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Refinancing is a good option that can help you to get rid of high interest debts. But you can only benefit from it if you can secure a lower rate on your loan and also make minimum payments to the lender. You can try shopping for some of the best rates and costs while you are into refinancing. Besides, an awareness of the entire loan process also helps you get through the deal easily. This article contains an overview of the [url=http://www.mortgagefit.com/refinance.html]refinance[/url] process in simple steps so that it will be easier for you to interpret what the process is all about.

[b:9e138cf1bf]Steps to follow:[/b:9e138cf1bf]

  1. Decide how long you are going to stay in the property.
  2. Contact your first lender and find out what he has to offer. Otherwise start shopping with other lenders.
  3. Get pre-qualified for the loan
    • Decide upon the type of mortgage
    • Check out the factors that may influence the interest rate on your loan. These are:
      1. Your credit score.
      2. Loan amount.
      3. Number of points paid.
      4. Lock-in-rate.
  4. Compare the interest rate on offer with that of your existing loan.
  5. Get pre-approved with a lender.
    • Calculate the monthly loan payments
    • Subtract new payments from current monthly payments. The difference gives you the savings that you can earn by getting a low rate.
    • Divide the monthly savings by the total closing costs. That gives you the number of months within which you can recover the closing costs. This time period is known as the Break-even period.
    • Compare the months obtained with the time period you're staying in the house. If it exceeds the time period, then refinancing may be a good choice.
  6. Follow the simple steps that will take you to loan closing, that is, towards finalizing the deal.
  7. At closing time you'll have to sign the loan documents and the mortgage note. Besides, you will have to pay for the closing costs and prepayment penalty.

Related Readings
[list:9e138cf1bf][*:9e138cf1bf]Which Refinancing Option suits your situation?[/list:u:9e138cf1bf]

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

what is the current rates on a refinance 30 year mortgage

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Sam's picture
Sam | Joined: May 21, 2005 03:08 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

Welcome to the Forums.

For the interest rate on a refinance 30 year mortgage, its been a week where the rates has fluctuated.

Traditional Mortgage Refinancing Rates is running 20% (Down)

30 Year Fixed Conforming Loan Refinancing Rates:

Rate --- Points --- Lender Fees --- APR --- Payment
5.125% --- 2.873 --- $0.00 --- 5.402% --- $1088.97
5.250% --- 2.241 --- $0.00 --- 5.470% --- $1104.41
5.375% --- 1.697 --- $0.00 --- 5.546% --- $1119.94
5.500% --- 1.303 --- $0.00 --- 5.636% --- $1135.58
5.625% --- 0.773 --- $0.00 --- 5.712% --- $1151.31
5.750% --- 0.354 --- $0.00 --- 5.799% --- $1167.15
5.875% --- 0.000 --- $0.00 --- 5.892% --- $1183.08

Hope this information, will make things clear about the trend on intrest rate for refinance.

Thanks

For MortgageFit

Sam

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

can I refinance a home I own in Tx which is currently rented? I live in Il.

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

Hi,

I think it's quite possible. Have you talked to your lender?

If there is any problem with your current lender, you may shop around with different lenders with your matter and get the possible program for you.

If you need any more help, you may post it here.

James

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ckalvesmaki's picture
ckalvesmaki | Joined: January 28, 2006 06:28 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Yes you can refinance your home in TX. It would be considered an investment property and would fall under those guidelines for rate etc....Is it currently leased?

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

I am newly divorced and my ex has signed a quitclaim deed to the house we bought 7 years ago. With me being a single mom with 3 kids and low income, where do i go from here? the monthly mortgage payments will be almost impossible to make. Is there programs out there to help me? If i refinance, can it just start from this time period or will i have to get a whole new loan?

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

Hi Chachi,

You will take a new loan on you name and pay the due of the mortgage to the present lender. The rates are down now. So you should get affordable rate and term. If monthly payments seem higher for you, make the duration of the loan period longer and decrease the monthly payments.

How much do you owe to the lender? Can I ask you about your monthly income?

Best of luck.
Larry

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

I am trying to refinance my older mobile home and at the same time add $8,000.00 to replace my heating and air condition unit. My credut score is 642, my husband 699. I have hear NO so many times. I am running out of places to call. If you have suggestions, I would be grateful for any information you can give me. Thank you

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

Hi Janice,

Welcome to the forum.

Your credit score is not too bad but refinancing depends on many other things like your monthly earnings, employment history, do you have any kind of other debts etc.

I think it will be better fill up the "No-obligation free consultation" form to get free counseling from the mortgage lenders and to know if you can be able to refinance with affordable rates and terms at http://www.mortgagefit.com/

Feel free to ask if you have any further questions.

Best of luck,
Larry

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

how do i go about getting on the mortgage without refinancing

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

Hi vivi!

If you are speaking about transferring the mortgage in your name, then refinancing is the best way. Even lenders prefer it. As you do not want to go for refinancing, you can go for the process of [url=http://www.mortgagefit.com/know-how/novation-mtg.html]novation[/url]. You can visit the following link to know more about novation:
http://www.mortgagefit.com/know-how/about5787.html

Thanks.

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

Does it make sense to refinance my first and second mortgages into a single mortgage? First mortgage is 30 year at 6.25, second is 10 years at 6.35. New loan would be a 15 year at 5.75 but closing costs are adding an additional $6000 to the loan for a total loan of $150000.

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

Hi srh!

Welcome to forums!

In my opinion, it will be a better option to refinance both the loans into one single mortgage. If you get a refinance on the rate and terms that you have mentioned here (15 year at 5.75), it will be a good deal for you. As far as the closing costs are concerned, you will have to pay it in any kind of refinancing.

Feel free to ask if you have further queries.

Sussane

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

i recently found out about loan modification to get my own property modified. i think it is much better than refi especially if you qualify. i think you can get rates really low and sometimes balance modified. it is worth testing out there are many sites out there helping out with loan modification. this one looks the best so i used these guys. LoanShrink.com

There is also a gov site that has lots of information on it.

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

Hi Jason

Thank you for sharing the information with the community members. A lot of people will definitely be benefited from this.

Thanks.

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

I have a 30 year first mortgage at 7% that I pay bi-weekly with about 10 years to pay off. I also have a monthly 20 year [url=http://www.mortgagefit.com/second-mortgage.html]second mortgage[/url] with about 18 years left at 8% of $95,000 that I pay monthly. Should I refinance just the second mortgage? If so, what is the % rate for second mortgage refinances?

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

Hi Jimmy Jams

Yes, you can refinance the second mortgage. You can even refinance both the mortgages into a fixed rate mortgage. At present the rates are going low. Before refinancing the property, you should do some mortgage shopping. This will help you in knowing about the market rates. You can then compare the rates and go for the best deal. To know about the current mortgage rates, check out the following link:
http://www.mortgagefit.com/rates/

This community also has a large number of mortgage lenders. You can speak to them and seek a no obligation free mortgage consultation from them. Let's hope they will able to help you.

Thanks.

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

For how long I can leave in the property if I stop paying the mortgage.

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

Hi penelope

If you do not pay your mortgage dues for 90 days, the lender may start foreclosure proceedings and after the foreclosure sale, you will have to leave the property. However, if you are 30-60 days late, you may speak to lender and check out the options to avoid foreclosure.

Thanks.

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

Jimmy,

Depending on your situation, you may want to refinance BOTH of your loans and roll them into one with a much lower interest rate. Your rates are high.

Eric
"http://www.dreamhomefinancing.com"

[color=Red:85c8dcf0a7][size=9:85c8dcf0a7][Link deactivated as per forum rules. Thanks.][/size:85c8dcf0a7][/color:85c8dcf0a7]

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

We are looking into refinancing a $100,000 loan that is 2 1/2 yrs old at 6.75%. We are not looking to get cash out, but see if we can take advantage of the lower interest rates. The entire process is a little confusing. I came across the term "rate and term" refinance and wonder if this is something we could get? We were told by credit union that we "had" to borrow $100K because refinancing our balance of 90K was inconvenient. Can you help me make sense of this?

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

Hi Ting,

In a rate and term refinancing, the interest or term of an existing mortgage will be changed. This differs from a cash-out refinance wherein new money is advanced on the loan. Rate and term refinances can carry lower interest rates than cash-out refinances. You can contact your lender and check out this option but it will be lender's discretion whether he will be ready for offering you such a loan.

You may also speak to the other lenders to know whether they offer will offer you such a loan. You may also seek a no-obligation free mortgage consultation from the lenders of this community. It will help you in knowing the type of rates and terms you may expect to get.

Thanks

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

Is it possible to refinance our current residence to rent it out? We are looking for a bigger house but don't think there's anyway we could sell our house. My husband seems to think it will be easier and smarter to rent it out. How difficult will the process be with his credit score being below 600?

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

Welcome,

You can definitely refinance your current home and give it on rent. However, you should note that as your credit score is below 600, no lender will be ready to offer you a refinance. Try to improve your credit score first and then look out for a loan. To know about ways to improve your credit, check out the given link:
http://www.mortgagefit.com/credit-rating/credit-repair.html

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

Can I negotiate the fees involved in refinancing my home? I will need to borrow approx $145,000 my home will appraise for approx $200,000

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

Hi jchristy,

You can try negotiating the fees for refinancing the property but whether to accept it or not will be your lender's discretion.

Thanks.

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

jchristy, there are some fees that are simply non-negotiable. for example, fees paid to outside vendors, such as appraisers, credit reporting agencies, etc. also, you'll encounter fees for legal work that are not going to be negotiable with a lender (you can certainly bargain with your attorney).

you can certainly ask to have fees waived wherever possible. as niicss points out, your lender will make those decisions, of course.

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

In addition to what George had mentioned, there are more fees that you cannot avoid such as recording fees and the fees related to title searches and title insurance. In fact, the title insurance is regulated. If your lender tells you that you do not have to pay those fees then the lender is paying them for you. In return, you are most likely paying a higher rate. Do your homework to be sure you know what you are getting.

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

I have a 2nd mortgage. If I wanted to refinance my original mortgage, would i have to first pay off my 2nd mortgage? Can I refinance my 1st mortgage for a higher amount than I owe, and use the cash out to pay off the 2nd mortgage?

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

the second question first: yes, you can do that, depending on the equity you have in your home, of course.

first question: you might not have to pay off the second mortgage, again depending on equity you have. what would be required in that case is for the second mortgagee to resubordinate its lien to the new first mortgage.

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

We just bought our house last Oct, our interst rate is 6%, and we got financed through VA loan. I see that the interest rates are low and I have been getting a lot of mails stating that I can avail of the low interest rates through financing loan. I am not sure how it works or whether we are eligible for it since we just bought our house. We are on fixed 30 year mortgage are paying $1800/mo. I would love to have a lower monthly payment but does not have enough knowledge on how to do it.
Appreciate all the advise I can get.
Thanks.

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

24mburnett, your biggest struggle in trying this will be equity in your home, i suspect. you don't say where you are located, but virtually everyone in this country has lost value in their homes. you also didn't say how much of a down payment you had - va loans allow 100% financing, of course. if you borrowed 100% of the purchase price, you probably won't be in a position to do anything.

even if that's the case, don't fret too much, because 6% really isn't a bad interest rate; it's just higher than the 5's that are being offered now. monthly, the difference in payments would be negligible, i think.

it's worth thinking about, so you would want to drag out your paperwork and do some math with a loan officer to see if it makes sense. see how long it will take you to make back whatever expenses you would have based on the savings to see if it's worth your trouble.

honestly, my gut reaction is that you're not going to benefit from doing a [url=http://www.mortgagefit.com/refinance.html]refinance[/url] at this time.

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

How does one get a refinance loan on a property obtained with a [url=http://www.mortgagefit.com/quitclaim-deed.html]quit claim deed[/url]?

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

The home is located in minnesota. The person I'm getting it from owes 77000. I was told that once I recieve the quit claim deed the bank holoding the note would most likely ask for the balance owed on the property.

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

that is correct sonny...there is undoubtedly a due on sale clause on the existing mortgage. you'll need to find a lender willing to allow you to mortgage the property and pay off the existing mortgage.

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

I am a single mom and I'm having trouble making payments. Is there a loan that will help me refiance based on my income.?

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

Hi kak!

Welcome to forums!

Whether you will be able to refinance the property or not will depend upon whether you have equity in the property or not. If you are current on your mortgage payments, you can contact your lender and check out if he is ready to refinance the property.

Feel free to ask if you have further queries.

Sussane

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

how long do you have to wait to refinance?

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

be more specific, please, kwhit

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alanjacobson's picture
alanjacobson | Joined: April 5, 2009 05:21 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

If you mean how long after you've closed on a prior refinance, you'll have to refer to the loan terms of your current mortgage. It can vary from right away to 30 or 60 days. Some even longer. Many banks who do a ton of mortgage loans have no stipulations in this area, but some smaller lenders may have longer periods. Best to call the broker you went through the first time for an accurate answer...

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

I am a widow. I owe about $106,000 on my present mortgage. My interest rate is 7.25 per cent. I have about 10 years left on the mortgage. Since my income is now lower, I would like to get a lower rate of interest.

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

I purchased my home in March,2008. My current rate is 5.75 on a fixed 30 year note. I am 69 years old. Should I consider refinancing?

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

To Centerport: your biggest issue in refinancing is calcualting the cost of a reduced rate and how long it will take you to recover the money spent based on the amount saved. Since you'll be paid in full in 10 years, it may not make sense; but it's definitely worth investigating.

To Carol: with a rate of 5.75% now, you'll probably have to pay a substantial amount to drop the rate by 1 per cent or so. However, if you plan to be in this home for the long run, it would likely be worth your trouble. again, the calculation of how long it takes to make up your costs based on the savings applies.

To Alan Jacobson: the existing mortgage lender has no say in the matter (unless there is a penalty for early payment). Secondary market guidelines are specific these days as to length of ownership prior to a refinance.

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

i have a remanufactured home that i purchased in 2004 and the land that i already owned is part of my mortgage. i am paying 9% interest on this loan. my mortgage company says that is a low rate. I don't understand that when people are buying homes and getting under 5% interest. Where can i go to get my interest rate lowered?

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

Hi geoshaft

You can refinance the mortgage with any other lender. You can speak to the other lenders and check out the type of rates and terms they are offering you. This will give you an idea whether you would be able to refinance the loan or not. You can also speak to the lenders of this community and seek a no obligation free mortgage quote. This will help you in knowing what type of rates and terms you may receive.

Thanks.

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

I purchased the house 09/07 at 6.25% interest rate
can I refinance to a lower rate or is it too soon?

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

this is a fine time for you, kate. rates are not at all bad, so you ought to be able to do well for yourself.

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

I have a tax attorney who said that I need to get at least 2 banks to give me 2 letters of refusal to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] my [url=http://www.mortgagefit.com/home-equity.html]home equity loan[/url]. I have federal tax liens against my peronsal residence. If I can get the refusal letters they might consider subordinating the liens. If they do that I can get a reverse mortgage and make them an offer in compromise. Where is the flaw in this plan ?

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

Hi mkw,

You can get a reverse mortgage, but you will have to pay off the tax lien as well as the existing mortgage on the property.

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

I have an investment hause,and purchased 4 years ago.
15 years and 5.75 rate.
I just want to get lover rate than this and make little more cash from this rental.

I am paying 889 each month

Do you think it is worth to refinance?

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