If I refinance a home, can I get the closing costs and fees included in my mortgage payments ?
Q. I am thinking about get my home refinance. I think I have enough money to cover the closing cost and fees, but instead of paying the closing costs, can I get those included with my new loan or do I have to pay that seperately?
Asked by Penny - Fri Jan 29 16:36:27 2010 - - 6 Answers - 0 Comments
A. Every lender will have different standards and guidelines. You should be able to find one that will roll the closing costs into your refi relatively easily though. Make sure to watch out for any extra fees or things this could trigger though. Shop around and thoroughly read everything before you sign it, take it home and come back the next day, there should be no rush.
Answered by kyle - Fri Jan 29 17:16:25 2010
Q. I am thinking about get my home refinance. I think I have enough money to cover the closing cost and fees, but instead of paying the closing costs, can I get those included with my new loan or do I have to pay that seperately?
Asked by Penny - Fri Jan 29 16:36:27 2010 - - 6 Answers - 0 Comments
A. Every lender will have different standards and guidelines. You should be able to find one that will roll the closing costs into your refi relatively easily though. Make sure to watch out for any extra fees or things this could trigger though. Shop around and thoroughly read everything before you sign it, take it home and come back the next day, there should be no rush.
Answered by kyle - Fri Jan 29 17:16:25 2010
Are there any closing costs associated with Home Affordable refinancing?
Q. Im considering refinancing my home and was just wondering if i do under the new goverment plan will i have to pay closing costs still like a normal refinance
Asked by manisusmc - Wed May 6 05:13:13 2009 - - 3 Answers - 0 Comments
A. The Home Affordable Refinance Programs (HARP) will have closing costs involved, yes. The programs, however, are designed to minimize such costs. Visit the site below for more details.
Answered by djdraven99 - Wed May 6 14:46:11 2009
Q. Im considering refinancing my home and was just wondering if i do under the new goverment plan will i have to pay closing costs still like a normal refinance
Asked by manisusmc - Wed May 6 05:13:13 2009 - - 3 Answers - 0 Comments
A. The Home Affordable Refinance Programs (HARP) will have closing costs involved, yes. The programs, however, are designed to minimize such costs. Visit the site below for more details.
Answered by djdraven99 - Wed May 6 14:46:11 2009
Divorce; refinance buy-out and closing costs.?
Q. My husband and I have divorced. We have agreed that he will remain in our home, refinancing; paying off the existing loan and buying me out with 50% of the equity. To start with the independent appraisal seems low and he is asking that I pay 50% of the closing cost to refinance. He is the one keeping the home, should I be required to pay 50% of the closing cost, my 'share' being a few thousand dollars?
Asked by iluvnwblueskies - Wed May 7 21:56:52 2008 - - 3 Answers - 0 Comments
A. If you are able you should get three appraisals and go for the average of them. Since it is a divorce situation you will be lucky if he pays at all! I would pay half of the costs just to be done with him. Btw, "equity" is defined as what the free market will pay for the house minus what you owe. No bank will relieve you of your liability for the mortgage - attorney or no attorney Zillow is not a reliable place to check appraisals
Answered by RE its what i do - Wed May 7 22:07:47 2008
Q. My husband and I have divorced. We have agreed that he will remain in our home, refinancing; paying off the existing loan and buying me out with 50% of the equity. To start with the independent appraisal seems low and he is asking that I pay 50% of the closing cost to refinance. He is the one keeping the home, should I be required to pay 50% of the closing cost, my 'share' being a few thousand dollars?
Asked by iluvnwblueskies - Wed May 7 21:56:52 2008 - - 3 Answers - 0 Comments
A. If you are able you should get three appraisals and go for the average of them. Since it is a divorce situation you will be lucky if he pays at all! I would pay half of the costs just to be done with him. Btw, "equity" is defined as what the free market will pay for the house minus what you owe. No bank will relieve you of your liability for the mortgage - attorney or no attorney Zillow is not a reliable place to check appraisals
Answered by RE its what i do - Wed May 7 22:07:47 2008
Should i refinance my home?
Q. Bought my home 2 years ago for 216,000. I owe about 211,000 on it now, i did a Combo loan 1st and 2nd mortgage, not sure if that was a good move or not. 1st mortgage rate is 6.125% at 162K and second mortgage rate is 8.875% at 54K. If i refinance i have to pay closing cost which will be like 6K, which will put me farther back than what i originally paid for the damn house (216,000) I just got offered 5% with one of those FHA Express loans , not sure if im gonna do it. FHA Express: Rate is fixed. The payment on a $203,000, 30-year fixed rate loan at 5.00% and 80% loan-to-value (LTV) is $1174.33 with 0.875 Points due at closing. Payment includes a one time upfront mortgage insurance premium (MIP) at 1.75% of the base loan amount and… [cont.]
Asked by Chris&Steph - Fri Mar 27 00:37:20 2009 - - 2 Answers - 0 Comments
A. With the info you provided, here is what I came up with. Your current payments should total $1,413.98 + taxes and insurance. Using the numbers you provided, your new loan amount should be $216 to $217,000.00 not $203,000.00. $216,000.00 + the upfront mortgage insurance premium @ 5% =$1,179.83 + the monthly mi of $90.00 = $1,269.83 + taxes and insurance. You save $144.15 per month which means you will need to stay in the new loan for 41.6 months to break even. Take the $6,000.00 closing costs and divide that by your monthly savings and you get your break even point of 3.46 years. Here are a couple of ways to speed things up. When you refinance you will skip at least 1 mortgage payment. Send that payment in and have applied to your principle. [cont.]
Answered by Noneya - Fri Mar 27 09:36:41 2009
Q. Bought my home 2 years ago for 216,000. I owe about 211,000 on it now, i did a Combo loan 1st and 2nd mortgage, not sure if that was a good move or not. 1st mortgage rate is 6.125% at 162K and second mortgage rate is 8.875% at 54K. If i refinance i have to pay closing cost which will be like 6K, which will put me farther back than what i originally paid for the damn house (216,000) I just got offered 5% with one of those FHA Express loans , not sure if im gonna do it. FHA Express: Rate is fixed. The payment on a $203,000, 30-year fixed rate loan at 5.00% and 80% loan-to-value (LTV) is $1174.33 with 0.875 Points due at closing. Payment includes a one time upfront mortgage insurance premium (MIP) at 1.75% of the base loan amount and… [cont.]
Asked by Chris&Steph - Fri Mar 27 00:37:20 2009 - - 2 Answers - 0 Comments
A. With the info you provided, here is what I came up with. Your current payments should total $1,413.98 + taxes and insurance. Using the numbers you provided, your new loan amount should be $216 to $217,000.00 not $203,000.00. $216,000.00 + the upfront mortgage insurance premium @ 5% =$1,179.83 + the monthly mi of $90.00 = $1,269.83 + taxes and insurance. You save $144.15 per month which means you will need to stay in the new loan for 41.6 months to break even. Take the $6,000.00 closing costs and divide that by your monthly savings and you get your break even point of 3.46 years. Here are a couple of ways to speed things up. When you refinance you will skip at least 1 mortgage payment. Send that payment in and have applied to your principle. [cont.]
Answered by Noneya - Fri Mar 27 09:36:41 2009
What should a refinance loan cost?
Q. My credit union wants to charge me $5,654 in closing costs to refinance my house for $200k. The house is worth more. I'm shocked! What are all these fees--origination, underwriting, processing, administration, preparation and "loan discount" and should I pay them? Why do they want prepaid interest when it is in the payments? Why reserve 2 mos insurance? The "estimated settlement charges" are $8,365--is that excessive?? Thanks anyone for any help. If I carry it myself and my son makes payments to me (he lives in the house but can't get his own loan yet) can I get a home equity loan any cheaper?
Asked by mary e - Sat Jun 2 01:16:41 2007 - - 5 Answers - 1 Comments
A. Actually, for a $200k loan that sounds well below market. What I'd expect from a credit union. The loan origination fee is typically 1% of the amount of the loan and is standard practice industry wide. Underwriting, processing, administration, and preparation are common "junk fees" that you'll just have to live with for the most part. You can negotiate them in theory but most lenders are "take it or leave it." Closing fee is mandatory, the closing agent has to get paid! Titlle insurance is mandatory, at least the lender's coverage, and the borrower has to pay the premium. If you have a current title policy within the past 5 or so years they may accept that, however. The loan discount fee is the points on the mortgage. It buys down… [cont.]
Answered by Bostonian In MO - Sat Jun 2 06:00:39 2007
Q. My credit union wants to charge me $5,654 in closing costs to refinance my house for $200k. The house is worth more. I'm shocked! What are all these fees--origination, underwriting, processing, administration, preparation and "loan discount" and should I pay them? Why do they want prepaid interest when it is in the payments? Why reserve 2 mos insurance? The "estimated settlement charges" are $8,365--is that excessive?? Thanks anyone for any help. If I carry it myself and my son makes payments to me (he lives in the house but can't get his own loan yet) can I get a home equity loan any cheaper?
Asked by mary e - Sat Jun 2 01:16:41 2007 - - 5 Answers - 1 Comments
A. Actually, for a $200k loan that sounds well below market. What I'd expect from a credit union. The loan origination fee is typically 1% of the amount of the loan and is standard practice industry wide. Underwriting, processing, administration, and preparation are common "junk fees" that you'll just have to live with for the most part. You can negotiate them in theory but most lenders are "take it or leave it." Closing fee is mandatory, the closing agent has to get paid! Titlle insurance is mandatory, at least the lender's coverage, and the borrower has to pay the premium. If you have a current title policy within the past 5 or so years they may accept that, however. The loan discount fee is the points on the mortgage. It buys down… [cont.]
Answered by Bostonian In MO - Sat Jun 2 06:00:39 2007
We pay PMI for our home mortgage, can we refinance to get rid of PMI?
Q. We originally purchased our home in 2005 for $235,000-30 yr 5.75% and we put down $25,000 or 10% so we are paying PMI because of this now. Right now we owe $198,000. Now we could refinance at a lower rate for 15 or 20 yrs. If we go 15 yrs at 4.6% we would have to pay $400 more per month. 20 yrs would be $130 extra per month. Plus a $700 closing cost. My question is this. Should we wait until we are ready to get rid of PMI to refinance or refinance now and still pay PMI? The downside is won't we have to wait to refinance again when it comes to get rid of PMI?
Asked by Dinosaur - Sun Sep 13 11:52:27 2009 - - 3 Answers - 0 Comments
Q. We originally purchased our home in 2005 for $235,000-30 yr 5.75% and we put down $25,000 or 10% so we are paying PMI because of this now. Right now we owe $198,000. Now we could refinance at a lower rate for 15 or 20 yrs. If we go 15 yrs at 4.6% we would have to pay $400 more per month. 20 yrs would be $130 extra per month. Plus a $700 closing cost. My question is this. Should we wait until we are ready to get rid of PMI to refinance or refinance now and still pay PMI? The downside is won't we have to wait to refinance again when it comes to get rid of PMI?
Asked by Dinosaur - Sun Sep 13 11:52:27 2009 - - 3 Answers - 0 Comments
401K loan or refinance my home?
Q. I want to redo my kitchen which will run about 10-15k. I could refi my house, but would then have to pay closing cost. However, I've recently had huge gains in my 410K which has tripled my balance in less than 4 months. It's like money I have that didn't exist 4 months ago. Plus, the interest I pay on a 401K loan is paid to myself. FYI International Paper stock has went from $3.90 to $20 in less than 6 months. I dumped all my 401K in @ $6.
Asked by Jimmy - Sun Aug 9 19:55:31 2009 - - 6 Answers - 0 Comments
A. Do you not have enough to do a home equity loan or line of credit. You should never touch your 401k. It's just a big mess to repay and you wouldn't qualify anyway because only withdrawals for hardship reasons are allowed and a remodel doesn't qualify. Honestly, $10 to $15,000 is not a lot for a kitchen remodel and not an impossible amount to save on your own.
Answered by Luv2Answer - Sun Aug 9 20:31:54 2009
Q. I want to redo my kitchen which will run about 10-15k. I could refi my house, but would then have to pay closing cost. However, I've recently had huge gains in my 410K which has tripled my balance in less than 4 months. It's like money I have that didn't exist 4 months ago. Plus, the interest I pay on a 401K loan is paid to myself. FYI International Paper stock has went from $3.90 to $20 in less than 6 months. I dumped all my 401K in @ $6.
Asked by Jimmy - Sun Aug 9 19:55:31 2009 - - 6 Answers - 0 Comments
A. Do you not have enough to do a home equity loan or line of credit. You should never touch your 401k. It's just a big mess to repay and you wouldn't qualify anyway because only withdrawals for hardship reasons are allowed and a remodel doesn't qualify. Honestly, $10 to $15,000 is not a lot for a kitchen remodel and not an impossible amount to save on your own.
Answered by Luv2Answer - Sun Aug 9 20:31:54 2009
How do you buy a second home when you have no savings?
Q. I have a home in MD and want to move to FL and turn the MD house into a rental and purchase a foreclosure in FL. I have an agent in FL and an agent in MD to manage my rental. The problems I am running into are: 1. I have no savings. 2. I make less than $40K annually. 3. I need to borrow money to prepare my rental, pay downpayment/closing costs and moving expenses. I've spoken to lenders but have not allowed my credit to be pulled since I am still doing research. I've been told that I can get a loan for the foreclosure and repairs to it once I have a job in FL and a tenant agreement in MD (not a problem). Will I jeopardize my new home loan by applying for a $10k loan to cover the expenses? I have no equity in my house since I… [cont.]
Asked by Yogi - Sun Jun 10 12:55:44 2007 - - 3 Answers - 0 Comments
A. What I've heard done in situations like this is that when you purchase the foreclosure in FL, take out a larger home loan from the bank than just the cost of the house (you can usually claim things like repair costs on the house you're purchasing, moving fees etc) and use that toward whatever finances you need to. It's a pretty common practice and it helps out with a lot of things -- some people also take out larger loans to pay off cars or other bills so that their only payments are home related. Granted, this all depends on what kind of loan you get, which bank you go through, your credit score and etc. If you aren't interested in that avenue, or it simply won't work for you, you may have to take out a personal loan but making less… [cont.]
Answered by onemoreordinaryday - Sun Jun 10 13:06:00 2007
Q. I have a home in MD and want to move to FL and turn the MD house into a rental and purchase a foreclosure in FL. I have an agent in FL and an agent in MD to manage my rental. The problems I am running into are: 1. I have no savings. 2. I make less than $40K annually. 3. I need to borrow money to prepare my rental, pay downpayment/closing costs and moving expenses. I've spoken to lenders but have not allowed my credit to be pulled since I am still doing research. I've been told that I can get a loan for the foreclosure and repairs to it once I have a job in FL and a tenant agreement in MD (not a problem). Will I jeopardize my new home loan by applying for a $10k loan to cover the expenses? I have no equity in my house since I… [cont.]
Asked by Yogi - Sun Jun 10 12:55:44 2007 - - 3 Answers - 0 Comments
A. What I've heard done in situations like this is that when you purchase the foreclosure in FL, take out a larger home loan from the bank than just the cost of the house (you can usually claim things like repair costs on the house you're purchasing, moving fees etc) and use that toward whatever finances you need to. It's a pretty common practice and it helps out with a lot of things -- some people also take out larger loans to pay off cars or other bills so that their only payments are home related. Granted, this all depends on what kind of loan you get, which bank you go through, your credit score and etc. If you aren't interested in that avenue, or it simply won't work for you, you may have to take out a personal loan but making less… [cont.]
Answered by onemoreordinaryday - Sun Jun 10 13:06:00 2007
How to get a possible investor/buyer to take possession of my home & pay the mortgage until they can sell?
Q. My home is over 194K; I refinanced, w/ the help of my best friend. The loan is now over 212k, the house has been apraised for 230k. As of 6/2008, their will be 40k of equity available. I would like for an investor/buyer to take possession of the home, continue to pay the mortgage and give me 30k, leaving them w/10k of equity. I will give them gift of deed & they can sell or rent out the home. We refinanced in 6/2006, so if the house is sold before 6/2008 than a 2% penalty will apply. I wil move out as soon as the investor agrees to my 30K and contracts are signed. I do not wish to have any further compensation. The 30k will help for relocation of myself & family & paying off debt. The real estate agent that originally sold me this home… [cont.]
Asked by msjdeloresjones - Tue Apr 17 00:01:18 2007 - - 2 Answers - 1 Comments
A. Well, when was the appraisal done, as appraisals do have a shelf life. If the appraisal is more than a year old, it is not worth the paper it is written on. Your post is very complex, although you seem to have it all figured out in your mind. Investors are interested in CAP rate, how much it will make them. That a realtor stole 20k from you seems strange. Attorneys fees and closing costs are typical to be put into a loan. You can't "gift" a deed, you have issues to settle on who holds the note. And you are speculating on how much equity will be available. You have so many things going on here, and you are running on speculation of what the market will do. You should offer the property for sale and take your chances. Do a FSBO,… [cont.]
Answered by godged - Tue Apr 17 00:44:15 2007
Q. My home is over 194K; I refinanced, w/ the help of my best friend. The loan is now over 212k, the house has been apraised for 230k. As of 6/2008, their will be 40k of equity available. I would like for an investor/buyer to take possession of the home, continue to pay the mortgage and give me 30k, leaving them w/10k of equity. I will give them gift of deed & they can sell or rent out the home. We refinanced in 6/2006, so if the house is sold before 6/2008 than a 2% penalty will apply. I wil move out as soon as the investor agrees to my 30K and contracts are signed. I do not wish to have any further compensation. The 30k will help for relocation of myself & family & paying off debt. The real estate agent that originally sold me this home… [cont.]
Asked by msjdeloresjones - Tue Apr 17 00:01:18 2007 - - 2 Answers - 1 Comments
A. Well, when was the appraisal done, as appraisals do have a shelf life. If the appraisal is more than a year old, it is not worth the paper it is written on. Your post is very complex, although you seem to have it all figured out in your mind. Investors are interested in CAP rate, how much it will make them. That a realtor stole 20k from you seems strange. Attorneys fees and closing costs are typical to be put into a loan. You can't "gift" a deed, you have issues to settle on who holds the note. And you are speculating on how much equity will be available. You have so many things going on here, and you are running on speculation of what the market will do. You should offer the property for sale and take your chances. Do a FSBO,… [cont.]
Answered by godged - Tue Apr 17 00:44:15 2007
Any suggestions as to how to refinance when your upside down on a mortgage?
Q. My husband and I bought a home from my husband's former employer for $160,000. The home appraised at $140,000. The employer co-signed and put up a $20,000 CD as collateral. We didn't have good credit and had to pay some things off, so the employer did that for us, so we owed him money. We paid him back with the loan, but now we have to refinance the home come January and we have not been able to afford to do any improvements on the home, and It will not appraise at what we owe on it. No one is willing to refinance 100% because of the negative equity, and I don't have the $15,000 plus closing costs to pay the differece. Not sure what will happen if we don't get refinanced. Can't sell either I would assume. Any suggestions? Payments have… [cont.]
Asked by Sweet - Sat Jul 1 11:10:56 2006 - - 5 Answers - 0 Comments
A. My name is Jason Fry, I work with Providential Bancorp, a nationwide lender in Downtown Chicago. I have many programs for people in your situation. I actually just closed a loan for 125%, similar situation, customer had bad credit at time of purchase, had a friend who sold him the property in the same manner, but the house then depreciated... Luckily the 125% was able to cover what we were missing. I would be happy to assist you with the refinance, i would just need some more information to let you know if you qualify. Call me at 312-264-6448 on Wednesday the 5th, or shoot me an email today at jasonf@providential.com.. Your not stuck, you have many options, you just need the right lender that will work with you. I work with a… [cont.]
Answered by MortgageGuy - Sat Jul 1 16:44:43 2006
Q. My husband and I bought a home from my husband's former employer for $160,000. The home appraised at $140,000. The employer co-signed and put up a $20,000 CD as collateral. We didn't have good credit and had to pay some things off, so the employer did that for us, so we owed him money. We paid him back with the loan, but now we have to refinance the home come January and we have not been able to afford to do any improvements on the home, and It will not appraise at what we owe on it. No one is willing to refinance 100% because of the negative equity, and I don't have the $15,000 plus closing costs to pay the differece. Not sure what will happen if we don't get refinanced. Can't sell either I would assume. Any suggestions? Payments have… [cont.]
Asked by Sweet - Sat Jul 1 11:10:56 2006 - - 5 Answers - 0 Comments
A. My name is Jason Fry, I work with Providential Bancorp, a nationwide lender in Downtown Chicago. I have many programs for people in your situation. I actually just closed a loan for 125%, similar situation, customer had bad credit at time of purchase, had a friend who sold him the property in the same manner, but the house then depreciated... Luckily the 125% was able to cover what we were missing. I would be happy to assist you with the refinance, i would just need some more information to let you know if you qualify. Call me at 312-264-6448 on Wednesday the 5th, or shoot me an email today at jasonf@providential.com.. Your not stuck, you have many options, you just need the right lender that will work with you. I work with a… [cont.]
Answered by MortgageGuy - Sat Jul 1 16:44:43 2006
Can a mortgage on the house be payed off by home equity loan?
Q. Is it possible to pay off the mortgage with an home equity loan if the APR is less than what I am paying right now? I understand that if I refinance, there are closing costs and for home equity loan, there are none, am I correct? What are the advantages and disadvantages of doing that? Please advice.
Asked by nikunjd05 - Mon Jan 4 13:28:19 2010 - - 8 Answers - 0 Comments
A. Answering first part of your question yes you can. This is just a matter of technicality. If have open equity line of credit you just request a check, you are depositing this check into your back account and the next step you are sending your personal check to your lender. This is it. Your mortgage is paid off from that moment. Second part of your question does it make a financial prudence? Well, technically it is very much possible. Lets say you have $150 K 7% current mortgage and 12 years to go with this one. Your home equity line allows you to take $150K for 10 years under 5%. So it make a lot of sense.
Answered by Luba - Thu Jan 7 19:56:42 2010
Q. Is it possible to pay off the mortgage with an home equity loan if the APR is less than what I am paying right now? I understand that if I refinance, there are closing costs and for home equity loan, there are none, am I correct? What are the advantages and disadvantages of doing that? Please advice.
Asked by nikunjd05 - Mon Jan 4 13:28:19 2010 - - 8 Answers - 0 Comments
A. Answering first part of your question yes you can. This is just a matter of technicality. If have open equity line of credit you just request a check, you are depositing this check into your back account and the next step you are sending your personal check to your lender. This is it. Your mortgage is paid off from that moment. Second part of your question does it make a financial prudence? Well, technically it is very much possible. Lets say you have $150 K 7% current mortgage and 12 years to go with this one. Your home equity line allows you to take $150K for 10 years under 5%. So it make a lot of sense.
Answered by Luba - Thu Jan 7 19:56:42 2010
New home Mortgage and refinancing?
Q. My builder will pay my 5K or so closing costs if I use their mortgage company. Well, come to find out (6th months ago is why I got my first quote) the company is charging a pretty high interest rate. Since they are paying my closing costs if I use them, could I refinance the house, let say in 6 months to a year, to another better company?
Asked by sooners83 - Mon Nov 19 21:10:38 2007 - - 4 Answers - 0 Comments
A. Read the loan docs, but I am betting that it has a hefty pre-payment penalty if you refi within 2 years.
Answered by Landlord - Mon Nov 19 21:15:30 2007
Q. My builder will pay my 5K or so closing costs if I use their mortgage company. Well, come to find out (6th months ago is why I got my first quote) the company is charging a pretty high interest rate. Since they are paying my closing costs if I use them, could I refinance the house, let say in 6 months to a year, to another better company?
Asked by sooners83 - Mon Nov 19 21:10:38 2007 - - 4 Answers - 0 Comments
A. Read the loan docs, but I am betting that it has a hefty pre-payment penalty if you refi within 2 years.
Answered by Landlord - Mon Nov 19 21:15:30 2007
Is my ex-spouse responsible for half my closing costs?
Q. I am going through a divorce and my question is does my ex-wife have to pay half the closing costs if I am keeping my home and refinancing to get her name removed from the loan and title? I know she would be responsible for half realtors fees and buyers closing costs if we sold.
Asked by SuperStock - Mon Nov 2 17:48:04 2009 - - 3 Answers - 0 Comments
Q. I am going through a divorce and my question is does my ex-wife have to pay half the closing costs if I am keeping my home and refinancing to get her name removed from the loan and title? I know she would be responsible for half realtors fees and buyers closing costs if we sold.
Asked by SuperStock - Mon Nov 2 17:48:04 2009 - - 3 Answers - 0 Comments
I bought a home in NC to rent. I paid $50K the ARV is $90K. How hard will it be for me to refinance it?
Q. at $80K which will include my closing cost. And walk away with a check for some of the equity.. .. say $20K for repairs, mortgage until rented, utilities, Insurance, etc.. Is that possible? I have excellant credit.
Asked by Slim - Thu Sep 7 23:39:32 2006 - - 4 Answers - 1 Comments
A. Disregard the other responses... you do not want a home equity line of credit!!! They are terrible for your cedit and they have ridiculously high interest rates!!! The reason they are bad for credit is because they show on your report as a revolving debt...In other words, it shows as a large credit card secured against your home... Not a good loan to carry.!!! Now, as for getting cash with a refinance...Yes it is possible!! It is called a cash out refinance... The response claiming she is a banker, and saying that you cant get cash on a refinance tells me she has no experience in the mortgage industry... If you have great credit, you could get a loan up to the value of your property... Now, the lower the LTV ratio, the better your… [cont.]
Answered by MortgageGuy - Fri Sep 8 12:10:59 2006
Q. at $80K which will include my closing cost. And walk away with a check for some of the equity.. .. say $20K for repairs, mortgage until rented, utilities, Insurance, etc.. Is that possible? I have excellant credit.
Asked by Slim - Thu Sep 7 23:39:32 2006 - - 4 Answers - 1 Comments
A. Disregard the other responses... you do not want a home equity line of credit!!! They are terrible for your cedit and they have ridiculously high interest rates!!! The reason they are bad for credit is because they show on your report as a revolving debt...In other words, it shows as a large credit card secured against your home... Not a good loan to carry.!!! Now, as for getting cash with a refinance...Yes it is possible!! It is called a cash out refinance... The response claiming she is a banker, and saying that you cant get cash on a refinance tells me she has no experience in the mortgage industry... If you have great credit, you could get a loan up to the value of your property... Now, the lower the LTV ratio, the better your… [cont.]
Answered by MortgageGuy - Fri Sep 8 12:10:59 2006
should we refinance our home loan?
Q. We have owned our home for about 6 years now. We originally took out a $50,000 loan at 6.75%. We now owe about $40,000 on it and are considering refinancing it since rates seem to be lower. If we do refinance it we would like to refinance it for 15 years rather than 30. The only thing is we don't want our monthly payment to go up too much, because we want to keep it affordable. We are just trying to figure out if it would make sense or not to refinance because of the closing cost and if our payment would go up much more. As of right now, after 6 years we are only paying about $65.00 towards prinicipal out of a $500 monthly payment. Any suggestions? My credit score is fairly good and we have been paying extra towards principal already.… [cont.]
Asked by natalie4717 - Sat Oct 24 23:05:51 2009 - - 4 Answers - 0 Comments
A. Depending on what your credit scores are, and not knowing your entire financial situation, based on the information provided, on the surface it may make sense to refinance. But it all depends on what your overall goals are. If you are trying to lower your monthly payment because you are in a tight situation, then refinancing into a 30 year loan should be a strong consideration. I know you said you may want to refinance into a 15 year mortgage versus a 30 year, but, again depending on your financial situation, with a 30 year mortgage your payment will be significantly lower compared to the 15 year loan AND if you get the 30 year mortgage, you can always make a higher payment (15 year) than a lower one. Just make sure to notate the extra… [cont.]
Answered by Michael - Sun Oct 25 00:31:02 2009
Q. We have owned our home for about 6 years now. We originally took out a $50,000 loan at 6.75%. We now owe about $40,000 on it and are considering refinancing it since rates seem to be lower. If we do refinance it we would like to refinance it for 15 years rather than 30. The only thing is we don't want our monthly payment to go up too much, because we want to keep it affordable. We are just trying to figure out if it would make sense or not to refinance because of the closing cost and if our payment would go up much more. As of right now, after 6 years we are only paying about $65.00 towards prinicipal out of a $500 monthly payment. Any suggestions? My credit score is fairly good and we have been paying extra towards principal already.… [cont.]
Asked by natalie4717 - Sat Oct 24 23:05:51 2009 - - 4 Answers - 0 Comments
A. Depending on what your credit scores are, and not knowing your entire financial situation, based on the information provided, on the surface it may make sense to refinance. But it all depends on what your overall goals are. If you are trying to lower your monthly payment because you are in a tight situation, then refinancing into a 30 year loan should be a strong consideration. I know you said you may want to refinance into a 15 year mortgage versus a 30 year, but, again depending on your financial situation, with a 30 year mortgage your payment will be significantly lower compared to the 15 year loan AND if you get the 30 year mortgage, you can always make a higher payment (15 year) than a lower one. Just make sure to notate the extra… [cont.]
Answered by Michael - Sun Oct 25 00:31:02 2009
Closing Costs Comparison?
Q. My parents are buying a home. They have poor credit, but the home they are buying appraised for 281,000 and they agreed to buy it for 269,000. Two mortgage companies have agreeed to write up the purchase agrement as 281,000 and all closing costs and down payment will be included. The difference is, one has a prepayment penalty of $5,000 if payed off/refinance before 2 years and $150 cheaper a month, and one has $4,000 more closing costs, but no prepayment penalty. Both have 8.9% interest on a First (80%) and 11% on a second (20%) Remembering that they have poor credit, is it wiser to take the one with a lower payment, and not worry about refinancing or selling before the two years are up, or take the one with a higher closing… [cont.]
Asked by unknown - Wed Jul 26 15:11:21 2006 - - 3 Answers - 0 Comments
A. There are a couple issues at play here. Lenders will only allow the loan to be the lesser of the sales price or the appraised vale. If the purchase agreement says $269000 then that is the maximum you can borrow. Play one lender against the other. They should be able to qualify for a fixed rate even with poor credit. When looking at closing cost you have to really look closely. Some lenders will not include homeowners insurance which is required, some will not include your taxes and insurance neccessay to get the escrow accounts caught up. Loan origination is what the lender is charging on the front of the loan. The other problem with that is unfortunalty many lenders hide junk fees under different names like funding fee, commitment… [cont.]
Answered by unclejesse1 - Thu Jul 27 00:40:50 2006
Q. My parents are buying a home. They have poor credit, but the home they are buying appraised for 281,000 and they agreed to buy it for 269,000. Two mortgage companies have agreeed to write up the purchase agrement as 281,000 and all closing costs and down payment will be included. The difference is, one has a prepayment penalty of $5,000 if payed off/refinance before 2 years and $150 cheaper a month, and one has $4,000 more closing costs, but no prepayment penalty. Both have 8.9% interest on a First (80%) and 11% on a second (20%) Remembering that they have poor credit, is it wiser to take the one with a lower payment, and not worry about refinancing or selling before the two years are up, or take the one with a higher closing… [cont.]
Asked by unknown - Wed Jul 26 15:11:21 2006 - - 3 Answers - 0 Comments
A. There are a couple issues at play here. Lenders will only allow the loan to be the lesser of the sales price or the appraised vale. If the purchase agreement says $269000 then that is the maximum you can borrow. Play one lender against the other. They should be able to qualify for a fixed rate even with poor credit. When looking at closing cost you have to really look closely. Some lenders will not include homeowners insurance which is required, some will not include your taxes and insurance neccessay to get the escrow accounts caught up. Loan origination is what the lender is charging on the front of the loan. The other problem with that is unfortunalty many lenders hide junk fees under different names like funding fee, commitment… [cont.]
Answered by unclejesse1 - Thu Jul 27 00:40:50 2006
who is resopnsiable for mis calculations in refinancing your home loans, after you closed escrow?
Q. i refiniced my home, and twice i had to come out of my pocket with $ that was due because of the mis calculatons. Now, a month later, im getting a bill saying, i still owe more money. I thought once you close escrow, no more money can be added on? why did i pay a broker and title company closing cost when all they did was add more dept to me? what are my rights?
Asked by brebre - Mon Nov 6 00:51:48 2006 - - 3 Answers - 0 Comments
A. I would call a lawyer and call him FAST! i would definitely sue the title insurance company. and i would sue the broker as well. the broker who represented you did a horrible job of it! so call a lawyer and they should be able to help you find out the rights in your state and what you need to file
Answered by Jainboy00703 - Mon Nov 6 00:55:11 2006
Q. i refiniced my home, and twice i had to come out of my pocket with $ that was due because of the mis calculatons. Now, a month later, im getting a bill saying, i still owe more money. I thought once you close escrow, no more money can be added on? why did i pay a broker and title company closing cost when all they did was add more dept to me? what are my rights?
Asked by brebre - Mon Nov 6 00:51:48 2006 - - 3 Answers - 0 Comments
A. I would call a lawyer and call him FAST! i would definitely sue the title insurance company. and i would sue the broker as well. the broker who represented you did a horrible job of it! so call a lawyer and they should be able to help you find out the rights in your state and what you need to file
Answered by Jainboy00703 - Mon Nov 6 00:55:11 2006
should I refinance my home in order to consolidate?
Q. My current home loan began in May 2007 at 6.375% for 360mths. I have a 2nd mortgage which began May 2008 at 8.1048% for 59mths. I also have a bankruptcy which began July 2007 at 8.00% for 60mths which is deducted from my paycheck. Lending Tree is encouraging me to consolidate & refinance at 6.00% for 30 yrs. with closing cost of about 6,000.00. It would free up a lot of money, but I would be forced to pay mortgage insurance since it would total more than 80% of my appraisal. My current total mthly payment is 1,565.00. Refinancing would decrease my payment to 950.00/mth. I guess what concerns me is the 6,000.00 in closing cost and the fact that in less than 5 years, I would only have the 1st mortgage left to pay as opposed to… [cont.]
Asked by sherry e - Sat Sep 6 08:20:05 2008 - - 3 Answers - 0 Comments
A. You didn't post enough information. What is the TOTAL dollar amount that you are trying to finance? Are you escrowing taxes and insurance right now and Lending Tree is offering you a monthly payment that doesn't include escrows? Honey, there is NO savings in that. Lending tree is a broker, not a lender, and i guarantee that 6% rate that they are quoting you is NOT a fixed rate since you are in mid-bankruptcy.
Answered by Expert Realtor - Sat Sep 6 10:42:00 2008
Q. My current home loan began in May 2007 at 6.375% for 360mths. I have a 2nd mortgage which began May 2008 at 8.1048% for 59mths. I also have a bankruptcy which began July 2007 at 8.00% for 60mths which is deducted from my paycheck. Lending Tree is encouraging me to consolidate & refinance at 6.00% for 30 yrs. with closing cost of about 6,000.00. It would free up a lot of money, but I would be forced to pay mortgage insurance since it would total more than 80% of my appraisal. My current total mthly payment is 1,565.00. Refinancing would decrease my payment to 950.00/mth. I guess what concerns me is the 6,000.00 in closing cost and the fact that in less than 5 years, I would only have the 1st mortgage left to pay as opposed to… [cont.]
Asked by sherry e - Sat Sep 6 08:20:05 2008 - - 3 Answers - 0 Comments
A. You didn't post enough information. What is the TOTAL dollar amount that you are trying to finance? Are you escrowing taxes and insurance right now and Lending Tree is offering you a monthly payment that doesn't include escrows? Honey, there is NO savings in that. Lending tree is a broker, not a lender, and i guarantee that 6% rate that they are quoting you is NOT a fixed rate since you are in mid-bankruptcy.
Answered by Expert Realtor - Sat Sep 6 10:42:00 2008
Texas refinance question 80% requirement?
Q. I want to refinance my home at a a lower rate but do not have 80% equity in the home. I origianly had an 80/20 and the bank wants to pay off the first morgate only since they say the other mortgage would place this over 80% I know that a line of credit or cash back at closing has a requirement that the amount cannot excede 80%, but what if I will pay all closing costs and do not want any cash back. Does the 80% rule still apply
Asked by abitawm - Thu Aug 20 16:23:12 2009 - - 1 Answers - 0 Comments
A. There are conventional cash-back refinances that go up to 80% LTV and then there are FHA cash-back refinances at 85% LTV. Line of Equities/Credit are still leins on the property, so combined, the new loan amount must be less than 80-85% Depending on how much cash you have to close, you could definitely get em both done. Honestly, it's pretty risky to still have a LOC nowadays with the future rates in limbo.
Answered by Werckmeister Harmonies - Thu Aug 20 17:32:48 2009
Q. I want to refinance my home at a a lower rate but do not have 80% equity in the home. I origianly had an 80/20 and the bank wants to pay off the first morgate only since they say the other mortgage would place this over 80% I know that a line of credit or cash back at closing has a requirement that the amount cannot excede 80%, but what if I will pay all closing costs and do not want any cash back. Does the 80% rule still apply
Asked by abitawm - Thu Aug 20 16:23:12 2009 - - 1 Answers - 0 Comments
A. There are conventional cash-back refinances that go up to 80% LTV and then there are FHA cash-back refinances at 85% LTV. Line of Equities/Credit are still leins on the property, so combined, the new loan amount must be less than 80-85% Depending on how much cash you have to close, you could definitely get em both done. Honestly, it's pretty risky to still have a LOC nowadays with the future rates in limbo.
Answered by Werckmeister Harmonies - Thu Aug 20 17:32:48 2009
How long do I have to have a home before I can refinance?
Q. I've had my home for 6 mos through the VA, but I will be getting stationed in another state soon. My ex wife and child will still be living in it, and I will pay the mortgage payment as a form of child support. My interest rate is only 6%, But I want to refinance for a interest only fixed rate loan for like 5 yrs, and will sell the house when the housing market recovers. I owe 61k on it and its appraised at 90k. Also what would be the approxiamate closing costs for a loan of that amount?
Asked by devildogof2006 - Tue Jun 24 12:20:23 2008 - - 4 Answers - 0 Comments
Q. I've had my home for 6 mos through the VA, but I will be getting stationed in another state soon. My ex wife and child will still be living in it, and I will pay the mortgage payment as a form of child support. My interest rate is only 6%, But I want to refinance for a interest only fixed rate loan for like 5 yrs, and will sell the house when the housing market recovers. I owe 61k on it and its appraised at 90k. Also what would be the approxiamate closing costs for a loan of that amount?
Asked by devildogof2006 - Tue Jun 24 12:20:23 2008 - - 4 Answers - 0 Comments
From Yahoo Answer Search: 'why do I have to pay closing cost just to refinance my home?'
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Trent
Sat, 01 Aug 2009 14:00:26 GM
Do. you . have. any other thoughts on this chapter of The Total Money Makeover? Please share them in the comments - and feel free to respond to any of . my. impressions as well. After all, a good book club is all about discussion! . ... If I . refinance. to a 15-year mortgage and . pay. an extra $175/month for the next 5 years, that's over $1000 (not to mention the ~$3000 I would . pay. in . closing costs. ) I'm not putting into savings. If I lose . my. job at that point, not only will I . have. ...
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