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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($)

my boyfriend and I are breaking up and I want my name off the loan, if i refinance to do this, what does he have to prove for this to work, i.e. income, credit, etc.?

Like | Dislike | Share | Posted: Fri, 04/30/2010 - 10:42

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

Hi BOB,

As the loan is insured by the Federal Housing Association, you won't require a pmi but you'll have to definitely go for a mortgage insurance while you take out the loan.

Like | Dislike | Share | Posted: Fri, 09/23/2011 - 21:17

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

I have 4 years left on my conventional mortgage. i also have a home equity line of credit. i want to convert the home equity to a 15 year fixed and keep
paying the conventional loan. am i able to do this

Like | Dislike | Share | Posted: Thu, 02/10/2011 - 19:58

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

NEED A CAR HOME IS PAID OFF NEED 2ND MORTGAGA

Like | Dislike | Share | Posted: Sat, 06/18/2011 - 13:46 | Post subject:

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

if you wish to continue making the payments as is, go ahead and do so.

what you need to decide, most of all of course, is how you're going to work out living arrangements, and how to deal with that question as one of you has a new rent or mortgage payment to make.

as sara noted, your lender will be interested in what you're doing, so as to protect their investment in the home.

Like | Dislike | Share | Posted: Wed, 03/03/2010 - 09:35

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

Hi ELIZABETH,

You should contact the local lenders and apply for a mortgage using your property as a collateral. If you have the required credit score and income, you'll be able to [url=http://www.mortgagefit.com/Mortgage-Basics/do-i-qualify-for-a-mortgage.h... for a mortgage[/url].

Like | Dislike | Share | Posted: Sun, 06/19/2011 - 22:27

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

Hi Reese

I've given my suggestions in regards to your query at:
http://www.mortgagefit.com/problems/homeloan-modify.html

Take a look at it. Hope it helps you.

Hi dwtlrt,

This is a mortgage community and not a company. There are lenders in this community who may help you in getting loans. You can seek a no obligation free mortgage consultation from them and check out if you can get a loan.

Like | Dislike | Share | Posted: Wed, 05/26/2010 - 23:45

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

I have been trying to assume the loan from the lender for my property in an effort to remove my ex-husbands name from the loan and the deed. Because the intresest rate is high (6.5%), i am out of the debt to income bracket by about 2%. The lender will not budge on this. I have been told that the two of us together can apply for a streamline refinance to lower the interest rate, after which i could then immediately apply for the assumption once again with the lower interest rate/lower payments since i would then be within the debt to income bracket requirements. Is there any period of time that i would have to wait in between transactions?

Like | Dislike | Share | Posted: Fri, 07/30/2010 - 06:38 | Post subject:

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

Hi Guest,

Do you wish to get rid of the property? If you're already delinquent on your mortgage payments, then you can apply for a [url=http://www.mortgagefit.com/deed-lieu.html]deed in lieu of foreclosure[/url]. This will help you in getting rid of the property. Moreover, you won't be liable for paying off the deficient balance resulting from the sale of the property.

Like | Dislike | Share | Posted: Sun, 12/26/2010 - 21:43

jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Elaine,

As you are cash strapped and as you've equity in your property, it would be a good option to refinance the mortgage and get a cash out to pay off your credit card debts. However, you should check out whether or not you would be able to pay off the additional amount of $73 each month for 5 years. If you can afford that amount, then you can go ahead with the refinance.

Thanks,

Jerry

Like | Dislike | Share | Posted: Tue, 06/15/2010 - 02:00

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

Your query has been answered in the given page:
http://www.mortgagefit.com/refinance/buy-2ndhome.html

Please take a look at it. I hope it will help you.

Like | Dislike | Share | Posted: Wed, 12/23/2009 - 21:38

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

Welcome lala,

Your property is presently underwater. The lenders will not refinance the loan unless there is equity in your property. You will have to go for an appraisal in order to find out whether or not there's equity in your property. If you want to stay in the property for a longer period of time, then it will be a good option to refinance the mortgage.

Like | Dislike | Share | Posted: Mon, 10/04/2010 - 00:41

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

Hi grnwtg,

The difference between both the rates (your current rate and the rate after you refinance) is not much. So, in my opinion, it doesn't make much sense to refinance the mortgage. Moreover, while refinancing, you will be liable for paying the closing costs.

Like | Dislike | Share | Posted: Tue, 09/20/2011 - 22:40

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

Hi kiwi,

As the property is free and clear, you don't need to refinance it. You can simply apply for a new loan using the property as the collateral. If your credit scores and good and if you've a stable income, you'll be able to get a mortgage.

Thanks

Like | Dislike | Share | Posted: Sun, 04/10/2011 - 22:49

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

Hi Tigger,

As far as I can understand, the loan amount will be adjusted when you get the refinance as you are making payments on your current mortgage.

Like | Dislike | Share | Posted: Fri, 09/10/2010 - 02:24

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

Hi WKO!

Welcome to forums!

You will be able to borrow 80% of the appraised value of the property. You will have to give a down payment of 20% of the property value in order to get a conventional mortgage.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Tue, 09/21/2010 - 23:51

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

Hi,
I have 2 years left on my mortgage @ 4.62% and a balance of $27K and an interest only equity loan of $75K. Does it make sense for me to refinance to combine the two and get down to one payment?
thanks

Like | Dislike | Share | Posted: Wed, 06/22/2011 - 15:51 | Post subject:

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

i know texas has some quirky laws as regards mortgages, and i believe that i've heard of what you mentioned, brad. contact a texas lender directly and you'll get the straight scoop.

Like | Dislike | Share | Posted: Wed, 11/11/2009 - 13:55

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

i have bad credit.i am on disabilty.i own land..i want to move my mobile home on this land and then use it for colateral.can i borrow the money anywhere to do this and they take title and deed for collateral?

Like | Dislike | Share | Posted: Sun, 01/23/2011 - 15:26 | Post subject:

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

It's difficult to say as to which is a good market. You should contact a local financial expert and he will help you in this matter.

Like | Dislike | Share | Posted: Thu, 03/31/2011 - 00:05

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

it's very difficult to do so with that one late payment. automated underwriting is paramount in the industry and you'll get kicked back to an underwriter for manual underwriting. most underwriters today are terrified to make any "exceptional" moves, such as approving a loan for someone who was 30-days late in the last 12 months.

there are, undoubtedly, lenders who will take you on, but they're going to be the remnants of the sub-prime bunch. you won't want to go there. if you can wait until that late payment becomes 13 months ago, you'll have a better chance to obtain financing.

Like | Dislike | Share | Posted: Mon, 10/26/2009 - 06:47

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

Hi Edel,

You can refinance the house though you're planning to rent it. However, your property should have equity in it. Unless there is equity, you won't be able to get a refinance.

Thanks

Like | Dislike | Share | Posted: Wed, 09/08/2010 - 00:43

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

Hi UNIQUE!

Welcome to the forums!

You will have to get in touch with the local lenders in order to know whether or not they will refinance mobile homes. It is true that not all lenders will be ready to refinance mobile homes.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Mon, 01/13/2014 - 22:14

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

a second name was added to deed after mortgage, can i still refinance in my name only?

Like | Dislike | Share | Posted: Thu, 10/29/2009 - 16:03 | Post subject:

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

Welcome b.omalley,

As you've just 2 years left in order to pay off the mortgage in full, it won't be a good option to refinance the mortgage now. While you refinance, you will be liable for paying the closing costs which you won't be able to offset within 2 years. Moreover, your loan term will also get increased.

Like | Dislike | Share | Posted: Wed, 06/22/2011 - 23:19

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

we have a 20 yr. mortgage and have 12 more yrs. to pay it off. We will probably sell within the next 5 yrs. Our home apprasies at 180,000 and we owe 67,000 on it. Our interest rate is 5.75% and could re-finance for 4.65%. It would reduce our monthly payments by 140.00. We have no bills, no credit cards, no car payments, etc. Should we consider re-mortgage. I am 61 and want to retire next yr. and down size then. I have a fixed interest rate now. We have excellent credit. Thanks for your info.

Like | Dislike | Share | Posted: Thu, 10/15/2009 - 19:41 | Post subject:

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

Can you find lenders who will refi for UK residents who have mortgage in USA?

Like | Dislike | Share | Posted: Thu, 02/17/2011 - 08:08 | Post subject:

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

Three years ago I bought a mobile home in Ca. 5% down, the owner held the note. May 1st the note becomes due, built in 1974, I'm having a hard time finding a lender. Any advice? seamles1

Like | Dislike | Share | Posted: Mon, 03/01/2010 - 17:11 | Post subject:

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

I own a house that is in someone else's name. He refinanced it several times and then the market fell out. How do I get the loan into my name. The property is in my name just not the loan.

Like | Dislike | Share | Posted: Sat, 01/15/2011 - 16:42 | Post subject:

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

Kiwi, the transaction is still considered to be a refinance, because it is property that you currently own. When taking cash out of a property, you'll pay an additional sum (can be taken from the loan proceeds rather than cash out of pocket), depending upon your credit score. The most recent time I checked, you needed a score of 740 to eliminate any additional pricing added to your loan. This isn't to scare you away, of course, but simply to advise you of what to watch for.

Like | Dislike | Share | Posted: Mon, 04/11/2011 - 11:48

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

Hi Guest,

You can contact the lenders now and apply for a refinance. It will depend upon the lender as to whether or not he will consider your request and help you refinance the loan.

Thanks

Like | Dislike | Share | Posted: Wed, 08/15/2012 - 23:16

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

i think my credit is ok. but i'm fully disabled, so on a fixed income. getting divorced, and trying to keep manufactured home where i live. wife is being very uncooperative. will my disability help me get a refi at a good % rate?

Like | Dislike | Share | Posted: Tue, 06/15/2010 - 05:56 | Post subject:

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

Hi Guest!

Welcome to forums!

You should have equity in your property in order to refinance your [url=http://www.mortgagefit.com/second-mortgage.html]second mortgage[/url]. Unless you meet this criterion, none of the lenders will be ready to give you a loan. Apart from this, you should have stable employment situation and a good credit score. As far as the rates are concerned, they keep varying from time to time. So, you'll have to speak to the local lenders and get to know the rates.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Mon, 01/03/2011 - 21:22

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

Hi Amybooks!

Welcome to forums!

If you plan to stay in the property for a longer period of time and want to lower your interest rates, then refinancing your mortgage will be a good option. The cost of refinance may vary from one state to another. You should stay in the property for at least 2 years in order to recoup the costs.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Tue, 07/31/2012 - 01:28

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

Hi John,

What state are you located in? What is your home worth and what do you owe on it?

Like | Dislike | Share | Posted: Mon, 06/21/2010 - 17:55

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

Hi anonymous,

If you have the required credit score and equity and meet the other requirements of the lender, then you'll be able to refinance the loan alone. It is not mandatory for you to add your wife to the property as well as the mortgage.

Hi Tommie,

As you don't have equity in your property, it won't be possible for you to refinance the loan. You can contact your lender and go for the option of "cash in refinancing" where you need to put extra money towards the loan in order to build equity in your property and then get a loan at a lower interest rate.

Hi k,

You will be liable for paying two mortgages after you refinance the loan. If you can afford the payments, then you can go ahead with the deal. As you have equity in your property and your credit is excellent, you won't face any issues in getting a refinance.

Like | Dislike | Share | Posted: Fri, 07/16/2010 - 00:28

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

Welcome Rick,

If you purchase a home for cash, you won't have to wait for a certain period of time to get a mortgage on that property. You can apply for a loan now and check out whether or not you qualify for it.

Like | Dislike | Share | Posted: Wed, 11/03/2010 - 23:30

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

I am recently divorced. My x wife's name is on the home title
She has also signed a quit claim. I tried to refinance through my current lender, they won't because of my income ( I am a contractor)
Do I have any other options because of last year being a "slack" year in my type of employment.

Like | Dislike | Share | Posted: Wed, 01/26/2011 - 07:56 | Post subject:

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

I refinanced my mortgage in 2003 at 5% for 25 years. Now I am refinancing at 4.875% for 30 years. My payment is 30$ more but I am also paying off 4 high interest credit cards and recieving $8,000. Is this a good idea?

Like | Dislike | Share | Posted: Thu, 03/31/2011 - 15:54

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

iS PMI EVER NEEDED FHA REFINANCE MORTGAGES IN.Y. STATE

Like | Dislike | Share | Posted: Fri, 09/23/2011 - 05:54 | Post subject:

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

is the bank takeing advantage of me by incuring refinancing fees in the amount of around $9,000 on a 142,000 loan amount???

Like | Dislike | Share | Posted: Fri, 09/30/2011 - 05:39 | Post subject:

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

My friend and neighbor's husband passed away suddenly at the age of 48 2 wks ago. No insurance of any kind and a mort pymt too high for his widow to pay. She needs info on how to reduce paymts or get advice on what to do so she can stay in her home. (Woonsocket, Rhode Island 02895). I would appreciate any advice you could give me so I can pass it on to her and her sisters who are also trying to figure out what to do.
Thank you,
Leslie

Like | Dislike | Share | Posted: Sat, 06/12/2010 - 08:22 | Post subject:

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

Is it better to make extra payments on my 4.75% loan or refinance at 4%? we are 3 years into a 20 year mortgage and owe 239,000 and were thinking of refinancing a 15 year mortgage instead, but can we accomplish the same thing by making extra payments on our current loan?

Like | Dislike | Share | Posted: Thu, 06/23/2011 - 04:05 | Post subject:

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

I recently found some predatory issues with my mortgage.What is the statue of limitations on finding fraud

Like | Dislike | Share | Posted: Fri, 09/30/2011 - 10:17 | Post subject:

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

Hi Richz,

While you refinance your mortgage, you will be liable for paying the closing costs. The closing costs will vary from one state to another. May be in your state the closing costs are high compared to others. So, the lender may be charging you more.

To prosper,

The statute of limitations will depend upon your state laws. You haven't mentioned the name of your state. So, it will be difficult to let you know the statute of limitations of your state.

Thanks

Like | Dislike | Share | Posted: Fri, 09/30/2011 - 21:47

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

My mortgage balance is 27,000, I talked with my own mortage company and my credit union they said there is a 50000 minimum
are there companies that do smaller amounts my current rate is 7.99 and have 46 months to go.

Like | Dislike | Share | Posted: Sun, 11/20/2011 - 13:39 | Post subject:

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

I co-signed for my daughters mobile home . After 10 years of payments, she lost her job and missed some pmts. This is when i found out that the mortgage co. listed me as the buyer. Can i re=finance now that i am making the payments?

Like | Dislike | Share | Posted: Wed, 09/16/2009 - 12:02 | Post subject:

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

If you go for an interest only loan, then most of your payment would go towards paying off the mortgage interest and not the principal amount.

Like | Dislike | Share | Posted: Fri, 07/09/2010 - 02:15

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

Welcome Mario,

Well, you need contact the local lenders and check out whether or not they will offer you a refinance for a smaller amount. It is completely the lender's discretion whether or not he will consider your request.

Like | Dislike | Share | Posted: Sun, 11/20/2011 - 20:11

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

Awesome, that’s exactly what I was scanning for! You just spared me alot of searching around

Like | Dislike | Share | Posted: Wed, 01/12/2011 - 21:29 | Post subject:

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