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Frequently asked mortgage refinance questions

Posted on: 26th Apr, 2012 05:26 am
refinancing offers you the chance to replace your original mortgage loan with a fresh loan with favorable terms and conditions. when the mortgage rates are low, then it is attractive for you to opt for refinance. though it offers several benefits, but it has its share of downsides too. to get answers to your refinance queries, go through the refinance faqs.

am i eligible if there is a lien on property?

generally you should pay off the lien and then refinance. but depending upon the situation, you can file a quiet title lawsuit action so that any kind of title problems can be eliminated.

related scenarios
willing to refinance but lien on title

what is seasoning?

lenders often require you to make payments on an existing mortgage for at least 12 months before allowing you to refinance. this is known as seasoning.

related scenarios
seasoning refinance to pay off georgia mortgage

do i need to subordinate second loan if i refinance the first?

yes, because if you do not subordinate the second loan, it will be treated as the first lien on your home whereas the refinance loan will be the secondary lien.

related scenarios
what happens to the second mortgage if you refinance the first?

will lender allow me to refinance if i quitclaim home?

the lender won't allow you to refinance because you are transferring away your rights to someone else. so, at the most, he may allow the new owner to refinance the loan.

related scenarios
quit claim - refinance

do i need to pay pmi?

pmi is meant for conventional or conforming loan whereas mip is for fha loans. fannie mae requires one to pay pmi premiums when the loan-to-value ratio exceeds 80%25.

related scenarios
is pmi a must?

should i refinance with poor credit or file bankruptcy?

instead of refinancing with poor credit and getting higher rates of interest, its better to file chapter 13 bankruptcy. the trustee will develop a repayment plan based on which you'll be making monthly instalments. it will help improve your credit because instead of paying nothing, you're at least making some payments.

related scenarios
should i refinance with poor credit or file bankruptcy?

can i force ex-spouse to refinance after divorce?

you can request your ex-spouse to refinance the mortgage after divorce but she will have to submit documents such as divorce decree, quitclaim deed, income documentation etc.

related scenarios
remove spouse from loan after divorce

should i refinance to consolidate credit card debts?

you may do it only if you can afford to pay off the refinance loan in full. it isn't a wise decision to put your home at risk because if you fail to pay off the loan, you may lose the home.

related scenarios
should i refinance my home to consolidate the debts?

can i refinance after bankruptcy?

yes, you can refinance but wait for some time to get the best rates. that is, for chapter 13, you may get better rates on your refinance at least 2 years after the discharge and for chapter 7, it should be 4 years after discharge.

related scenarios
is it possible to refinance after bankruptcy?

can i refinance while i am in bankruptcy?

yes, you can go for it but you will need the bankruptcy court's approval in this regard. you will have to provide the lender with the bankruptcy papers. the lender will require you to make at least 2 years of payment in the chapter 13 plan after you've filed bankruptcy. the equity you've built while following the chapter 13 payment plan is also considered.

related scenarios
can i refinance while i am in bankruptcy

can i refinance if home value is lower than what i bought it for?

the home value may reduce from what you've bought it for but it shouldn't be less than the balance you owe. if the home value is still higher than the balance, and you have good credit and income, you can qualify for 100%25 rate term refinance.

related scenarios
can i refinance?

what if i don't get appraisal report prior to refinance?

you have the right to ask the lender for the appraisal report. in case he doesn't respond, you should file a complaint with the state department of banking and finance.

related scenarios
manufactured home loan for the self-employed

can lender cancel loan due to low appraisal?

the lender may cancel the loan if the appraised value comes out to be lower than expected. a low appraisal will not help in case you need extra cash from the refinance.

related scenarios
can lender cancel refinance loan due to low appraisal?

what is the a6 law in texas?

the a6 law governs cash-out refinance transactions in texas. under this law, a borrower can take cash-out refinance loan for up to maximum 80%25 of the property value.

related scenarios
does anyone know about a6 laws on refinance in texas?

does the a6 law apply even if it is not a cash-out loan?

the a6 law in texas doesn't apply to a refinance without cash-out option.

related scenarios
does a6 apply when no cash out is done?

should i pay tax on extra cash from refinancing?

if your name is on the loan, then you'll have to pay income tax on the extra cash because you have pulled cash out of home equity.

related scenarios
property transfer to brother with cash out

what are the different cash-out refinancing options?

the loan options can be innumerable depending upon the situation you are in. for example, 30 year fixed rate mortgage, 5 year interest-only, 5 year interest-only arm and 6 month libor cash-out refinance are some of the options.

related scenarios
cash out refinance

can i refinance 80% 25 first mortgage leaving out the 20% 25?

yes, you can go for it but you need to obtain a subordination agreement for the 20%25 second except if you are in texas.

related scenarios

can i refinance 80-20 loan with fha loan?

yes, you can combine the loans and refinance with an fha mortgage. lenders approved by the fha offer financing for up to 97%25 of the home value. depending upon the loan limit in your area, you may qualify for it.

related scenarios
refinance 80-20 mortgage

which refinance option is best if i have late payments on arm?

you can go for the fha secure loan program but you shouldn't have late payments prior to the rate adjustment. also, you need to satisfy other qualifying criteria.

related scenarios
what is the best refinance option?

should i take a reverse mortgage or go for refinancing?

you can go for reverse mortgage or refinance depending upon the situation you are in. however, the closing costs of a reverse loan are comparatively higher. so, you need to compare the costs charged by various lenders and select the right one for you.

related scenarios
which way do i go - refinance or take reverse mortgage?

should i refinance with interest-only or take a reverse mortgage?

if you are looking for cash-flow in the next 10-20 years, take a reverse mortgage (for 62 years and above). otherwise, you may refinance into 30 year fixed rate loan. but interest-only loan may not be a good option.

related scenarios
refinance with interest-only loan or take reverse mortgage?

can i refinance reverse mortgage to pay off bill?

you can refinance reverse mortgage into another reverse loan or any other loan. but prior to that, check if you can use the line of credit option. %0a%0ahowever, it doesn't make sense to refinance if the house hasn't appreciated in value, since the original loan was offered. this is because closing costs and other fees on the refinance loan will use up the extra benefits of refinancing.

related scenarios
can i get out of reverse mtg and refinance?

can lender foreclose after i am into refinance agreement?

the lender can foreclose the property even though you're into a refinance agreement, if you're late on payments for 120 days. if the state court doesn't help, you can move to federal court. but consult with an attorney on how to proceed on this issue.

related scenarios
foreclosed when i had a refinance agreement!
a friend of mine is renting a home and found out that thier landlord did a reverse mortgage on the home that they are renting. while they were renting. what are thier rights and what do they do?
Posted on: 29th Jul, 2012 04:14 pm
Hi anonymous!

Welcome to forums!

Your friend can keep on renting the property if there is a rental agreement in place. However, it is a fact that if there is a reverse mortgage on the property, then the landlord should stay in that property or the lender will ask him to pay off the debts in full asap.

Feel free to ask if you've further queries.

Posted on: 31st Jul, 2012 01:42 am
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