Is refinancing still called refinancing even if you already paid off the old mortgage and own the house?
Q. When you pay it off, is that called unfinancing, or what? And if you get a new mortgage later, is that called refinancing even though it's a new mortgage? Are the terms and rates usually the same as normal refinancing?
Asked by Dilbert - Wed Oct 14 21:07:43 2009 - - 2 Answers - 0 Comments

A. Just remember a mortgage is an agreement which a bank lends you to buy a home.The terms and rate are what is prevailing at the time you take the mortgage.
Answered by Eddy T - Wed Oct 14 23:06:51 2009

Does refinancing a mortgage hurt your credit score?
Q. I am in a arm loan and am looking to refinance after 2 years. I heard that refinancing can drop your credit score up to 30 points? Am i better off trying to sell or refinancing if i'm planning on selling after 5 years?
Asked by tracyb67 - Wed Apr 11 15:50:16 2007 - - 7 Answers - 0 Comments

A. Refinancing your loan should have minimal impact on your credit score. If you don't have a second mortgage or equity line of credit you may qualify for a streamline refinance that will lower the costs and expedite the process for you. Feel free to email me with any questions.
Answered by mazziatplay - Wed Apr 11 15:58:10 2007

What does refinancing your car loan mean?
Q. I'm sorry if this is a really dumb question, but earlier someone suggested I refinance my car loan, but I have no idea what that means. I looked it up online, and it said something about lowering your payment interest when you transfer to a new lender. Coudl someone please explain in detail what refinancing your car loan does? Does it lower the amount of money you pay monthly? And if so, does that mean I would have to pay for more months?
Asked by unidentified - Sat Jul 31 20:16:31 2010 - - 5 Answers - 0 Comments

A. Refinancing an existing car loan is an easy process. A new lender pays off your old car loan, and the title is then transferred to that new lender. Your monthly payments are then made to your new lender. People refinance to get a better interest rate, which means over the full time of the loan, you'll end up not having to pay as much. Your monthly payments will be less, or the number of payments you have to make will be less, or both. But here's another idea - if you find that your car payments are really hurting your finances, consider just selling your car, paying off the loan, and then buying a cheaper used car with or without a loan. Yeah, you won't have a flashy set of wheels anymore, but you'll have a lot more money in your pocket. [cont.]
Answered by NoraCat - Sat Jul 31 20:24:23 2010

How does refinancing a home work?
Q. I have owned my home for approximately 7 years now. I am interested in refinancing but am not sure how the process works. My home needs major repairs and a possible addition to it. I have heard of refinancing with cash back but have no clue as to how that works. I would also not want my current mortgage payment to go any higher...can anyone help?
Asked by mizzredd78 - Tue Sep 1 17:24:23 2009 - - 1 Answers - 0 Comments

A. This is usually a bad move - the cash out part. What happens is you lose your equity. PLus, you'll likely incur costs which can't be rolled into the new loan. Your best bet is to pay cash for the repairs.
Answered by John Deere 4620 - Tue Sep 1 17:31:12 2009

How do you go about refinancing your mortgage?
Q. I have a 5 year interest only mortgage and just closed on my condo 4 months ago. It appears rates are lower. How do I go about refinancing and what are the advantages? If it's lower should I autmoatically do it?
Asked by clemmie mayer - Sat Oct 10 16:10:50 2009 - - 2 Answers - 0 Comments

A. If you are looking for the best mortgage refinancing site, try this site Here you can find the lowest interest rate in your area
Answered by takisha burks - Mon Oct 12 12:33:14 2009

How long does the money from refinancing a house take to receive?
Q. I'm not very familiar with the whole refinancing concept yet so I'm not sure how long one must wait for the money. Are there factors taken into account to figure out an estimate? I've heard it takes about a month, but then again, I'm just a noob at this.
Asked by RckStar1 - Fri Oct 19 19:38:38 2007 - - 3 Answers - 0 Comments

A. depends on the lender and your situation. A month the average time table, but don't count on it until the money is in your hand. There is a 3 day waiting period after you close that allows you to change your mind.
Answered by blibityblabity - Fri Oct 19 20:30:16 2007

When refinancing, are you refinancing the balance of current mortgage or the value of the home?
Q. I'm considering refinancing but am a little confused about the process. I cant figure out if I would be refinancing my balance or if the new loan would be for the value of the home? EX: my current loan was for $89,900 but i owe $79, 500.The value of my home was appraised for $92,000 but is now worth $140,000. So what would the new loan amount be for?
Asked by katlover - Tue Apr 7 17:21:04 2009 - - 7 Answers - 0 Comments

A. balance of the existing mortgage
Answered by $so fresh so clean$ (3 for 3) - Tue Apr 7 18:38:37 2009

What is refinancing a loan and what does it do for me?
Q. When I took out my car loan I had a higher interest rate because I didn't have a lot of established credit. The guy at the bank I was working with said I should consider refinancing in a few months when I had built up my credit some more. What benefits does refinancing have and when is the best time to do it?
Asked by Emily - Fri Dec 4 15:30:21 2009 - - 2 Answers - 0 Comments

A. Auto finance is what I do for a living and while Jake is technically correct the real truth is bankers and sales people will say just about anything to make a sale and the truth is even after you have made say 12-payments as agreed the bank that your already financed with has no reason to lower your interest rate they already have a signed legal contract. So if your not upside down in your loan (owe more then the car is worth) what you will have to do is find another bank or credit union to get a better loan and lower your payments.
Answered by unknown - Fri Dec 4 15:43:39 2009

How do you go about refinancing a car?
Q. I've had my car for 2-1/2 years, and would like to lower my payments. How do you go about it? The company that currently finances my car doesn't do refinancing.
Asked by lauretta988 - Thu Nov 12 11:30:58 2009 - - 2 Answers - 0 Comments

A. Refinancing is very difficult with used cars because so often the owner is upside down in their loan. No bank is going to loan you more than the car is worth. You must have equity in the vehicle in order to refinance it. Refinancing is essentially repurchasing the car with a new loan. If your credit has improved over the last 2 1/2 years and you qualify for a lower interest rate you can lower your payment. But it takes several percentage points to make any real difference. A $10,000 loan for 4 years at 6.5% is only $11.00 difference a month than the same loan at 8.5%. Plus there will more than likely be fees the lender wil charge you for processing the refinance loan that will cost you cash out of pocket. Plus you have to consider… [cont.]
Answered by mccoyblues - Thu Nov 12 11:50:03 2009

How do I go about refinancing my student loan?
Q. A few years ago, I received a Sallie Mae student loan for about $8000 with the understanding that the interest rate would be about 4%. To my dismay, I recently found out that this rate was not fixed, and my current rate is now just over 9% - more than double the original! How does one go about refinancing a loan of this (small) size? Assuming my credit is good, what fixed rate can I expect to recieve? Thanks in advance.
Asked by op_op_meister - Fri May 4 20:59:09 2007 - - 4 Answers - 0 Comments

A. If student loans start out as variable rate loans, they cannot currently be refinanced into a fixed rate student loan. Rules have been changing back and forth on if student loans are fixed or variable, so your confusion is understandable. You could try balance transferring the student loan onto a 'fixed for life' credit card rate. You might be able to save a few points in interest this way. If your credit is stellar, you may be able to get a fixed rate personal loan from your bank or credit union. Most of the time, personal loans are variable rate, though. If you own a car or a house with at least $8k in equity, you could refinance one of those. Things to watch out for if you do this: - Any fees attached to the new loan (BT fees,… [cont.]
Answered by aj485 - Fri May 4 21:36:05 2007

What's the difference between home loan modification and mortgage refinancing?
Q. home loan modification vs mortgage refinancing, are they the same thing?
Asked by unknown - Sun Jun 7 02:49:42 2009 - - 3 Answers - 0 Comments

A. A mod will take your existing loan and make changes to it it can lower your interest rate and your payment or just lower your payment the bank will take your financial information from you and then they will determine how much you can afford to pay a month then the mortgage company will make a decision based on the information they have got from you if they will do the mod but with the new obama plan they will give you a mod for 3 months to see if you can make the new payments is you can then you get the mod if you can't then you don't and the obama plan will give you a fixed interest rate instead of an adjustable one A refinance will give you a completely new loan so you could get a lower interest rate and a new payment but if you are… [cont.]
Answered by kat - Mon Jun 8 08:56:36 2009

Can I lower the interest rate on my mortgage without refinancing?
Q. I am considering refinancing, but I am not really too sure yet. Is there any way that I could call my current lender and just negotiate a lower interest rate with them? This way I could possibly avoid all of the closing costs, etc that are associated with refinancing. Has anyone had any luck with this?
Asked by suttonsigep - Fri Feb 8 14:11:13 2008 - - 13 Answers - 0 Comments

A. ummm...im going to go with NO WAY!
Answered by Johnny A - Fri Feb 8 14:14:49 2008

Is the process of refinancing your home easier than the process of buying it?
Q. We are self employed and our family has helped us purchase our home with a balloon note. We will refinance within two years to take their home off as collateral on the loan. Is the process of refinancing easier than the process of buying?
Asked by Lynn - Mon May 4 19:49:25 2009 - - 2 Answers - 0 Comments

A. About the only difference between buying a house and refinancing a house is the fact that you don't have to house hunt. Other than that, it's about the same.
Answered by Steve D - Mon May 4 19:55:04 2009

What are the average costs involved with refinancing a vehicle?
Q. Just refinancing fees/costs/etc not the cost of the loan itself.
Asked by amason1226 - Fri Jul 13 16:43:28 2007 - - 4 Answers - 0 Comments

A. It shouldn't cost you anything. The new company pays off the old one & you start paying the new debt. There shouldn't be any fees to refinance a car.
Answered by Deb S - Fri Jul 13 16:48:11 2007

How much does a real estate agent make from refinancing a home?
Q. I am refinancing my home through a real estate agent.
Asked by Travel Boy - Fri Apr 20 15:32:42 2007 - - 8 Answers - 0 Comments

A. Some states require mortgage brokers to have real estate licenses too, where as some states won't let Realtors be mortgage brokers. It sounds like you are working with a Realtor who is a mortgage broker on the side. A Realtor is not commissioned in a refinance, but if he is acting as a mortgage broker he is, and is probably making between 1.5-4% of the loan amount.
Answered by linkus86 - Fri Apr 20 18:32:57 2007

Can someone explain the difference between using a mortgage broker, mortgage lender, & a bank for refinancing?
Q. What are the benefits and drawbacks to each? We are refinancing our home.
Asked by bayleigh789 - Sat Mar 31 13:20:32 2007 - - 5 Answers - 0 Comments

A. The short answer is that a broker searches wholesale lenders to find the best loan program and/or rates for you. A banker and a lender are the same thing, except when you're talking about an actual bank like Bank of America, Wells Fargo, etc. A lender/banker usually has better rates but may have fewer programs. The rates are better, because although they have the same wholesalers, their relationships are different. Lenders have a correspondent relationship, which means they underwrite the loans and sell them on a warehouse line of credit. A typical borrower doesn't know this and usually doesn't care, except that the interest rate is usually lower with a lender. However, you may have slightly higher closing costs because the lender will… [cont.]
Answered by Digger - Sat Mar 31 14:27:36 2007

How soon after purchasing a car can I apply for refinancing?
Q. I have bad credit and I just bought an almost new car (It only had 4,000 miles on it) at 15% APR. How soon can I apply for refinancing with another finance company? Do I have to wait a year?
Asked by RIKA FURY - Tue Oct 3 00:46:30 2006 - - 5 Answers - 0 Comments

A. Biting the bullet at high APR's is sometimes necessary to repair bad credit. Your best bet would be to make good, on time, monthly payments for about 8-12 months. This will give your credit time to rebuild so that when you refinance you can get the best rate possible. During the 8-12 months try to pay any back debts or delinquent bills that you may have. Try to keep good revolving credit (like a credit card that you pay off every month) going during this time as well. By doing this I have seen credit scores go from Mid 500's to Mid 700's which will qualify you for 0% - 6% APR. Good Luck.
Answered by Josh - Tue Oct 3 01:06:03 2006

Do different banks go by their own Parameters when considering refinancing a loan for a house?
Q. BofA told us that their parameters changed and went lower and therefore we do not qualify to refinance. Do different companies/mtg lenders go by their own Parameters when considering clients/customers for refinancing? Or is it all the same for lien holders?
Asked by lady_bella - Thu Jul 10 22:07:59 2008 - - 4 Answers - 0 Comments

A. Each lender is responsible for their own warehouse line (a line of credit that pools together lots of mortgage loans). If a loan doesn't get bought by Fannie or Freddie, the bank is STUCK with your loan on their warehouse line... THEY won't do it! This is the exact reason to use a mortgage broker rather than a banker. Brokers can SHOP your loan to different lenders. ALSO, a broker that knows how to package a loan will be able to show compensating factors to get a loan done that might not have a picture perfect borrower. So, your situation doesn't fit their parameters... get qualified with a broker who knows what he is doing! Best of luck!
Answered by David Beasley - Thu Jul 10 22:45:51 2008

Is refinancing your student loans a good idea?
Q. I owe $$ on my student loans. I received some information about refinancing which sounds pretty good. Does anyone have any advice on this? What are the advantages and disadvantages of doing this?
Asked by Xuxu8765548034567680 - Thu May 25 13:42:07 2006 - - 1 Answers - 0 Comments

A. Yes if your payments and interest rate is loweredd and it doesn't it is not expensive. You should look into refinancing only if the above is true. The advantages is that you would make lower monthly payments, though it might be spread over a longer period of time. If you can keep the same time frame for paying the loan off with lower payments that would be better. The disadvantage is if you don't refinance to a lower rate and lowere payment you will continue to pay the same monthly payment as you are now which might be higher unless you look into the possibility of refinancing the loan. You might try this link and see if they can offer you a better deal. www.nextstudent.com I hope this has been of some use to you, good luck. "FIGHT [cont.]
Answered by Skip - Thu May 25 13:52:45 2006

What are the individual costs involved with refinancing?
Q. I am confused because we are getting quotes from 2000 to 4500... Can anyone give me a list of the individual items, as well as the individuals involved in refinancing? i.e. that the the bank, title company, mortgage broker, appraiser, etc... Thanks sooo much for your help!
Asked by Bayleigh789 - Tue Jun 29 17:34:27 2010 - - 2 Answers - 0 Comments

A. Technically, they should be spelling it out for your Good Faith Estimate. In general it usually works out to something between 2% and 5% of the amount financed. It ain't cheap -- which is one of the reasons why refinancing often is not in your long term financial interest.
Answered by MVD34 - Tue Jun 29 17:41:29 2010