property value has declined sharply:
    If the value of your property has declined appreciably, the remaining balance on your original loan may be higher than the refinance loan amount. In other words, with the new loan proceeds, you won't be able to pay down the original mortgage loan.
  • If you have already used up your equity:
    Your equity is the key to get approved for refinancing. If you have already used up your equity by taking out a home equity loan (HEL) or a home equity line of credit (HELOC), then going for refinancing would not be a good idea.
  • If you have only a few years left on the existing loan:
    It does not make good sense to go for refinancing if you have only a few years left on your existing loan. It is not rational to refinance the loan which you have almost paid off. If you have almost paid down a 30-year fixed rate mortgage, then it is unwise to opt for refinancing. After all, refinancing is just like taking out a new loan and all the costs associated with taking out a fresh loan are applicable here too.
If you have the right reasons and if the time is right, then you can surely seek for mortgage refinance. However, before making the final decision, do the necessary research, take quotes from different lenders, make a comparative analysis and choose your lender.
Related Readings
Related Forum Discussions
meta title: 
Refinance a mortgage at the right time and for right reasons.
Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I want to sell half of my home to my husband. my home is fully paid,what is the best way to do this?

Like | Dislike | Share | Posted: Tue, 04/19/2011 - 05:44 | Post subject:

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

Hi Micimm,

You will have to refinance the mortgage in order to get the mortgage transferred in your name. However, your property should have equity in it in order to refinance the existing mortgage. If there is no equity, then you won't be able to get a mortgage refinance.

Like | Dislike | Share | Posted: Sun, 01/16/2011 - 23:17

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

We would like to refinance our home to get a lower interest rate and would also like to take around 15,000.00 cash out to pay for home improvements?

Like | Dislike | Share | Posted: Fri, 09/18/2009 - 16:28 | Post subject:

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

I currently own a townhome. I bought it 2 years ago. It is a 30 yr, fixed rate on $130,000.
I have $42,000 in the bank and I am considering buying a house. Hopefully this will be the last home I will ever buy.
My question is, should I refinance my townhome mortgage to make it profitable for me to rent out once I move into the house, assuming I find the right house and I get approved for the loan?
My plan is to take advantaqe of the housing market. I have a good credit score. I would rent out the house, assuming I buy one, because it would be easier to rent out, until I felt ready to move into it, which could be anywhere from 1-5 years.

Just pondering,
Joe

Like | Dislike | Share | Posted: Wed, 12/23/2009 - 15:42 | Post subject:

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

I see an impotant subject
here
h t t p : //2010refinancingmortgage.blogspot.com/

how about this?

Like | Dislike | Share | Posted: Wed, 05/05/2010 - 01:33 | Post subject:

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

I have this sister and her husband took her name off the house loan to refiance the house is there something else up his sleeve for doing this?

Like | Dislike | Share | Posted: Mon, 06/07/2010 - 15:43

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

First mortgage: 97000.w/ 27yrs left on a 30 year 5.25 rate.
Home equity loan: 36000. w/7yrs left on a 10yr 4.5 rate.
Credit card debt: 25000. w/no end in sight.
Should I combine all into a 20yr 4.0 rate fixed loan w/ 2100. closing cost. We don't plan on moving in the next 5-7yrs. Please advice.

Like | Dislike | Share | Posted: Tue, 08/16/2011 - 13:41 | Post subject:

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

I have about 50,000.00 in debt,my husband passed away and I cannot get rid of this debt, I earn about 32,000.00 a year and my house is a manufactured home it's value is about $185,000.00 it's tied down and has a pool. Would it be better to sell and down size or try to refinance I am 65 years old and work everyday. Thank You

Like | Dislike | Share | Posted: Thu, 10/08/2009 - 09:47 | Post subject:

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

I purchased my home in 2002. I refinanced in 2007 and then 2008. I am at 6%. My payment would go down $200 with closing costs wrapped into the loan. Is it not a good idea to refi since I am never working towards paying off the 30 yr mortgage? I plan on staying the home for a long time.

What do you recommend? Keep it at 6% and finally start paying more than interest?

Thanks
Jane

Like | Dislike | Share | Posted: Mon, 06/07/2010 - 17:33 | Post subject:

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

I currently have a home valued at $220,000. I am upside down on the house with a mortgage of $208,000 (6.5%) and a 2nd mortgage of $39,000 (8%).

I have a investment property valued at $120,000 and a mortgage of $32,000 (5.875%).

I am thinking of refinancing the investment property, borrowing enough to pay off the [url=http://www.mortgagefit.com/second-mortgage.html]second mortgage[/url] on our home.

What do you think?

Like | Dislike | Share | Posted: Mon, 06/07/2010 - 17:47 | Post subject:

dp45712's picture
dp45712 | Joined: October 15, 2010 09:58 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am being told by my Mortgage CO that refinancing my current mortgage on my manufactured home is going to be more difficult because it is a manufactured home. I have a double wide on a full basement. Credit score of 804 and they're saying they can only find financing at 5%. I'm already at 5.5%!! Any lenders in WI that will finance at the current lower rates??

Like | Dislike | Share | Posted: Sat, 10/16/2010 - 07:27 | Post subject:

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

When refinancing a mortgage is it possible to waive escrow fees?

Like | Dislike | Share | Posted: Tue, 12/14/2010 - 09:24 | Post subject:

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

Hi vicktre,

It will be difficult for you to get a mortgage refinance if you do not meet the required criteria of the lender. You can apply for personal property loans in order to refinance the loan in your name but such loans are available at a higher interest rate.

Take care

Like | Dislike | Share | Posted: Thu, 01/27/2011 - 02:04

foreclosureus1's picture
foreclosureus1 | Joined: November 24, 2010 03:42 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

You can calculate it by any [url=http://www.mortgagefit.com/calculators/]mortgage calculator[/url]...

Like | Dislike | Share | Posted: Thu, 01/13/2011 - 02:54 | Post subject:

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

can i refinance my house if i bought the house under the 8000 rebate from the goverment i had the house for a year six months

Like | Dislike | Share | Posted: Thu, 10/21/2010 - 04:55 | Post subject:

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

Hi Elizabeth,

Welcome to the forums.

Let me tell you that a reverse mortgage is not generally offered to those below 62 years of age. We can obviously try and help you regarding any other loan program. But for that please request for quote with us and let us know about your loan requirements so that we can forward all the details to the Customer Care Department. They will do their level best to help you and contact you as soon as possible.

Regards,
Jessica.

Like | Dislike | Share | Posted: Mon, 01/30/2006 - 19:45 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

seamles1 i agree with that assessment; you may find a local mobile home dealer who can arrange financing for you, or suggest another source for financing. shop around a bit by calling local banks and/or credit unions to see if you have a shot with them to obtain financing.

most lenders are leery about lending on mobile homes in general, and the age of your unit makes it especially hard to find financing. i hope you find success.

Like | Dislike | Share | Posted: Tue, 03/02/2010 - 07:43

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

Hi mil!

Welcome to forums!

I've given my suggestions in regards to your query at:
http://www.mortgagefit.com/refinance/goodcredit-lowerpayment.html

Take a look at it. Hope it helps you.

Sussane

Like | Dislike | Share | Posted: Fri, 05/28/2010 - 01:36

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

We took bankruptcy 2 years ago due to medical issues with a big debt load. We filed Chapter 7 in Illinois, and have always paid bills on time. We have purchased 2 used vehicles since bankruptcy and now would like to refinance our ADR mortgage to lower payments only. Problem is no cash due to husbands continued health issues. Is there any hope for those of us who are good payors but just can't come up with cash. Current interest rate is 8.5%. our mortgage has a cap of 15%. but still scary when working so hard to live paycheck to paycheck. any words of wisdom.

Like | Dislike | Share | Posted: Sun, 08/29/2010 - 18:17 | Post subject:

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

Hi,

To awilkins,

As your daughter has missed some payments, you won't be able to refinance the mortgage outright. You will have to bring the loan current and then apply for a refinance.

To madhend,

It would be the lender's discretion whether or not he would refinance the loan for you. However, you should definitely apply for it and negotiate for a refinance.

Like | Dislike | Share | Posted: Thu, 09/17/2009 - 00:10

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

cgermaine, whoever owns a home is going to have to be involved in a mortgage loan.

Like | Dislike | Share | Posted: Fri, 10/30/2009 - 11:55

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

Can I apply for a credit card a few days before I close on my refinance? I've heard that a freeze gets put on your credit but wasn't sure if this is true.

Like | Dislike | Share | Posted: Wed, 09/08/2010 - 18:53 | Post subject:

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

Greetings:
Is it worth my while to refinace an existing morgage balance of $38,000 at 7%fixed with 8 years left on the morgage to a 4%fixed for 10 years on the same balance?

Like | Dislike | Share | Posted: Fri, 07/16/2010 - 17:25 | Post subject:

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

i am upside down in my mortgage - by about $20.000 - - is it worth my trying to refinance now at a lower interest rate?

Like | Dislike | Share | Posted: Mon, 01/11/2010 - 14:52 | Post subject:

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

We had a 2nd mortage that we neg. down and paid off for less. (18 mos ago) How long do we have to wait until we can refinance our home loan. (Never missed pmt on 1st mortage)

Like | Dislike | Share | Posted: Wed, 08/15/2012 - 11:49 | Post subject:

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

How much do I refinance?

Like | Dislike | Share | Posted: Sun, 10/24/2010 - 15:20 | Post subject:

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

I have a current loan w American Home Mortgage at 8% ARM and am wanting to refinance it immediately. I am on unemployment and cannot afford it going up and down constantly. My house is at zipcode 76301 for $80,000, I have had it for approx 4 years and y balance is like $78,000. I really want to do the Obama refinance but don't know where to turn? Doesnt he have something for people on nemployment with houses?

Like | Dislike | Share | Posted: Sun, 04/11/2010 - 11:40 | Post subject:

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

I am going through a very nasty divorce. My soon-to-be-ex and I bought the house for 280,600 but put down 132,000 on it and now just owe 121,000 on a 25 year loan. I am trying to find a way to continue to live in it and afford the payments which are around $1800. I have poor credit - is there any way I could obtain a loan or refinance it (co-signer? or ?). Our house is valued at 360,000. If things go my way and I get custody and the house, my child support would be around $750/mos. added to my monthly income of $3040 (after taxes and insurance).

Like | Dislike | Share | Posted: Tue, 06/22/2010 - 13:22 | Post subject:

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

Hi Freddy!

Welcome to forums!

Well... you will be paying off the mortgage within 7 years which will be a great thing if you don't refinance your mortgage. If you're planning to stay in the property for a short span of time, then it's better to not refinance the mortgage. However, if you wish to stay in the property for a long period of time, then it's better to refinance the mortgage.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Wed, 08/17/2011 - 21:12

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

It will be a good option to merge both the loans into one single loan. This will make you liable for paying a single monthly mortgage payment. However, you should refinance the loans only if you're planning to stay in the property for a longer period of time. This will help you in offsetting the closing costs that you pay while refinancing the loan.

Like | Dislike | Share | Posted: Tue, 07/20/2010 - 03:24

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

Hello. I have 262,600 left at 5:675 fixed 30 year which i refinanced next year. I considering to refinance again due to lower rate currently at 4.5. However, they told me the value of my house went down by 120000 and tus i might need to put anywhere fro 7 to 20 thousand more down. I do have the money but is this worth it? They said only way to find out is to do an appraisal for $350 to determine the value...ain

Like | Dislike | Share | Posted: Sun, 10/03/2010 - 18:47 | Post subject:

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

refinanced with credit union today and closing cost almost doubled from est. cost.. payments only decreased by 117.00 mo. should i go thru with loan amt. from org 97.340. to new loan of 102,000.00?

Like | Dislike | Share | Posted: Tue, 05/25/2010 - 19:47 | Post subject:

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

Dear Jessica,
I am a veteran and I want refinance my existing conventional loan to use my Va LOAN TO DO A RATE TERM REFINANCAE, BUT THE PROPERTY VALUE IS A LITTLE LESS THAN MY PAYOFF.(ABOUT 2900.00) THE REFINANCE OF CLOSING COST AND ALL IS ABOUT $8500.00 OVER THE APPRAISAED VALUE. WILL MY VA LOAN COVER THAT AMOUNT?

Like | Dislike | Share | Posted: Tue, 08/17/2010 - 15:28 | Post subject:

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

Hi,

To RESCHKERS,

If there is a litigation going on, then I don't think you'll be able to refinance the loan unless it is settled.

To WI Person,

Has your lender agreed to refinance the loan immediately after the closing? Most lenders do not agree to it. Your loan has to be at least 8-10 months old in order to get a refinance.

If you refinance your property, you would be liable to pay the closing costs as well as the refinance package costs. If you can afford it, then you can go ahead with the deal. Also, if you want to leave the property within the next 2-3 years, then I don't think it would be a good idea to refinance. If you are planning to stay in the property for a longer period of time, say 8-10 years, then you can go for it.

Like | Dislike | Share | Posted: Wed, 11/25/2009 - 23:25

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

Is loan modification possible in refinance On my first loan, I'm paying around $2700 and on my 2nd mortgage
I'm paying around $1200 after loan modification on 2nd mortgage. But is it possible for me to do modification on the 1st mortgage.

Like | Dislike | Share | Posted: Wed, 12/16/2009 - 08:07 | Post subject:

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

I am having trouble deciding whether I should refinance my mortgage. I owe $309,000 and have 25 years left on a 30 year mortgage. My interest rate is 5.25 and I pay PMI. I don't know the value of my house but am guessing anywhere between $320,000-$350,000. I think I could get at least $340,000. My dilemma is should I refinance to a 20 year fixed at 4.125 or 10/1 ARM 3.875, or should i just stay with my current mortgage? I do not have 20% equity because of the depreciation of my home's value. I will be in this house at least another 5 years. Any help would be appreciated. Sorry for the long post.

Like | Dislike | Share | Posted: Tue, 08/17/2010 - 15:36 | Post subject:

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

can I refinance my house, even though I am planning on renting my house out in the next 2-3 months ?

Like | Dislike | Share | Posted: Mon, 09/06/2010 - 10:22 | Post subject:

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

how much of the value of your home can be refinanced?

Like | Dislike | Share | Posted: Sat, 10/16/2010 - 19:36 | Post subject:

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

My 73 year-old aunt was approached by her bank with offer to refinance her home in Arizona and is asking be for advice. I'm suspicious because she is "upside down", owing more with home equity and first mortgage than the home is worth. She had refinanced to 6.75% six years ago and the bank is offering 5.75% for 30 years. Does the home equity loan become due in-full on refinance? What is the bank's angle? The officer says "She qualifies for a HARP refinance which is part of a government program that enables the bank to refinance our customers that do not have the standard 20% equity typically required. We would subordinate her current home equity line of credit behind the new first mortgage." Appreciate any help you can provide.

Like | Dislike | Share | Posted: Tue, 02/15/2011 - 19:20 | Post subject:

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

Can I refinance with a mortgage company that surrendered their loan license in 2009?

Like | Dislike | Share | Posted: Fri, 02/04/2011 - 10:18 | Post subject:

reneekeller57's picture
reneekeller57 | Joined: February 9, 2012 02:04 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

My father and mother did a reverse mortgage about 1 yr ago for $20000.00. My father passed away 3 months ago and my mother is in a nursing home. How long does the siblings have to pay back the bank? They are planning on selling the house.

Like | Dislike | Share | Posted: Thu, 02/09/2012 - 16:54 | Post subject:

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

Hello, My name is John Jackson and I would like to talk to you about refinance my home for a better interest rate. Also try to lower my payments. Thank You..

Like | Dislike | Share | Posted: Sat, 06/19/2010 - 06:47 | Post subject:

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

Thanks Adonis, The closing costs are about 2100 + 275 appraisal cost. I meant paying off the credit cards by taking out the combined loan at a lower rate. My wife says it's a bad idea because now we stretch the 7yr home equity into a 20yr. I say it's a good idea because we pocket about 560 a month with the savings, credit cards are paid off and we reduce the interest on our current 30yr. What do you think?

Like | Dislike | Share | Posted: Wed, 08/17/2011 - 05:01

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

Is there a program for a 52 year old permanently disabled single parent as of Dec 1999? I am prevented from making additional money to continue making my monthly payment to Colorado Housing and Finance Authority as a hardship loan due to multiple operations. I have lived here 24 years. I have considered bad credit home loan mortgage refinance wih CHFA but concerned they might say no and request sign off of my loan because my financial income has recently changed due to the operations and inability to earn more money as the loan was originally set up with. Reverse mortgage or any similar program for "non senior" but permanently disabled would help.

Like | Dislike | Share | Posted: Sat, 01/28/2006 - 06:50 | Post subject:

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

Hello Jessica,
Currently my mother has about 2 liens on the house because of debts accrued by my stepfather but she co-signed on all of the credit to begin with so she is a part of it too. My stepfather has since willingly been deported to Africa and we want to refinance the house but the liens don't allow us to do so, there is 225,000 equity in the house, is there any way around this so that we can pay the debtors and lower her APR? It's currently at 9%? I need your help desperately
P.S. We do have a power of attorney and are currently working toward issuing my stepfather a conveyance of the deed to remove his name from the deed, But I would really like to know is: What are our options?

Like | Dislike | Share | Posted: Fri, 04/16/2010 - 10:53 | Post subject:

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

Hi mrstal,

If there is equity in the property and if your friend has a good income and credit score, she can refinance the loan and lower the interest rate. In case, there's no equity in the property, then she can apply for a mortgage modification with her lender.

HI Paul,

Your query has been replied to in the given page:
http://www.mortgagefit.com/postdeal/about39746.html#168659

Take a look at it. Hope it helps you.

Like | Dislike | Share | Posted: Sun, 06/13/2010 - 23:42

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

I want to talk with someone about refinancing my mortgage to lower my payment amount. I'm not sure but think my credit score is not so good. I really need to get my mortgage payment lower. Please say you might be able to help me?

Like | Dislike | Share | Posted: Sat, 09/25/2010 - 12:44 | Post subject:

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

We currently have a 30-year fixed at 6.375% with a balance of $132,000 and are in year 9 of current loan. Looked at a 5% 30-year fixed with no closing costs but believe a 15 or 20-year fixed would be better. We think a 15- or 20-year loan would be better to build equity as we plan to sell in the next 5-7 years. Is there any point in refinancing now if planning to sell in 5-7 years?

Like | Dislike | Share | Posted: Mon, 01/17/2011 - 10:21 | Post subject:

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

i owe about 90,000 or 23+ years with a 6.1 rate do you think it would be a good idea to refinance now. :?

Like | Dislike | Share | Posted: Tue, 01/04/2011 - 11:45 | Post subject:

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

A very good friend is stuggling to keep his home. He receives disability and his credit isn't that good. His house note is about half of what he receives in disability payments. Plus he has to pay all other expenses. He lives by himself. Is there a reverse mortgage plan that will help him?

Like | Dislike | Share | Posted: Tue, 03/22/2011 - 12:55 | Post subject:

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