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
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
What is the benefit of refinancing a home?
Q. We bought a home in August. We have a high interest rate because of our credit. The financer told us to refince in 6 months to bring the rate down. Are there any other benefits to refinancing?
Asked by Lisa A - Tue Oct 3 16:28:21 2006 - - 9 Answers - 0 Comments
A. There are a ton of benefits in refinancing if the timing is right. First, you need to be sure you have fixed the credit problems you have. Unfortunately buying a house doesn't give you good credit automatically. I am guessing the clown who told you that is more interested in making a premium on you a second time then putting you into a better financial position. If he has given you guidance for the past six months, my apologies on the "clown" thing. I am a mortgage banker at a very reputable bank, if you are interested in getting more specific guidance, give me a yell. I'd love to talk a little shop! 312/738-8436
Answered by J O - Tue Oct 3 20:06:54 2006
Q. We bought a home in August. We have a high interest rate because of our credit. The financer told us to refince in 6 months to bring the rate down. Are there any other benefits to refinancing?
Asked by Lisa A - Tue Oct 3 16:28:21 2006 - - 9 Answers - 0 Comments
A. There are a ton of benefits in refinancing if the timing is right. First, you need to be sure you have fixed the credit problems you have. Unfortunately buying a house doesn't give you good credit automatically. I am guessing the clown who told you that is more interested in making a premium on you a second time then putting you into a better financial position. If he has given you guidance for the past six months, my apologies on the "clown" thing. I am a mortgage banker at a very reputable bank, if you are interested in getting more specific guidance, give me a yell. I'd love to talk a little shop! 312/738-8436
Answered by J O - Tue Oct 3 20:06:54 2006
How can I get information on refinancing a home after I purchase it out right to pay back family?
Q. I would like to purchase a home that a close friend has that is going into foreclosure. I am able to get the money to purchase this home from family if I can assure them I could get it back to them by refinancing the money out. I would purchase the house for right under 200k and it is worth a little over 400k. So I would not take out all of the equity in the house out. Only enough to pay back family and have some money for appliances and furniture.
Asked by sandybeachfrontoffice - Wed Nov 7 05:50:03 2007 - - 2 Answers - 0 Comments
A. Assuming that your figures are correct and not just a pipe dream, you can go to a mortgage broker and arrange for a mortgage on the property. If you are buying the property for $200K, you would need about $40K to get a mortgage at a reasonable rate without having to pay mortgage insurance. If the home is appraised at $400K, and you are paying $40K, there should be no problem financing it with a $160K mortgage, providing you have income with which you can repay the loan. If you are counting on family to provide the entire $200K, you still need the ability to repay the debt, and you need an income from which to make those payments. Keep in mind that owning a home involves additional expenses, such as maintenance, property taxes, insurance,… [cont.]
Answered by Serge M - Wed Nov 7 06:36:54 2007
Q. I would like to purchase a home that a close friend has that is going into foreclosure. I am able to get the money to purchase this home from family if I can assure them I could get it back to them by refinancing the money out. I would purchase the house for right under 200k and it is worth a little over 400k. So I would not take out all of the equity in the house out. Only enough to pay back family and have some money for appliances and furniture.
Asked by sandybeachfrontoffice - Wed Nov 7 05:50:03 2007 - - 2 Answers - 0 Comments
A. Assuming that your figures are correct and not just a pipe dream, you can go to a mortgage broker and arrange for a mortgage on the property. If you are buying the property for $200K, you would need about $40K to get a mortgage at a reasonable rate without having to pay mortgage insurance. If the home is appraised at $400K, and you are paying $40K, there should be no problem financing it with a $160K mortgage, providing you have income with which you can repay the loan. If you are counting on family to provide the entire $200K, you still need the ability to repay the debt, and you need an income from which to make those payments. Keep in mind that owning a home involves additional expenses, such as maintenance, property taxes, insurance,… [cont.]
Answered by Serge M - Wed Nov 7 06:36:54 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
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
How did homeowners take advantage of rising housing prices by refinancing?
Q. In many writeups on the current economic crisis that I've read, I frequently see reference to how homeowners, in a speculative bubble, assumed that their real estate values would go up, after which they would refinance, and reap some benefit, etc. I'm looking for an explanation of how rising prices would enable refinancing, and then, what benefit would be gained by doing so. Thanks.
Asked by darkfyre - Thu Nov 13 21:12:09 2008 - - 3 Answers - 0 Comments
A. After an economic bubble breaks, in this case houses, product value drops because there are no longer as many buyers. And in the case of houses, the banking system relied heavily on the purchase of new homes. The more homes that sell the more loans are granted by banks. A halt in home sales puts a dent in the bottom line of lenders. Therefore, the banking system keeps the lending rates low. And, generally, banks become more eager to re-finance to home owners with good credit. (However, the current economic situation is kind of throwing a little bit of a wrench in the process.) But the more clients paying to a lending the institution, the better it is for that institution. The benefit for the home owner is a lower interest rate on… [cont.]
Answered by Todd Jansens Monkey - Thu Nov 13 21:34:37 2008
Q. In many writeups on the current economic crisis that I've read, I frequently see reference to how homeowners, in a speculative bubble, assumed that their real estate values would go up, after which they would refinance, and reap some benefit, etc. I'm looking for an explanation of how rising prices would enable refinancing, and then, what benefit would be gained by doing so. Thanks.
Asked by darkfyre - Thu Nov 13 21:12:09 2008 - - 3 Answers - 0 Comments
A. After an economic bubble breaks, in this case houses, product value drops because there are no longer as many buyers. And in the case of houses, the banking system relied heavily on the purchase of new homes. The more homes that sell the more loans are granted by banks. A halt in home sales puts a dent in the bottom line of lenders. Therefore, the banking system keeps the lending rates low. And, generally, banks become more eager to re-finance to home owners with good credit. (However, the current economic situation is kind of throwing a little bit of a wrench in the process.) But the more clients paying to a lending the institution, the better it is for that institution. The benefit for the home owner is a lower interest rate on… [cont.]
Answered by Todd Jansens Monkey - Thu Nov 13 21:34:37 2008
Can I sell my truck directly after refinancing it? Is there typically penalties for that?
Q. I have a loan in southern california and I'm trying to sell it in Northern california. I just want to know if there is any penalties for refinancing it in northern california in order that I may sell it at the new bank's local branch.
Asked by Greg S - Wed Mar 12 22:08:34 2008 - - 2 Answers - 0 Comments
A. There is no penalty for this but why would you go through all the time and trouble as you do not need to refinance it to sell it there?
Answered by Jeeves - Sat Mar 15 23:52:31 2008
Q. I have a loan in southern california and I'm trying to sell it in Northern california. I just want to know if there is any penalties for refinancing it in northern california in order that I may sell it at the new bank's local branch.
Asked by Greg S - Wed Mar 12 22:08:34 2008 - - 2 Answers - 0 Comments
A. There is no penalty for this but why would you go through all the time and trouble as you do not need to refinance it to sell it there?
Answered by Jeeves - Sat Mar 15 23:52:31 2008
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
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
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
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
Refinancing home for a little extra money, will I get the check at closing?
Q. We are refinancing our home for a few extra thousand to do some improvements. Our bank is out of state so they are sending a lady to our house tonight to close. Will she bring our check with her and we get it tonight?
Asked by honeybear - Fri Sep 7 06:03:37 2007 - - 4 Answers - 0 Comments
A. There is a 3day right of rescission on primary residences. You have 3days to say no to the loan. After the 3rd day they normally fedex you a check. If you closed with a local title company then you can go to their office to pick it up!
Answered by Carolinahomerates.com - Fri Sep 7 12:09:41 2007
Q. We are refinancing our home for a few extra thousand to do some improvements. Our bank is out of state so they are sending a lady to our house tonight to close. Will she bring our check with her and we get it tonight?
Asked by honeybear - Fri Sep 7 06:03:37 2007 - - 4 Answers - 0 Comments
A. There is a 3day right of rescission on primary residences. You have 3days to say no to the loan. After the 3rd day they normally fedex you a check. If you closed with a local title company then you can go to their office to pick it up!
Answered by Carolinahomerates.com - Fri Sep 7 12:09:41 2007
How do I go about refinancing my home?
Q. My husband and I both got 10% cut in pay and he was cut down to 32 hours a week, I work full time but 1 wk it is 3 - 12 hour shift and next week is 4 - 12 hour shift so I really don't have 40 hours each week. Our bills are going higher and our pay is not. Would refinancing help us? Do not know how to go about it.
Asked by familyfun68 - Fri Apr 3 13:55:27 2009 - - 2 Answers - 0 Comments
Q. My husband and I both got 10% cut in pay and he was cut down to 32 hours a week, I work full time but 1 wk it is 3 - 12 hour shift and next week is 4 - 12 hour shift so I really don't have 40 hours each week. Our bills are going higher and our pay is not. Would refinancing help us? Do not know how to go about it.
Asked by familyfun68 - Fri Apr 3 13:55:27 2009 - - 2 Answers - 0 Comments
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
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
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
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
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
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
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
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
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
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
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
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
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 - - 6 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
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 - - 6 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 there a rule of thumb for home refinancing?
Q. I'm thinking that there is some rule that says something like "Refinancing your home makes sense only if you intend to stay in the same house at least "X" number of years and you can reduce your rate by at least "X" percentage points. Is there such a rule?
Asked by joedeshon - Wed Mar 5 12:51:41 2008 - - 3 Answers - 0 Comments
A. To make sure refinancing makes sense, it's wise to calculate your break-even point. If you are planning on staying in the loan/home longer than that point, generally, it makes sense. To calculate your break-even point, divide the cost of refinancing by the amount of money the refinance will save you each month. So, say it costs you $3,000 to save $200 a month. $3,000 / $200 = 15. It would take you 15 months to recoup the money spent on refinancing and realize pure savings. If you plan on being in the home for at least another 2 years, refinancing makes sense. Hope this helps!
Answered by Quicken Loans - Mon Mar 10 10:56:52 2008
Q. I'm thinking that there is some rule that says something like "Refinancing your home makes sense only if you intend to stay in the same house at least "X" number of years and you can reduce your rate by at least "X" percentage points. Is there such a rule?
Asked by joedeshon - Wed Mar 5 12:51:41 2008 - - 3 Answers - 0 Comments
A. To make sure refinancing makes sense, it's wise to calculate your break-even point. If you are planning on staying in the loan/home longer than that point, generally, it makes sense. To calculate your break-even point, divide the cost of refinancing by the amount of money the refinance will save you each month. So, say it costs you $3,000 to save $200 a month. $3,000 / $200 = 15. It would take you 15 months to recoup the money spent on refinancing and realize pure savings. If you plan on being in the home for at least another 2 years, refinancing makes sense. Hope this helps!
Answered by Quicken Loans - Mon Mar 10 10:56:52 2008
Can a person on the title but not the mortgage stop me from refinancing?
Q. I have a loan contract with a person on the title (individual property grant deed) in which the contract for the loan "shall continue until the property is sold". Even though I am not selling the property, I have offered a buyout amount for his 10% share and he is threatening to block any refinancing unless I meet his demand for a buyout amount. We differ on the appraisal amount of the property. My appraiser was approved by my lender and is a Certified Residential Real Estate Appraiser in California and I have no idea if or what type of appraiser he used. Can he do this even if he is not and will not be on the original mortgage or the refinanced mortgage? Would it be better to rescind the offer and just wait to pay him when I sell at a… [cont.]
Asked by Bewildered - Sun May 7 13:16:47 2006 - - 4 Answers - 0 Comments
A. Yes. The person on the title can block your attempt to refinance. You can wait to sell, but he will have the same veto power over any contract offer as well.
Answered by HMMMMMM - Sun May 7 14:46:37 2006
Q. I have a loan contract with a person on the title (individual property grant deed) in which the contract for the loan "shall continue until the property is sold". Even though I am not selling the property, I have offered a buyout amount for his 10% share and he is threatening to block any refinancing unless I meet his demand for a buyout amount. We differ on the appraisal amount of the property. My appraiser was approved by my lender and is a Certified Residential Real Estate Appraiser in California and I have no idea if or what type of appraiser he used. Can he do this even if he is not and will not be on the original mortgage or the refinanced mortgage? Would it be better to rescind the offer and just wait to pay him when I sell at a… [cont.]
Asked by Bewildered - Sun May 7 13:16:47 2006 - - 4 Answers - 0 Comments
A. Yes. The person on the title can block your attempt to refinance. You can wait to sell, but he will have the same veto power over any contract offer as well.
Answered by HMMMMMM - Sun May 7 14:46:37 2006
Would it be better to pay large lump sum to current mortgage before refinancing?
Q. Currently looking at refinancing home, but can't decide if it would be better to add additional monies to current mortgage to lower amount to be refinanced, or refinance and put that sum onto new mortgage.
Asked by ajude - Fri Feb 13 19:13:56 2009 - - 1 Answers - 0 Comments
A. It depends on your reasoning for refinancing. Are you trying to get a lower monthly payment? Save more money in the long run by lowering your interest rate? Trying to get cash back to pay off some debts? I've been working in mortgage for over a year and I've seen a ton of scenarios, especially now with the rates being so low. If you currently have an interest rate that is more than one full percentage point higher than the current rates, you MIGHT want to consider refinancing. Instead of puting a lump sum of money towards the current mortgage, use it as a down-payment on the new refinance. Check out a local credit union if you have one. They are not-for-profit. That means, they DO make profits so that they can function as a… [cont.]
Answered by Nichole R - Fri Feb 13 20:43:16 2009
Q. Currently looking at refinancing home, but can't decide if it would be better to add additional monies to current mortgage to lower amount to be refinanced, or refinance and put that sum onto new mortgage.
Asked by ajude - Fri Feb 13 19:13:56 2009 - - 1 Answers - 0 Comments
A. It depends on your reasoning for refinancing. Are you trying to get a lower monthly payment? Save more money in the long run by lowering your interest rate? Trying to get cash back to pay off some debts? I've been working in mortgage for over a year and I've seen a ton of scenarios, especially now with the rates being so low. If you currently have an interest rate that is more than one full percentage point higher than the current rates, you MIGHT want to consider refinancing. Instead of puting a lump sum of money towards the current mortgage, use it as a down-payment on the new refinance. Check out a local credit union if you have one. They are not-for-profit. That means, they DO make profits so that they can function as a… [cont.]
Answered by Nichole R - Fri Feb 13 20:43:16 2009
From Yahoo Answer Search: 'refinancing'
Thu Jul 2 06:59:44 2009 [ refresh local cache ]
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Wall Street Journal
(RAD) took its first step Monday in refinancing its significant debt load coming due next year, a move in the right direction for the still highly leveraged ...
Rite Aid Shares Sink on Refinancing Plans TheStreet.com
Rite Aid plans $400 Mln notes offering - Update RTT News
Rite Aid to offer $400M senior secured notes Philadelphia Inquirer
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Refinancing home mortgages should I refinance now Before you consider refinancing your Florida home mortgage you ll want answers to some very important questions That s why the following information is so valuable
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Fri, 19 Jun 2009 04:30:00 GM
"(. Refinancing. ) is unsound and simply extends the financial crisis instead of shortening it," Michitson said. "While on the council, I reluctantly supported the last five-year deferral with the understanding that it was a one-time ...
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