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

In response to Jake and Big Cat and Pattycakes:

Jake - you'll want to calculate how long it will take you to compensate yourself for the closing costs associated with a refinance, based on your savings in the payment itself. For example, if you pay $3000 in closing costs and your payment is reduced by $100 per month, then you'll compensate yourself for those costs over the course of 30 months. That's not such a great deal - unless you plan to be in the home for a very long time. You generally want to be able to recoup the costs within a 2-year time period at worst.

Big Cat - I agree with Sussane...your mortgage payment is based on what you borrowed, not the value of your home.

Pattycakes - Since you already have a conventional first mortgage, you'll not be able to duplicate that with a new 15-year loan. Any new loan would still be a [url=http://www.mortgagefit.com/second-mortgage.html]second mortgage[/url], and rates will typically be a bit higher on those than with a first mortgage loan. Shop around, by all means, but don't be surprised if you don't have as much success as you'd like to have.

Like | Dislike | Share | Posted: Fri, 02/11/2011 - 11:01

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

i have been in my home for 5 years and i was wondering if we could get a [url=http://www.mortgagefit.com/home-equity.html]home equity loan[/url] to add on to our home

Like | Dislike | Share | Posted: Wed, 01/12/2011 - 16:12 | Post subject:

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

Hi Terry!

Welcome to forums!

If you have equity in your property, then you can refinance your mortgage in order to take advantage of the lower rates. You can speak to your existing lender about it or shop around to get better deals from other lenders.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Wed, 10/26/2011 - 21:19

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

If you co signed for a relative as a favor and now you want to get a home on your own, how long after you name is off the deed can you start looking to buying one?

Like | Dislike | Share | Posted: Thu, 02/17/2011 - 21:31

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

We are wanting to combine our first and second mortgages with rates of 6.25% & 11.5% into one loan and lower the term to 15 years. Our home value is 355,000.00 and both loans would be around 334,000.00. do you think it's possible?

Like | Dislike | Share | Posted: Fri, 05/14/2010 - 14:01 | Post subject:

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

Hi NED,

The rate of interest that you'll get will depend upon the market situation. If you have good credit scores and income, then you'll be able to qualify for lower rates and better terms and conditions. However, in order to get a refinance, you should have at least 20% equity in your property.

Thanks

Like | Dislike | Share | Posted: Fri, 02/11/2011 - 22:49

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

Jessica,

I purchased my home for approximately 193K a couple years back. I financed abotu 189K. My Current Loan Balance is 183K. My current rate is 6.375%. Althouhgh we are carring about 25K in credit card debt we have a long credit history and never missed a payment - I believe our credit score is excellent. (I've seen rates in the 4% range.....). We plan to stay in the home for atleast 2 more years....and much longer ideally.

Should I look at refinancing - will anyone even look at us with such a high LTV?:

Monthly Blahs Blahs:
Principal & Interest $1,173.50
Homeowner's Insurance(s) $73.25
Mortgage Insurance $55.93
County Tax $67.27
Other Tax $74.06
Shortage $117.53 - Catching up on Escrow as our taxes went up

Like | Dislike | Share | Posted: Sun, 01/24/2010 - 09:49 | Post subject:

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

Hi Megan!

Welcome to forums!

As you're planning to sell off the property within the next 4 years, it doesn't make much sense to refinance the existing mortgage. While you refinance the mortgage, you will be liable for paying the closing costs out of pocket. As you will be selling off the property within the next few years it doesn't make much sense to pay the costs out of your pocket.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Wed, 10/05/2011 - 23:17

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

Hi gardenbug,

Compared to 7% interest rate that you're paying now, 4% is quite a low rate. Thus, it would be a good option to refinance the loan though the term of the loan will get increased by 2 years. However, you should note that while you refinance the loan, you'll be liable for paying the closing costs. Thus, you'll be able to offset the closing costs only if you plan to stay in the property for a long period of time.

Thanks

Like | Dislike | Share | Posted: Sat, 07/17/2010 - 00:44

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

a couple years ago we took out a moderate [url=http://www.mortgagefit.com/home-equity.html]home equity loan[/url]. Interest rates are now enough to consider refinancing our existing mortgage which has less than 10 years left on it. Does it make sense to merge the 2 loans back together and refinance? If not, what are the drawbacks?

Like | Dislike | Share | Posted: Mon, 07/19/2010 - 12:35

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

I have a first and a second and I would like to look at just refinancing my second..can you tell the rate on a second and some qualifiying factors?

Like | Dislike | Share | Posted: Mon, 01/03/2011 - 08:27 | Post subject:

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

Hi nola!

Welcome to forums!

If you're planning to stay in the property for a longer period of time, then it will be a good option to refinance the loan as the rates are going quite low. Staying longer in the property will help you in offsetting the closing costs that you pay while refinancing the mortgage.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Wed, 01/05/2011 - 21:52

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

Hi nevaeh,

While you refinance your mortgage, you will be liable for paying the closing costs. If you plan to stay in the property for a longer period of time, then you will be able to offset the closing costs. In such a situation, it will be a good option to refinance the loan and get a lower rate to pay off the mortgage.

Thanks

Like | Dislike | Share | Posted: Thu, 03/31/2011 - 22:37

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

I have an interesting situation. We have a first and a second that is almost used up. The first is $220,000 the second $248,000. We have approximately $70,000 in credit card debt and $200,000 in personal loans from friends/family. Our house was worth $565,000 but after a remodel it should be around 1 Million. Wht is the best approach to refinance and consolidate these debts? It's been suggested to pay off the credit cards and refi the 1st and 2nd. Then later get an equity line. Any thoughts?

Like | Dislike | Share | Posted: Wed, 02/22/2012 - 18:33 | Post subject:

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

Hi Glenn,

You can use the land as collateral and get a mortgage on it. In order to do so, you should contact the local land lenders and apply for a mortgage. If you meet the required criteria, then you will be able to get a mortgage.

Thanks

Like | Dislike | Share | Posted: Sun, 01/23/2011 - 23:37

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

Hi mommie,

As you're 2 months delinquent on your mortgage payments, you won't be able to refinance the loan. Rather, you should apply for a loan modification in order to get a reduced interest rate which might make it affordable for you to pay off the loan.

Hi julia,

If you can afford the mortgage payments, you can go for it. If you're planning to stay in the property for a longer period of time, then it will help you in recovering the costs that you pay while refinancing the loan.

Thanks,

Jerry

Like | Dislike | Share | Posted: Tue, 08/24/2010 - 03:26

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!

If you're current on your mortgage payments and have equity in your property, then you will be able to [url=http://www.mortgagefit.com/Mortgage-Basics/do-i-qualify-for-a-mortgage.h... for a mortgage[/url] refinance with some other bank.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Mon, 12/13/2010 - 21:05

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

We are 57 & 59. In 2003 custom built single family home $230,000, we owe $180,000, starting to pay on principal now. 30 yr fixed at 6.25%. Excellent credit. 15 yr. Home Equity for $20,000 at 7%. (still mad about that) Paying everthing just fine. My husband thinks we should refi and lower the monthly payment. He thinks he won't be around & we will not pay off the mortgage anyway so we should refi so we can free up $$. If we refi'd for 15 yrs & took the money we saved and payed on the mortgage, that might interest me. I have no intentions of leaving & I can still afford to stay there with the life insurance & investments. I don't want to make a bad financial decision. What is your opinon.

Like | Dislike | Share | Posted: Thu, 05/27/2010 - 12:38 | Post subject:

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

Welcome aem,

There is no reason why the second mortgage lender cannot modify your loan. Nevertheless, as you're facing financial hardship in paying off the loan. I will suggest you to contact the lender and request them to give you an affordable repayment plan to pay off the loan.

Like | Dislike | Share | Posted: Tue, 07/26/2011 - 23:04

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

We've just modified our first mortgage. Ocwen, which owns our [url=http://www.mortgagefit.com/second-mortgage.html]second mortgage[/url] says we can't modify the second mortgage. Do we have any options? thanks.

Like | Dislike | Share | Posted: Tue, 07/26/2011 - 15:12 | Post subject:

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

I bought out my mom loan when she passed it was with country wide now bank america bought out they alway tell me I am behind would another company refinance me

Like | Dislike | Share | Posted: Thu, 12/09/2010 - 06:16

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

You have mentioned that you are planning to stay in the property for next 5 years. I don't think it would be a good option to refinance the property for such a short period of time. I can understand that it would lower your monthly payments to some extent but it won't help you in offsetting the closing costs that you would have to pay while refinancing.

Like | Dislike | Share | Posted: Fri, 10/16/2009 - 01:42

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

I purchased a condo in March 2010 for $239,000. FHA loan at 4.87%. I have now sold my old condo and have $130,000 cash. Should I refinance, restructure, pay a significant amount toward current loan? Do nothing? I currently pay $1592.00 for current loan (30 year) I WANT TO PAY LESS MONTHLY OVER SHORTER THAN 30 YEAR PERIOD. Please advise. THNANKS

Like | Dislike | Share | Posted: Sun, 06/13/2010 - 09:10 | Post subject:

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

We've been paying off our 30 year ARM for twenty years. The rate is currently around 4 % but we'd like to advantage the low rates on a fixed interest loan in order to lock in the rate. We have about 134k remaining on our current loan with about 200k equity. How do we find out if it would be worth it to refi?

Like | Dislike | Share | Posted: Thu, 09/02/2010 - 09:01 | Post subject:

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

Hi cgermaine!

Welcome to forums!

You would still be able to refinance the mortgage in your name if you have the required credit score and income. You need to contact your lender and check out the terms and conditions of the loan. If you can afford it, you can go ahead with the deal.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Thu, 10/29/2009 - 23:42

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

Are there any negative implications for refinancing after the 8K tax credit...? We also have ONLY been in our house for a year now

Like | Dislike | Share | Posted: Sat, 10/02/2010 - 12:38 | Post subject:

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

02/11/2011-Chicago, Illinois

:?: Hello Jessica,

re:Refinance Mortgage

I Have:
*House Mortgage loan (Yr-2027) > $21,000 / $621/mo / R: 6.60%. Also,
**Line of Credit [url=http://www.mortgagefit.com/home-equity.html]Home Equity Loan[/url] (Yr-2012> $32,000 / $160/mo R: 6.00%
I Pay a total of $300/Mo. Toward this loan ** L.O.C.H.E.L. Add this to the above amount of $621/Mo---> Tot. Monthly for * & ** Equal $921.

I need to do Refinance for * & ** total of $53,000/ 25 yr/ fixed rate / with $500-$525 / Monthly Payment.
I need to know the lowest I -Rate I can get, so I can save cash to pay other bills. I have a very good credit rating; prompt loan payment history (no late payment fees ever since 1993). Good assets and liquid assets are there, tax returns are available. Financial statement is available "upon request".
PS. ASAP
Regards,

Nick :?: :lol: [quote:c9f0a528c9][b:c9f0a528c9][/b:c9f0a528c9][/quote:c9f0a528c9]

Like | Dislike | Share | Posted: Fri, 02/11/2011 - 13:17 | Post subject:

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

[b:ddc9051286]TO MIMIMIMI601[/b:ddc9051286]:

Most definitely real estate taxes and homeowner's insurance premiums are used in the calculation of your debt to income ratio. That's absolutely common.

And you guys wonder why I dislike those "as far as I know" posts! How far, indeed?

Like | Dislike | Share | Posted: Fri, 04/01/2011 - 09:10

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

can I refinance if I am behind on my mortage, if not what else can I do to reduce my payments to help me out in bad times

Like | Dislike | Share | Posted: Sat, 09/05/2009 - 14:06 | Post subject:

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

Hi Carol,

If the mortgage broker has committed a fraud then you can sue him for it. I don't think there is any statute of limitations on filing a suit against a broker.

Hi Lerman,

As far as I know, there is no way to refinance the mortgage without an actual appraisal. The appraisal will help you and your lender to know the exact value of the property.

Hi Hodgie,

You can refinance your present mortgage and cash in the equity that you have on the property. You can even go for a [url=http://www.mortgagefit.com/home-equity.html]home equity loan[/url] to cash in the equity.

Thanks

Like | Dislike | Share | Posted: Wed, 02/03/2010 - 22:22

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

THE MODIFICATION GROUP'S COMPANY PROFILE Negotiation Experts: Our highly dedicated employee's at TMG are experienced negotiators that will secure your home with the lowest fixed rate available. We will reposition all the late payments back into your loan bringing the account current, lower your interest rate and payment making it easier for you to afford. Our Commitment: TMG, LLC is proud to have developed beneficial relationships with lenders, inspectors, contractors, and a wide range of housing professionals. We pride ourselves on building a solid foundation for your home to rest upon. Whether you are saving your home, purchasing, selling...we ensure that you have the support you need to make sound decisions and receive the best loan possible. • Are you in a loan you cannot afford?• Are you late on your mortgage payments?• Do you think you are the victim of predatory lending?• Are you having difficulties refinancing?• Are you in an ARM loan that keeps adjusting up and up?• Are you no longer able to afford your monthly payment?• Is your mortgage set to adjust soon?• Has your home decreased in value?• Have you had a notice of default or are you close to foreclosure? WE CAN ASSIST YOU TO RESTORE YOUR FINANCIAL FREEDOM! Call in today! HERE IS MY CONTACT INFORMTION:Aaron Kinkoff 6444 Pearl Rd. Parma Heights, Oh 44130 (877) 617-4383 Ext. 1006

Like | Dislike | Share | Posted: Thu, 03/11/2010 - 09:38 | Post subject:

davemarius's picture
davemarius | Joined: March 22, 2011 09:14 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

How can I refinance my mortgage in the easiest way ? I need advice.

Like | Dislike | Share | Posted: Thu, 03/24/2011 - 06:43 | Post subject:

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

I have 7 years left on a 15yr mortgage loan. I owe about 70000 on a 110000 loan....my current interest rate is 5 and 7/8 and they are now down to 4plus %....could take payment down but my thought is that right now most of my payment each month is on principal and not interest....so is it worth it

Like | Dislike | Share | Posted: Fri, 07/09/2010 - 05:37 | Post subject:

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

Hi Kristyn!

Welcome to forums!

Your query has been replied in the given page:
http://www.mortgagefit.com/refinance/apply-creditcard.html

Take a look at it. Hope it helps you.

Sussane

Like | Dislike | Share | Posted: Thu, 09/09/2010 - 01:31

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

Hi Sweetpea,

You have mentioned that you are trying to find a lender for over a year. Did the lenders reject your application for refinance? What reasons did they gave you for not accepting it?

What I can suggest you here is that you can speak to the lenders of this community and seek a no obligation free mortgage consultation from them. This will help you in getting an idea whether or not you would get a loan.

Thanks

Like | Dislike | Share | Posted: Mon, 09/14/2009 - 23:37

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

my house was currently appraised at 87,000 however my mortgage is for 120,000 and has been a payment of 1,100 i am a single mother with one job how do i refinance without getting money back and yet lower payment

Like | Dislike | Share | Posted: Sat, 10/02/2010 - 17:02 | Post subject:

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

Are prices for houses returning to normal in your area?

Like | Dislike | Share | Posted: Fri, 07/02/2010 - 17:45 | Post subject:

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

after only 8 months of our banrupcy being discharged, can we get a refinance our arm have reset and we have not been late or missed a payment.

Like | Dislike | Share | Posted: Wed, 09/16/2009 - 18:30 | Post subject:

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

My wife and I are getting a divorce and I am having to pay all the bills at home plus make the payment on my home. She left me with all the bills to pay and I am on a fixed income. I would like to talk to some one about refinancing to get my payment lower or go with a lower insurance or something to help.

[size=9:304b6a7eb6][color=Red:304b6a7eb6][Contact number deleted as per forum rules. Thanks.][/color:304b6a7eb6][/size:304b6a7eb6]

Like | Dislike | Share | Posted: Wed, 10/26/2011 - 14:13 | Post subject:

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cecilpj | Joined: April 11, 2010 01:46 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My credit record is below 620, can I qualify for refinancing in other bank? I applied but the bank said I don't qualify. The reason that I applied, I can hardly pay the high monthly amortazation due to my present financial condition. Is modification possible? Is the processing faster? What are the requirements? Is a short sale a good alternative? What are the advantages?

Like | Dislike | Share | Posted: Sun, 04/11/2010 - 02:12 | Post subject:

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

Wells Fargo holds the mortgage to my home. They have offered to refinance my mortgage at a rate a quarter of a percentage point below my present rate. I have a 30 year mortgage fixed rate at 5.625% and the refi will also be a 30yr fixed rate. My current mortgage has 25 years to maturity. I have a loan balance of 185,799.21 on my home which has a marketable value of $305,000. I have made all payments on time and will have no problem in continuing to do so. The bank has also offered to pay all closing costs on the new refinance. Why, and is there any downside?

Like | Dislike | Share | Posted: Tue, 04/13/2010 - 16:45 | Post subject:

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

Hi Jessica,

I currently have a mortgage of 240K as loan at Prime plus 1
I am being offered two options
1. 2.35% for 2 years fixed with an Amort. of 8 years
2 . 3.45 % for 5 years fixed with an Amort. of 8 years

I like the 5 years but because in 5 years I think rates might be higher. what would you suggest?

thanks

Like | Dislike | Share | Posted: Thu, 11/04/2010 - 11:28 | Post subject:

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

Hi Russ,

If there is no equity in the property, she won't be able to refinance the mortgage. If she has equity in your property, then she can refinance both the loans into one single mortgage. She can also refinance only one loan and her home equity line of credit won't be due.

Thanks

Like | Dislike | Share | Posted: Tue, 02/15/2011 - 22:51

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

I have heard about the FHA streamline refiance option. This option says it does not need an appraisal....does this mean even with a FHA streamline I will need an appraisal?

Like | Dislike | Share | Posted: Tue, 08/17/2010 - 08:01 | Post subject:

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

to anyone who decides to cast his lot with aaron kinkoff, i say this: be very wary of what you're doing and make sure you read every word and have someone you trust implicitly review it all with you - preferably your own lawyer. there are too many modification scams out there not to be cautious.

this is nothing against you, aaron - i don't know anything about you. that's what makes me say what i say - my lack of knowledge of you.

Like | Dislike | Share | Posted: Thu, 03/11/2010 - 13:21

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

As far as I know, you cannot immediately refinance a loan. You need to wait for 10-12 months in order to refinance the loan.

Like | Dislike | Share | Posted: Sat, 07/31/2010 - 03:38

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

"Refinance" - if your amortization is for 8 years, then your only risk is the last 3 years. Rates may well go up, but presumably the lender you're working with will provide a maximum cap on your rate, won't they? What is your maximum rate over time? That's the key to knowing what to do.

What kind of lending institution makes 8 year loans?

Like | Dislike | Share | Posted: Thu, 11/04/2010 - 11:59

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

I am currently on the title and mortgage of my house as a single women. Im thinking about refinancing my house with my husband. Will he automatically be put on title when doing so or is there a way he can be put on the loan and not title?

Like | Dislike | Share | Posted: Mon, 01/10/2011 - 20:27 | Post subject:

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

Mobile homes build prior to 1976 hardly qualify for loans. That's the reason why you are facing issues in finding a lender. You may contact the retailers selling mobile homes in order to get a personal property loan for your home. However, these loans are available at a higher interest rate.

Like | Dislike | Share | Posted: Tue, 03/02/2010 - 01:33

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

Thanks for your response. I just asked the institution am working with the two questions you asked.

It's not a new mortgage, I was in a 25 years before and each time I refinance I choose a lower term. This time around it's 8 years.

I will let you know their response

thanks again

Like | Dislike | Share | Posted: Thu, 11/04/2010 - 12:25 | Post subject:

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