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
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
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
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
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
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
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 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 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
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
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
Mortgage Finance Experts: How will the market affect homeowners who will be refinancing next year?
Q. My parents bought their home 4 years ago at a 4% rate, which is due to change next year when their loan rate. With the market crunch and the new strict lending that's bound to occur as a result of this, they are worried about what refinancing has in store for them. The good news is that they have flawless credit (they successfully removed their PMI, and they are early every month on their mortgage payments ---and they pay an extra couple of hundred dollars than they should. Not to mention their credit card debt is very low (only a couple of thousand dollars). They've both been at their great paying jobs for over a decade; but they are still worried about whether they will be able to secure a decent fixed rate when their mandatory… [cont.]
Asked by Kate373 - Wed Aug 29 09:55:42 2007 - - 5 Answers - 0 Comments
A. The biggest impact on our market is the following: 1. - There is no longer any subprime lending 2. - Jumbo loan rates have been rising disproportionate to the rest of the market 3. - The ALT-A market has all but vanished 4. - FHA Loans have become increasingly attractive. 5. - Fannie Mae loans have for the most part remained unaffected. While I certainly cannot predict what the market will be like a year from now (if I could I wouldn't be writing loans and training loan officers for a living) I don't see subprime on the radar for quite some time. Everything else will come around and normalize. Here's a point that everyone seems to be missing. For the most part this is a market problem - Given time the market will correct the problem.… [cont.]
Answered by loancareer - Wed Aug 29 10:04:06 2007
Q. My parents bought their home 4 years ago at a 4% rate, which is due to change next year when their loan rate. With the market crunch and the new strict lending that's bound to occur as a result of this, they are worried about what refinancing has in store for them. The good news is that they have flawless credit (they successfully removed their PMI, and they are early every month on their mortgage payments ---and they pay an extra couple of hundred dollars than they should. Not to mention their credit card debt is very low (only a couple of thousand dollars). They've both been at their great paying jobs for over a decade; but they are still worried about whether they will be able to secure a decent fixed rate when their mandatory… [cont.]
Asked by Kate373 - Wed Aug 29 09:55:42 2007 - - 5 Answers - 0 Comments
A. The biggest impact on our market is the following: 1. - There is no longer any subprime lending 2. - Jumbo loan rates have been rising disproportionate to the rest of the market 3. - The ALT-A market has all but vanished 4. - FHA Loans have become increasingly attractive. 5. - Fannie Mae loans have for the most part remained unaffected. While I certainly cannot predict what the market will be like a year from now (if I could I wouldn't be writing loans and training loan officers for a living) I don't see subprime on the radar for quite some time. Everything else will come around and normalize. Here's a point that everyone seems to be missing. For the most part this is a market problem - Given time the market will correct the problem.… [cont.]
Answered by loancareer - Wed Aug 29 10:04:06 2007
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 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
A. Refinancing may help depending on your current mortgage rate, the terms and the monthly payment. Refinancing may be difficult because of your drop in income, but that is far from certain. Use some mortgage calculators to see how much of a loan you may qualify for an then call a local mortgage lender to discuss the issue. The mortgage company is there to help you, ask as many questions as you want until you are comfortable. Refinancing to change your mortgage rate or its terms is easier than getting one for cash back, this may help qualify.
Answered by Russell S - Fri Apr 3 20:10:31 2009
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
A. Refinancing may help depending on your current mortgage rate, the terms and the monthly payment. Refinancing may be difficult because of your drop in income, but that is far from certain. Use some mortgage calculators to see how much of a loan you may qualify for an then call a local mortgage lender to discuss the issue. The mortgage company is there to help you, ask as many questions as you want until you are comfortable. Refinancing to change your mortgage rate or its terms is easier than getting one for cash back, this may help qualify.
Answered by Russell S - Fri Apr 3 20:10:31 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
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
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
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
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
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 is the outcome to refinancing your home? Are they good or bad?
Q. I was looking into refinancing my home to get my mortgage rate lower than what it already is. i think I'm paying too much for the area I live in.
Asked by louisboyd@sbcglobal.net - Fri Apr 27 16:44:00 2007 - - 4 Answers - 0 Comments
A. It CAN be a good thing. I refinanced a few years back. I went from a 7.5% to a 4.5%. It cost me about $1,500 to do it (apparaisals, etc). I did not take any cash out. My mortgage went from $1,515 to $1,304/month, but the best part is, I went from a 30 yr fixed to a 15 yr fixed. Just do your research and be sure you know what you are getting into. At this point in time, I'd say definitely go with a fixed rate.
Answered by bmt330 - Fri Apr 27 17:23:28 2007
Q. I was looking into refinancing my home to get my mortgage rate lower than what it already is. i think I'm paying too much for the area I live in.
Asked by louisboyd@sbcglobal.net - Fri Apr 27 16:44:00 2007 - - 4 Answers - 0 Comments
A. It CAN be a good thing. I refinanced a few years back. I went from a 7.5% to a 4.5%. It cost me about $1,500 to do it (apparaisals, etc). I did not take any cash out. My mortgage went from $1,515 to $1,304/month, but the best part is, I went from a 30 yr fixed to a 15 yr fixed. Just do your research and be sure you know what you are getting into. At this point in time, I'd say definitely go with a fixed rate.
Answered by bmt330 - Fri Apr 27 17:23:28 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
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
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
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
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 - - 2 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
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 - - 2 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
Is it a bad idea to apply for a credit card while in the middle of a mortgage refinancing process?
Q. I have a high credit score (760), and was approved for my bank's best rate. The refinancing process is taking awhile, and I would like to get a better rewards card than what I have. Would it be a bad idea to apply for a new credit card before the refinancing closes?
Asked by mistie - Sat Oct 10 16:08:13 2009 - - 0 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 britt - Mon Oct 12 12:31:02 2009
Q. I have a high credit score (760), and was approved for my bank's best rate. The refinancing process is taking awhile, and I would like to get a better rewards card than what I have. Would it be a bad idea to apply for a new credit card before the refinancing closes?
Asked by mistie - Sat Oct 10 16:08:13 2009 - - 0 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 britt - Mon Oct 12 12:31:02 2009
From Yahoo Answer Search: 'refinancing'
Wed Mar 10 10:40:06 2010 [ refresh local cache ]
[Hide]▼
news.google.com
Wall Street Journal
MADRID (Dow Jones)--Spanish media group Promotora de Informaciones SA (PRS.MC) said Wednesday it is finalizing an agreement with creditors to restructure ...
and more »
easyloans.allcashblog.com
admin
Mon, 01 Mar 2010 22:45:36 GM
how long . refinancing. . Just because a loan is easy to get that doesn't mean that its a good loan. Before signing on the bottom line, please have a clear understanding of what your getting yourself into. How long must i wait to . refinance. ...
[Hide]▲
