How should I go about refinancing my home?
Q. I have a mortgage loan at 6% with a balance less than 80,000/8 years. Should I refinance the balance that I owe to invest my money somewhere else? Would it be worth refinancing with only 8 years left? I was thinking about purchasing a new home and renting the current one that I have. The market where my home is very good for renting. Thank you.
Asked by leilani m - Mon Jan 19 02:46:08 2009 - - 2 Answers - 0 Comments

A. Dear Leilani, Without greater knowledge of your full loan terms and the likelihood of your finding a "good" investment, I would recommend staying in your present position. Why? (1) Your current payments reflect a far greater percentage of principle than interest.(2) Your financing costs will likely exceed any savings from a nominal discount on your interest rate for your remaining $80,000. (3) The real estate market is still at a critical stage for at least the next six months and markets that have not previously sufferred may suddenly tank on general economic grounds. (4) This is not the best time to take risks. (5) Enjoy your good fortune of being able to sleep well at night. (6) Unless the home you wish to purchase is in a… [cont.]
Answered by BLCOHEN529 - Mon Jan 19 03:17:19 2009

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 Spinky spark nut - Tue Sep 1 17:31:12 2009

I am refinancing my mortgage, can I start to sell the house now?
Q. I am refinancing a ballon to a fixed rate mortgage and in the agreement it says that I have to occupy the property for at least one year after refinance closing. Can I start to look for a buyer now tho?
Asked by Claudio F - Thu Jul 16 16:12:57 2009 - - 3 Answers - 0 Comments

A. yes. you can sell it in a month if you want. that language is there so that you agree not to turn place into investment property. it does not prohibit you from selling in less than a year refi is expensive. usually the cost requires 2-3 years to break even.
Answered by David Z - Thu Jul 16 16:19:18 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 - 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 - Mon Oct 12 12:33:14 2009

What are the pros and cons of refinancing a car?
Q. I have good credit (well over 700). The resale value of my 2004 Honda Civic is well above what I owe. I'm interested in refinancing to pull some money out to pay off a credit card bill. If I do refinance, how will this look on my credit? My husband and I are also interested in purchasing a new vehicle in the next few months and refinancing our home next year. Good idea to refinance my car? Thanks very much!
Asked by KC - Sat Sep 8 16:04:24 2007 - - 3 Answers - 0 Comments

A. The interest on a used car loan is significantly higher than a new car. Sounds like your at the top of a long slippery financial slope. If your in a situation that makes you consider a loan to pay off a loan (car and credit cards) you are not in a situation to consider a new vehicle in the next few months or refinancing your home next year. Calculate you total indebtedness, how you will pay it down, then think of a loan if REALLY needed.
Answered by Mike M. - Sat Sep 8 16:13:41 2007

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

What does car mileage have to do with refinancing decision?
Q. I tried to refinance my 2003 Nissan Altima after paying 15 months on time. I started the loan at $10,000 and my balance as of now is $6123. They rejected my refinancing because my mileage was 115,000. What does that have to do with the decision of refinancing?? I showed that I can make payments on time.
Asked by ANDY - Tue Aug 19 02:57:22 2008 - - 2 Answers - 0 Comments

A. This other poster sounds if he/she is trying to sell you on his/her finance company. That post comes off sounding like a commerical. And he/she makes it sounds too good to be true, which it probably is. Getting real about the mileage and refinancing, all reputable lenders take into consideration the age and mileage of a car. Some use 15,000 miles per year as their criteria for normal driving. Others may use 18,000 miles per year. The reason mileage and age are so important is that lenders know that cars eventually break down. The older they are and the higher mileage they are, the more costly the break downs will be. If you apply for a loan on a 6 year old car, you're on the boarderline for age. 6 years old is the cut off point for all… [cont.]
Answered by insidebuy - Tue Aug 19 04:08:42 2008

When refinancing mortgage will it reveal credit details to spouse?
Q. My spouse and I are going to be refinancing our mortgage and added me on. I did check my credit and found that I have a good fico score. However, my spouse doesn't know about a couple credit cards that I have. Will these details be revealed when we go through the refinancing process to him, or is it more important that I just have a good credit fico score enough that any other details won't be revealed?
Asked by Amy R - Thu Feb 12 13:54:07 2009 - - 2 Answers - 0 Comments

A. The information will not automatically be revealed, but it could come out. How will you explain when he asks "can i see what your report says'? It could also be ab issue, if, when sitting down with the mortgage agent, he goes over the report and says " your only problem might be these extra cards...". So I guess the answer is that it COULD come out, but it won't necessarily come out. I won't comment on the moral implications of hiding things from your spouse.
Answered by Quizzard - Thu Feb 12 14:14:36 2009

how do I start refinancing my monthly car payment?
Q. Here's the deal: I have a used car that I am paying $320 a month (for a used car this is a bit much). I can afford this however but I'd just like to cut my monthly bills. Although all 24 months have been paid for (so 24 months left). The total lease was for 48 months. Do I talk to the car dealer I bought my car from or do I just start re-searching for a refinancing company?
Asked by A - Wed Sep 12 02:19:19 2007 - - 1 Answers - 0 Comments

A. Did you buy it or did you lease it? If you leased it you cannot refinance as you are basically renting the car and not financing anything. If you bought it, you can go to any lender (I'd start with the one that's currently handling your loan) and ask what kind of refinancing options they can offer you -- it will depend on the car (year/make/model) and your credit score and income.
Answered by nevergonnaletyoudown - Wed Sep 12 03:27:39 2007

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 SPIFIMAN1 - Fri Dec 4 15:43:39 2009

Who and where i can find the lowest closing costs on refinancing a mortgage?
Q. Where can I obtain the lowest fees on closing cost when refinancing a mortgage? Also, why does conventional bank around the corner usually has one of the highest closing costs than a smaller mortgage company? Which mortgage company has the best deal and what is reasonable amount to pay on closing costs for an mortgage amount of $360K?
Asked by REEMPIRE888 - Tue Mar 13 02:03:45 2007 - - -1 Answers - 0 Comments

A. Look up Atlantic Bancorp of CA..or Atlantic Bancorp of America..they may have changed their name. But I've been closing deals with them for 3 years. They're pretty great. You can look at www.atlanticloan.com
Answered by Kim - Tue Mar 13 02:07:54 2007

What are the risks associated with refinancing home loan with a local lender instead of the big companies?
Q. we are in the process of refinancing our home & i recently submitted my contact info online & i'm receiving calls from many of the local lenders, Can anybody let me know if there are any risks associated with the small companies instead of going with big banks like Wells fargo , BOA or WaMu .. Thank u in advance ...
Asked by MJ - Thu May 22 03:50:26 2008 - - 3 Answers - 0 Comments

A. It sounds like the other person just copied and pasted some random information from a website. Hon there is not a risk; they all get their money from the Federal Reserve. What you will be dealing with is professionalism, turn around time, and fees. If you go with a smaller ma & pop shop, such as a broker or a Broker Banker, or a independant bank you are using the middleman. The Bigger banks pay these brokers a fee called a Yield Spread Premium, or YSP, to submit their loans to them. The brokers generate the application; collect the required documents outlined by the underwriter, and charge you their fees for doing so. The time in which it takes to complete the loan application depends on the speed of the broker and you to get to them… [cont.]
Answered by If you only knew - Thu May 22 05:10:03 2008

what fees are paid to title company when refinancing?
Q. I am refinancing my home in texas. I've been asked to submit the name of the titile company i want to use. However, I need to know what costs are expected. Any information is appreciated.
Asked by kcotton213 - Mon Dec 29 23:27:26 2008 - - 2 Answers - 0 Comments

A. l. cost of title insurance for you-depends on home value 2. cost of title insurance for the lender depends on value of home 3. cost of closing with the escrow agent about $350 4. doc prep fee about $50 5. sometimes there are other fees but You can probably do #3 and #4 for less because I'm telling you what it is here in California. Sometimes they invent fees. You should call several title companies and ask for a written estimate based on your home/loan value. They will give it to you and it should be for no charge.
Answered by Terckel - Mon Dec 29 23:57:05 2008

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

What's the best way to go about refinancing your home if you've refinance before two years ago. I am on a adju
Q. I am on a adjustable rate mortgage and would like to go to a fixed mortgage with lower rate? I don't know who to go to for the refinancing, My Bank or credit union?
Asked by dlachel392005 - Wed Aug 1 17:46:36 2007 - - 3 Answers - 0 Comments

A. Actually, either one will work. What you need to do is pay attention to what you actually want - but also use the knowledge of your banking professional. SOOO often I get people that just call and say "what is your rate?" and they assume that the lowest number wins. This is a very poor way to do it. You need to sit down and look at your goals and see how long you want to stay in your home. Now, for an example of what rates and fees do for you - If you stay at your home for 2 years, you don't need to pay as much attention to the rate as you would think. If you pay a point or two to get a great rate, you may never see the return on your investment. In reverse, if you stay at the home for 7 years and say "I want no costs", you will pay… [cont.]
Answered by myfastsubaru - Wed Aug 1 17:59:55 2007

When refinancing my home what fee's should I look to avoid?
Q. I have heard of mortgage brokers who use low origination percentages tacking on additional fees in other categories. If in Texas I get a good faith estimate from a mortgage broker under what categories should I look. And if I am refinancing do I have to pay title insurance when I already paid if when I bought the home 2 years ago?
Asked by Louis W - Thu Apr 17 18:38:56 2008 - - 2 Answers - 0 Comments

A. Use a bank and there won't be a mortgage broker's fee. You will probably have these fees: appraisal, title insurance (this could be broken into a bunch of fees like attorney's fee, document fees, abstract fees, notary fees, fedex fees), flood certification, and a survey. Texas generally requires a survey. What you want to avoid are application fees, processing fees, doc prep fees from the lender...most of the lender's fees in fact are baloney. If you're buying down the rate, look for a discount fee or points. If you're paying points, be sure you're getting a loan discount for it. That's what points are for...to lower the rate on your loan. Some lenders charge application fees which will be applied to the closing costs. This is… [cont.]
Answered by daeve930 - Thu Apr 17 18:58:19 2008

Can I get a car loan after refinancing my house?
Q. We are working on refinancing our house and so far all is well. We plan to purchase a vehicle in a month or so. I am wondering if there will be a problem getting a car loan with minimal interest rate after refinancing our house. Any advice is much appreciated.
Asked by Puzzled - Thu Aug 9 17:11:49 2007 - - 13 Answers - 0 Comments

A. As long as you are not taking out additional equity from your home (you will owe the same amount at a lower or a fixed rate), your refinance shouldn't effect your credit (except for the hard credit inquiries your lender will make up until the loan closes). If you had good credit to begin with, it should be fine. If you are increasing the amount you owe, it may adversely effect your credit scores. The car loan itself may also negatively impact your credit score depending on your overall credit availability, total borrowed amount and ability to pay (based on your income).
Answered by PK - Thu Aug 9 17:17:11 2007

Does refinancing a vehicle harm your credit score?
Q. I purchased a vehicle at a time when my credit score was low due to identity theft and fraud on my record. I really needed a new vehicle, so I had no choice but to make the purchase with a high rate. I am now considering refinancing my vehicle for a lower rate. I know nothing about refinancing and am concerned about the after-effect of refinancing.
Asked by Tri - Sun Jul 19 13:15:09 2009 - - 3 Answers - 0 Comments

A. It can indeed lower your credit score. When the bank or loan company requests your credit report, that in itself can lower your credit score a bit. When you receive the refinance loan, that counts as a new loan, and will lower your score further. Still, if you have a reasonable credit score (which you can purchase from ) and the refinance will really help you financially, it might be worth it.
Answered by DON W - Sun Jul 19 13:27:06 2009

Should we roll our second home line of equity loan into our first which we are refinancing?
Q. We are refinancing our first mortgage. We have a second which is a home equity line of credit at 7.78% We can probably pay it off in 10 years. Should we roll it into our first and refinance both at 5.20% for 30 years? Would the difference in interest rates offset the extra 20 years of payments?
Asked by tennis - Mon Jul 13 19:10:31 2009 - - 3 Answers - 0 Comments

A. You do not mention how much you owe on the home equity line of credit, so I cannot tell you the difference between the savings from the lower interest rate vs. the extra years of payment. Nevertheless, I recommend that you DO roll it all into one mortgage. You can always pay extra on principal if you want to pay off your home sooner, but it would be better, in my opinion, to set aside any extra money into a liquid savings account instead. Funds you pre-pay against your mortgage will save you money in total finance charges, but the equity you build up that way is equity you cannot get to except by selling your home or borrowing against it. By comparison, money you set aside in a liquid savings account is always available to you and… [cont.]
Answered by doreen k - Tue Jul 14 00:24:23 2009

Where is the best place to go for refinancing a home?
Q. I am thinking about refinancing since currently I'm at a 7.5% loan. I've had the house for almost 3 years (paying that interest!) and I'd really like to lower my payments. Can anyone make a good suggestion as to who I should go through for a great deal? Only problem is I don't really have much money to put up front.
Asked by Gelio - Wed Nov 18 10:29:19 2009 - - 2 Answers - 0 Comments

A. Our home is worth exactly the same it was worth 3 years ago, if not less, much less. You might not have any equity on your home, even if you put 20% down 3 years ago. To refi- you need 10% down (equity), or 20% down if you have any dings on your credit reports. First step is to check your credit reports at annualcreditreport.com print them out - they are free - no credit card required fix all the errors and wait 30 days Then get your score from Equifax.com for about 8 bucks or so. If your score is more than 740 to 760, you will only need to put down 10% down - equity. /
Answered by Judy - Wed Nov 18 10:35:54 2009