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
What does refinancing your car loan mean?
Q. I'm sorry if this is a really dumb question, but earlier someone suggested I refinance my car loan, but I have no idea what that means. I looked it up online, and it said something about lowering your payment interest when you transfer to a new lender. Coudl someone please explain in detail what refinancing your car loan does? Does it lower the amount of money you pay monthly? And if so, does that mean I would have to pay for more months?
Asked by unidentified - Sat Jul 31 20:16:31 2010 - - 5 Answers - 0 Comments
A. Refinancing an existing car loan is an easy process. A new lender pays off your old car loan, and the title is then transferred to that new lender. Your monthly payments are then made to your new lender. People refinance to get a better interest rate, which means over the full time of the loan, you'll end up not having to pay as much. Your monthly payments will be less, or the number of payments you have to make will be less, or both. But here's another idea - if you find that your car payments are really hurting your finances, consider just selling your car, paying off the loan, and then buying a cheaper used car with or without a loan. Yeah, you won't have a flashy set of wheels anymore, but you'll have a lot more money in your pocket. [cont.]
Answered by NoraCat - Sat Jul 31 20:24:23 2010
Q. I'm sorry if this is a really dumb question, but earlier someone suggested I refinance my car loan, but I have no idea what that means. I looked it up online, and it said something about lowering your payment interest when you transfer to a new lender. Coudl someone please explain in detail what refinancing your car loan does? Does it lower the amount of money you pay monthly? And if so, does that mean I would have to pay for more months?
Asked by unidentified - Sat Jul 31 20:16:31 2010 - - 5 Answers - 0 Comments
A. Refinancing an existing car loan is an easy process. A new lender pays off your old car loan, and the title is then transferred to that new lender. Your monthly payments are then made to your new lender. People refinance to get a better interest rate, which means over the full time of the loan, you'll end up not having to pay as much. Your monthly payments will be less, or the number of payments you have to make will be less, or both. But here's another idea - if you find that your car payments are really hurting your finances, consider just selling your car, paying off the loan, and then buying a cheaper used car with or without a loan. Yeah, you won't have a flashy set of wheels anymore, but you'll have a lot more money in your pocket. [cont.]
Answered by NoraCat - Sat Jul 31 20:24:23 2010
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
What are the advantages to refinancing my home?
Q. My home is nine years old. The first mortgage was 7.8% and the second is 8.0%. What are the advantages to refinancing my home?
Asked by Dalarus - Fri May 1 22:19:53 2009 - - 5 Answers - 0 Comments
A. Your monthly payment will be less.
Answered by 17 Year Old Blogger - Sun May 3 20:06:02 2009
Q. My home is nine years old. The first mortgage was 7.8% and the second is 8.0%. What are the advantages to refinancing my home?
Asked by Dalarus - Fri May 1 22:19:53 2009 - - 5 Answers - 0 Comments
A. Your monthly payment will be less.
Answered by 17 Year Old Blogger - Sun May 3 20:06:02 2009
How long does the money from refinancing a house take to receive?
Q. I'm not very familiar with the whole refinancing concept yet so I'm not sure how long one must wait for the money. Are there factors taken into account to figure out an estimate? I've heard it takes about a month, but then again, I'm just a noob at this.
Asked by RckStar1 - Fri Oct 19 19:38:38 2007 - - 3 Answers - 0 Comments
A. depends on the lender and your situation. A month the average time table, but don't count on it until the money is in your hand. There is a 3 day waiting period after you close that allows you to change your mind.
Answered by blibityblabity - Fri Oct 19 20:30:16 2007
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
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
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 unknown - Sat Oct 10 15:34:24 2009 - - 1 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 unknown - Mon Oct 12 12:27:05 2009
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 unknown - Sat Oct 10 15:34:24 2009 - - 1 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 unknown - Mon Oct 12 12:27:05 2009
What is refinancing a loan and what does it do for me?
Q. When I took out my car loan I had a higher interest rate because I didn't have a lot of established credit. The guy at the bank I was working with said I should consider refinancing in a few months when I had built up my credit some more. What benefits does refinancing have and when is the best time to do it?
Asked by Emily - Fri Dec 4 15:30:21 2009 - - 2 Answers - 0 Comments
A. Auto finance is what I do for a living and while Jake is technically correct the real truth is bankers and sales people will say just about anything to make a sale and the truth is even after you have made say 12-payments as agreed the bank that your already financed with has no reason to lower your interest rate they already have a signed legal contract. So if your not upside down in your loan (owe more then the car is worth) what you will have to do is find another bank or credit union to get a better loan and lower your payments.
Answered by unknown - Fri Dec 4 15:43:39 2009
Q. When I took out my car loan I had a higher interest rate because I didn't have a lot of established credit. The guy at the bank I was working with said I should consider refinancing in a few months when I had built up my credit some more. What benefits does refinancing have and when is the best time to do it?
Asked by Emily - Fri Dec 4 15:30:21 2009 - - 2 Answers - 0 Comments
A. Auto finance is what I do for a living and while Jake is technically correct the real truth is bankers and sales people will say just about anything to make a sale and the truth is even after you have made say 12-payments as agreed the bank that your already financed with has no reason to lower your interest rate they already have a signed legal contract. So if your not upside down in your loan (owe more then the car is worth) what you will have to do is find another bank or credit union to get a better loan and lower your payments.
Answered by unknown - Fri Dec 4 15:43:39 2009
How do 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 you go about refinancing a car?
Q. I've had my car for 2-1/2 years, and would like to lower my payments. How do you go about it? The company that currently finances my car doesn't do refinancing.
Asked by lauretta988 - Thu Nov 12 11:30:58 2009 - - 2 Answers - 0 Comments
A. Refinancing is very difficult with used cars because so often the owner is upside down in their loan. No bank is going to loan you more than the car is worth. You must have equity in the vehicle in order to refinance it. Refinancing is essentially repurchasing the car with a new loan. If your credit has improved over the last 2 1/2 years and you qualify for a lower interest rate you can lower your payment. But it takes several percentage points to make any real difference. A $10,000 loan for 4 years at 6.5% is only $11.00 difference a month than the same loan at 8.5%. Plus there will more than likely be fees the lender wil charge you for processing the refinance loan that will cost you cash out of pocket. Plus you have to consider… [cont.]
Answered by mccoyblues - Thu Nov 12 11:50:03 2009
Q. I've had my car for 2-1/2 years, and would like to lower my payments. How do you go about it? The company that currently finances my car doesn't do refinancing.
Asked by lauretta988 - Thu Nov 12 11:30:58 2009 - - 2 Answers - 0 Comments
A. Refinancing is very difficult with used cars because so often the owner is upside down in their loan. No bank is going to loan you more than the car is worth. You must have equity in the vehicle in order to refinance it. Refinancing is essentially repurchasing the car with a new loan. If your credit has improved over the last 2 1/2 years and you qualify for a lower interest rate you can lower your payment. But it takes several percentage points to make any real difference. A $10,000 loan for 4 years at 6.5% is only $11.00 difference a month than the same loan at 8.5%. Plus there will more than likely be fees the lender wil charge you for processing the refinance loan that will cost you cash out of pocket. Plus you have to consider… [cont.]
Answered by mccoyblues - Thu Nov 12 11:50:03 2009
What's the difference between home loan modification and mortgage refinancing?
Q. home loan modification vs mortgage refinancing, are they the same thing?
Asked by unknown - Sun Jun 7 02:49:42 2009 - - 3 Answers - 0 Comments
A. A mod will take your existing loan and make changes to it it can lower your interest rate and your payment or just lower your payment the bank will take your financial information from you and then they will determine how much you can afford to pay a month then the mortgage company will make a decision based on the information they have got from you if they will do the mod but with the new obama plan they will give you a mod for 3 months to see if you can make the new payments is you can then you get the mod if you can't then you don't and the obama plan will give you a fixed interest rate instead of an adjustable one A refinance will give you a completely new loan so you could get a lower interest rate and a new payment but if you are… [cont.]
Answered by kat - Mon Jun 8 08:56:36 2009
Q. home loan modification vs mortgage refinancing, are they the same thing?
Asked by unknown - Sun Jun 7 02:49:42 2009 - - 3 Answers - 0 Comments
A. A mod will take your existing loan and make changes to it it can lower your interest rate and your payment or just lower your payment the bank will take your financial information from you and then they will determine how much you can afford to pay a month then the mortgage company will make a decision based on the information they have got from you if they will do the mod but with the new obama plan they will give you a mod for 3 months to see if you can make the new payments is you can then you get the mod if you can't then you don't and the obama plan will give you a fixed interest rate instead of an adjustable one A refinance will give you a completely new loan so you could get a lower interest rate and a new payment but if you are… [cont.]
Answered by kat - Mon Jun 8 08:56:36 2009
How can i get house in my name after divorce without paying refinancing fees?
Q. Divorce was finalized a year ago. I've been comfortable paying the mortage for the last year. My credit doesnt present red flags. How can I remove her from the loan without having to pay all of those mortage refinancing charges?
Asked by Joseph T - Wed Mar 24 12:38:33 2010 - - 4 Answers - 0 Comments
A. If you want your ex's name off of the title to the deed, get her to sign a quit claim; if you want her name off of the loan (mortgage) for the property, you are going to have to refinance the loan. There is no other way around it.
Answered by Sim - plicimus - Wed Mar 24 13:45:34 2010
Q. Divorce was finalized a year ago. I've been comfortable paying the mortage for the last year. My credit doesnt present red flags. How can I remove her from the loan without having to pay all of those mortage refinancing charges?
Asked by Joseph T - Wed Mar 24 12:38:33 2010 - - 4 Answers - 0 Comments
A. If you want your ex's name off of the title to the deed, get her to sign a quit claim; if you want her name off of the loan (mortgage) for the property, you are going to have to refinance the loan. There is no other way around it.
Answered by Sim - plicimus - Wed Mar 24 13:45:34 2010
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
Is the process of refinancing your home easier than the process of buying it?
Q. We are self employed and our family has helped us purchase our home with a balloon note. We will refinance within two years to take their home off as collateral on the loan. Is the process of refinancing easier than the process of buying?
Asked by Lynn - Mon May 4 19:49:25 2009 - - 2 Answers - 0 Comments
A. About the only difference between buying a house and refinancing a house is the fact that you don't have to house hunt. Other than that, it's about the same.
Answered by Steve D - Mon May 4 19:55:04 2009
Q. We are self employed and our family has helped us purchase our home with a balloon note. We will refinance within two years to take their home off as collateral on the loan. Is the process of refinancing easier than the process of buying?
Asked by Lynn - Mon May 4 19:49:25 2009 - - 2 Answers - 0 Comments
A. About the only difference between buying a house and refinancing a house is the fact that you don't have to house hunt. Other than that, it's about the same.
Answered by Steve D - Mon May 4 19:55:04 2009
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
How to choose the best refinancing?
Q. I will like to know where to get advice and recommendation on refinancing.
Asked by Adekunle Abiodun - Mon Aug 9 12:43:59 2010 - - 3 Answers - 0 Comments
A. Refinancing your home is a big decision and should be carefully thought out. Take in to account that closing costs can be expensive and it s a good idea to know how long it will take before you start saving money. One way to do this is to calculate the break-even point. To calculate, start with the amount you will save by lowering your monthly payment. Then you add up all the costs associated with refinancing (typically 2% to 6% of the loan amount) and divide the total by your monthly savings. This will reveal the number of months it will take to reach the break-even point. You should also carefully think about how long you plan to stay in your home. If you are planning on staying in your home for less than 3 years, it usually doesn't… [cont.]
Answered by LendingTree - Tue Aug 10 11:06:11 2010
Q. I will like to know where to get advice and recommendation on refinancing.
Asked by Adekunle Abiodun - Mon Aug 9 12:43:59 2010 - - 3 Answers - 0 Comments
A. Refinancing your home is a big decision and should be carefully thought out. Take in to account that closing costs can be expensive and it s a good idea to know how long it will take before you start saving money. One way to do this is to calculate the break-even point. To calculate, start with the amount you will save by lowering your monthly payment. Then you add up all the costs associated with refinancing (typically 2% to 6% of the loan amount) and divide the total by your monthly savings. This will reveal the number of months it will take to reach the break-even point. You should also carefully think about how long you plan to stay in your home. If you are planning on staying in your home for less than 3 years, it usually doesn't… [cont.]
Answered by LendingTree - Tue Aug 10 11:06:11 2010
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
Is refinancing your student loans a good idea?
Q. I owe $$ on my student loans. I received some information about refinancing which sounds pretty good. Does anyone have any advice on this? What are the advantages and disadvantages of doing this?
Asked by Xuxu8765548034567680 - Thu May 25 13:42:07 2006 - - 1 Answers - 0 Comments
A. Yes if your payments and interest rate is loweredd and it doesn't it is not expensive. You should look into refinancing only if the above is true. The advantages is that you would make lower monthly payments, though it might be spread over a longer period of time. If you can keep the same time frame for paying the loan off with lower payments that would be better. The disadvantage is if you don't refinance to a lower rate and lowere payment you will continue to pay the same monthly payment as you are now which might be higher unless you look into the possibility of refinancing the loan. You might try this link and see if they can offer you a better deal. www.nextstudent.com I hope this has been of some use to you, good luck. "FIGHT [cont.]
Answered by Skip - Thu May 25 13:52:45 2006
Q. I owe $$ on my student loans. I received some information about refinancing which sounds pretty good. Does anyone have any advice on this? What are the advantages and disadvantages of doing this?
Asked by Xuxu8765548034567680 - Thu May 25 13:42:07 2006 - - 1 Answers - 0 Comments
A. Yes if your payments and interest rate is loweredd and it doesn't it is not expensive. You should look into refinancing only if the above is true. The advantages is that you would make lower monthly payments, though it might be spread over a longer period of time. If you can keep the same time frame for paying the loan off with lower payments that would be better. The disadvantage is if you don't refinance to a lower rate and lowere payment you will continue to pay the same monthly payment as you are now which might be higher unless you look into the possibility of refinancing the loan. You might try this link and see if they can offer you a better deal. www.nextstudent.com I hope this has been of some use to you, good luck. "FIGHT [cont.]
Answered by Skip - Thu May 25 13:52:45 2006
What are the individual costs involved with refinancing?
Q. I am confused because we are getting quotes from 2000 to 4500... Can anyone give me a list of the individual items, as well as the individuals involved in refinancing? i.e. that the the bank, title company, mortgage broker, appraiser, etc... Thanks sooo much for your help!
Asked by Bayleigh789 - Tue Jun 29 17:34:27 2010 - - 2 Answers - 0 Comments
A. Technically, they should be spelling it out for your Good Faith Estimate. In general it usually works out to something between 2% and 5% of the amount financed. It ain't cheap -- which is one of the reasons why refinancing often is not in your long term financial interest.
Answered by MVD34 - Tue Jun 29 17:41:29 2010
Q. I am confused because we are getting quotes from 2000 to 4500... Can anyone give me a list of the individual items, as well as the individuals involved in refinancing? i.e. that the the bank, title company, mortgage broker, appraiser, etc... Thanks sooo much for your help!
Asked by Bayleigh789 - Tue Jun 29 17:34:27 2010 - - 2 Answers - 0 Comments
A. Technically, they should be spelling it out for your Good Faith Estimate. In general it usually works out to something between 2% and 5% of the amount financed. It ain't cheap -- which is one of the reasons why refinancing often is not in your long term financial interest.
Answered by MVD34 - Tue Jun 29 17:41:29 2010
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
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automotiveworld.com
Thu, 02 Sep 2010 09:58:07 GMT+00:00
Automotive World Continental has announced it is planning to issue a further benchmark bond as part of its refinancing strategy. The company has mandated a bank consortium, ...
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Sun, 10 May 2009 09:55:47 PDT
www.refiadvisor.com Did you know that your lender has a dirty secret that costs you thousands of dollars unnecessarily? Get free mortgage videos ... youtube.com.
refinancing2ndmortgage.blogsml.com
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Wed, 01 Sep 2010 12:28:10 GM
When shopping for a debt consolidation loan (or for other reasons), there are a myriad of options available to a potential borrower. If you currently own a.
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