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Theresa
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0.10 Dollars($)
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Post subject: Refinance |
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I live in 92882 zip. I owe $105,000 on my property. It is now worth approx $300,000. My current rate is 6.5. I'm looking for the best rate with the a low cost to me. Thank you "memster2you2@aol.com"
[Link deactivated as per forum rules. Thanks.] |
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Niicss
Joined: 03 Oct 2005
Posts: 2579
Location: New Jersey
402.93 Dollars($)
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Hi Theresa
You can check out the option of refinancing with your current lender as well as other lenders. This will help you in knowing the rates and terms available in the market. I would suggest you to do some mortgage shopping before finalizing the deal with a lender. You can also speak to the lenders of this community and seek a no obligation free mortgage consultation from them. They will tell you what type of rates and terms you might get.
Thanks.
_________________
Good is the Enemy of Great. |
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JustCarl
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0.10 Dollars($)
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Post subject: Has anyone heard of this? |
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Has anyone heard of any lenders that offer a "one-time privilege rate adjustment", without closing costs, when refinancing a home loan, when the homeowner has just owned the home for a few (three) months?
I am trying to refinance without paying any closing costs. Do ALL refis require closing costs? Thanks. |
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adonis
Joined: 22 Oct 2005
Posts: 3777
Location: ALASKA
109.26 Dollars($)
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Welcome JustCarl,
As far as I know, all refinances require closing costs. Well, I haven't heard of the "one-time privilege rate adjustment". Did any lender offer this to you?
_________________
Procrastination is the enemy of your financial sucess |
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Cay
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0.10 Dollars($)
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Post subject: Refi of Moble Home |
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| I am in year 2 of a 10 year mortgage on a 2005 Mobile Home. My current interest rate is 9.3% and I am looking to lower that with a better interest rate. I have improved on the home and plan to build a garage this spring. Is it possible for me to refinance? |
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MKA
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0.10 Dollars($)
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Post subject: Refinancing when the appraised value is less |
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| I am refinancing my house, but the house value appraised to less than what I bought the house for (a little more than what I currently owe on the house, but not by much). Does it make sense to still refinance at a lower interest rate (and very low closing costs) or will it hurt me in the long run - particularly when I sell the house in the future? Does it affect the price I want to put on the house when I put it up for sale in a couple of years? |
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Niicss
Joined: 03 Oct 2005
Posts: 2579
Location: New Jersey
402.93 Dollars($)
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Hi MKA
As the appraised value of the property is less than what you bought the house for, I doubt whether the lenders will refinance the property. I do not think a refinance will affect the price of the property when you try to sell it off in the market.
Thanks. |
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lillypad
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0.10 Dollars($)
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Post subject: SSDI |
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| Hi, I want to refi- I got in touch with a mortgage Co. and was told that all I needed was the award letters from both my son and I and my grandson, we all live in the same home. I produced them, and then the Co. said that I needed a letter from social security saying that they were permanant disabilitys, I got in touch with them to let them know and their response was this, They said that the award letters should be enough, that they have never given anything like the Co. is asking for. I explained this to the Co. and they would not except this. They now want me to go to a Dr. so that he can write a letter stating that the disabilitys are permanent, I explained to them that that is not possible, since the disability came into existance, 9yrs. ago. and the social security office is the only one that makes that kind of dicission, I have never heard of such a thing, have you? |
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yoovle
Joined: 23 Jan 2009
Posts: 2
1.53 Dollars($)
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Post subject: |
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Cay, the interest rates now are a lot lower that your 9.3%. But I think that the best thing is to ask in your bank.
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Yoovle
Mortgage Refinancing |
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not trusting
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0.10 Dollars($)
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Post subject: How will it affect me in the future? |
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| I recently got a great paying job and I still live with my parents I pay the light bill and the cable bill.They recently told me they want to refinance their home again.WILL it ruin my credit if I sign any paperwork stating how much I make so they can lower their monthly payment, my credit is not great but I have my own bills I need to pay off like loans for school expenses. how will my credit score be affected? |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1562
Location: florida
266.54 Dollars($)
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Post subject: |
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Hi,
To lillypad,
I think you should not deal with this company. There's something fishy about it. The social security authorities are quite justified. Better look out for some other company. If interested, you may have a talk with the lenders in this community. They have been helping people with low income and disability with loans that serve their purpose. Just go for a no obligation free mortgage consultation with the lenders here and see what they have to say about your options.
To Not trusting,
What I understand is, your parents probably want you to act as a cosigner of the mortgage. That is, you have your name on the loan but you don't make monthly payments. Only when you parents default, you'll be asked to take over the payments. Just being a cosigner won't affect your credit in any way as long as payment are made on time.
Good luck
_________________
Mortgage Shopping made easy with booklet |
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msnover92571
Joined: 10 Feb 2009
Posts: 145
Location: California
0.45 Dollars($)
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| wonderful post!! good information |
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RichieRich
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Post subject: Determining new principal balance after no-cost refinancing |
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| I did a "no-cost" refinancing and the principal balance of my new loan is higher than the closing principal balance of my old loan. Shouldn't they be the same? I get a month with no mortgage payments before my new loan starts but even if I figure that in my new balance is higher than my old one. |
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Niicss
Joined: 03 Oct 2005
Posts: 2579
Location: New Jersey
402.93 Dollars($)
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Post subject: |
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Hi RichieRich,
As far as I know, the balance on the old loan and the new loan after refinance can be different. If you have any doubt regarding the loan, contact your lender and ask him to explain it in details.
Thanks. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7129
Location: bloomfield, ct
18.93 Dollars($)
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Post subject: |
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richie rich you ought to have received a good faith estimate at the time you applied for this new loan. on that document, you should have seen any and all costs related to the transaction.
furthermore, when the new loan closed, you should have received copies of the hud-1 settlement statement, which also would reflect all costs, etc. on your loan. somewhere you must have information that would explain why your mortgage balance now exceeds the balance you had when you began the process.
review that documentation - if you don't have it, get it - either from the lawyer or title company that closed your loan, or from the lender directly. you need to review these documents to ensure that what you believed was true really was.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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