We have a primary mortgage of 201,000 USD at 6.125% 5 year arm with 1.5 year left on the terms. We have a secondary mortgage of 39,000 USD at 4.125% variable interest rate. The house value is estimated at 211,000 USD. We have about 40,000 USD in our checking account and no savings. I will be going to school for a Physical Therapy program. My tuition fee for 3 years will be 40,000 USD. I am getting a fedral direct unsubsized loan at 6.8% with upto 10,000 USD disbursed each time starting this fall. My husband has a steady job and makes around 100,000 USD. How should we best manage our finances??? 1) Should we save the 40000 USD for my tuition and not take any of the 6.8% education loan? We will try to refinance to whatever best rate we can get under the Home Affordable Refinance program 2) Should we pay off the secondary mortgage with our checking account balance and refinance the primary mortgage 201,000 USD loan to a 30 year fixed 4.3%. This means we’ll have to take the 6.8% education loan atleast for the first 2 years (around 25000) and hopefully we’ll saved 15000 USD by the time its 3 year to pay off the remaing education tuition ? What do you think? Sincerely, JP

We have a primary mortgage of 201,000 USD at 6.125% 5 year arm with 1.5 year left on the terms. We have a secondary mortgage of 39,000 USD at 4.125% variable interest rate. The house value is estimated at 211,000 USD. We have about 40,000 USD in our checking account and no savings. I will be going to school for a Physical Therapy program. My tuition fee for 3 years will be 40,000 USD. I am getting a fedral direct unsubsized loan at 6.8% with upto 10,000 USD disbursed each time starting this fall. My husband has a steady job and makes around 100,000 USD. How should we best manage our finances??? 1) Should we save the 40000 USD for my tuition and not take any of the 6.8% education loan? We will try to refinance to whatever best rate we can get under the Home Affordable Refinance program 2) Should we pay off the secondary mortgage with our checking account balance and refinance the primary mortgage 201,000 USD loan to a 30 year fixed 4.3%. This means we’ll have to take the 6.8% education loan atleast for the first 2 years (around 25000) and hopefully we’ll saved 15000 USD by the time its 3 year to pay off the remaing education tuition ? What do you think? Sincerely, JP

Five years ago you borrowed $100,000 to finance the purchase of a $120,000 home. The interest rate on the old mortgage loan is 10 percent. Payments are being made monthly to amortize the loan over 30 years. You have found another lender who will refinance the current outstanding loan balance at 8 percent with monthly payments for 30 years. The new lender will charge two discount points on the loan. Other refinancing costs will equal $3,000. There are no prepayment penalties associated with either loan. You feel the appropriate opportunity cost to apply to this refinancing decision is 8 percent. a. What is the payment on the old loan? b. What is the current loan balance on the old loan (five years after origination)? c. What would be the monthly payment on the new loan? d. Should you refinance today if the new loan is expected to be outstanding for five years...calculations

Five years ago you borrowed $100,000 to finance the purchase of a $120,000 home. The interest rate on the old mortgage loan is 10 percent. Payments are being made monthly to amortize the loan over 30 years. You have found another lender who will refinance the current outstanding loan balance at 8 percent with monthly payments for 30 years. The new lender will charge two discount points on the loan. Other refinancing costs will equal $3,000. There are no prepayment penalties associated with either loan. You feel the appropriate opportunity cost to apply to this refinancing decision is 8 percent. a. What is the payment on the old loan? b. What is the current loan balance on the old loan (five years after origination)? c. What would be the monthly payment on the new loan? d. Should you refinance today if the new loan is expected to be outstanding for five years...calculations

Basically, I started the refinance process with a loan officer, and then she quit the bank and went to work for another company. I decided to stay with the existing bank and just closed the loan, it's currently in the 3 day rescission period. However, the loan officer who quit is upset I didn't follow her to her new bank. She is being childish and according to a mutual acquaintance, is trying to contact the bank I closed with to tell them that I lied on my application (which is not true, my application was 100% honest and the bank approved and verified everything and closed the loan). So, I am wondering, can this bank cancel and not fund my loan during the rescission period?

Basically, I started the refinance process with a loan officer, and then she quit the bank and went to work for another company. I decided to stay with the existing bank and just closed the loan, it's currently in the 3 day rescission period. However, the loan officer who quit is upset I didn't follow her to her new bank. She is being childish and according to a mutual acquaintance, is trying to contact the bank I closed with to tell them that I lied on my application (which is not true, my application was 100% honest and the bank approved and verified everything and closed the loan). So, I am wondering, can this bank cancel and not fund my loan during the rescission period?

We recently just closed on a home July 8th. We are now finding out that the loan payment amount is going to be higher than it was told to us (and signed for) at closing. The mortgage company is also not giving us the answers as to why the amount is different. We are feeling misled by this company. Is there a way to get our closing costs refunded to us so we can refinance with someone else? We have a 5% conventional loan. I found that the money that is different is PMI. It was LEFT OUT of our closing paperwork and apparently required by the lender. But if it was left out at closing, are we still required to have it? What are our options? And please don't call people "honey"... it comes across as condescending and puts a person on the defensive right at the start. I hope you don't do that in your career as a realtor.

We recently just closed on a home July 8th. We are now finding out that the loan payment amount is going to be higher than it was told to us (and signed for) at closing. The mortgage company is also not giving us the answers as to why the amount is different. We are feeling misled by this company. Is there a way to get our closing costs refunded to us so we can refinance with someone else? We have a 5% conventional loan. I found that the money that is different is PMI. It was LEFT OUT of our closing paperwork and apparently required by the lender. But if it was left out at closing, are we still required to have it? What are our options? And please don't call people "honey"... it comes across as condescending and puts a person on the defensive right at the start. I hope you don't do that in your career as a realtor.

I have been approved for a $30,000 personal loan from my credit union. This is a secured loan where I will put in $30,000 in a savings account with the credit union as security. I do have $30,000 as savings but don't want to use that up right now. Just need the 30K as loan which I have been approved for with a low rate of 3.75%. Question: Will this personal loan affect my credit score? It is around 765 now. Question: If I refinance my mortgage to a lower rate with Wells Fargo, will this personal loan show up in my credit report? Will this personal loan affect refinancing my mortgage? Thanks.

I have been approved for a $30,000 personal loan from my credit union. This is a secured loan where I will put in $30,000 in a savings account with the credit union as security. I do have $30,000 as savings but don't want to use that up right now. Just need the 30K as loan which I have been approved for with a low rate of 3.75%. Question: Will this personal loan affect my credit score? It is around 765 now. Question: If I refinance my mortgage to a lower rate with Wells Fargo, will this personal loan show up in my credit report? Will this personal loan affect refinancing my mortgage? Thanks.

Would I still have to go through settlement and pay all those fees & charges

Would I still have to go through settlement and pay all those fees & charges

I am a first time home buyer and I am looking to buy a particular home. The house was a repo and was in the middle of renovation when it happened so there is no working bathroom and a new roof needs to be put on. Because of this the Bank will not give me an FHA loan. Instead, the bank wants me to put a down payment of about $16,000 on the house to get a loan to purchase the house. If I understand correctly, the house has to be purchased before any work can be done on it. I have a few questions. 1) Are there any loans out there that would give a low downpayment in order to purchase the home and maker repairs? 2) After the home is purchased and the repairs are made, is it a good idea to refinance the home into an FHA loan? 3) Would it be a good idea to consider a Conventional loan with Private Mortgage Insurance?

I am a first time home buyer and I am looking to buy a particular home. The house was a repo and was in the middle of renovation when it happened so there is no working bathroom and a new roof needs to be put on. Because of this the Bank will not give me an FHA loan. Instead, the bank wants me to put a down payment of about $16,000 on the house to get a loan to purchase the house. If I understand correctly, the house has to be purchased before any work can be done on it. I have a few questions. 1) Are there any loans out there that would give a low downpayment in order to purchase the home and maker repairs? 2) After the home is purchased and the repairs are made, is it a good idea to refinance the home into an FHA loan? 3) Would it be a good idea to consider a Conventional loan with Private Mortgage Insurance?

I would like to get out of my 11% home mortgage that I am currently paying. I have never defaulted or missed a payment which are $1405/mo. I have however, taken a deferred payment option. My home is worth approx. $140000-$145000 and I owe about $139000

I would like to get out of my 11% home mortgage that I am currently paying. I have never defaulted or missed a payment which are $1405/mo. I have however, taken a deferred payment option. My home is worth approx. $140000-$145000 and I owe about $139000

She has continued to make the payments. She is refinancing. Am I entitled to any compensation? I gave her $7500 toward the down payment and made half the mortgage payment for the 11 months I lived there.

She has continued to make the payments. She is refinancing. Am I entitled to any compensation? I gave her $7500 toward the down payment and made half the mortgage payment for the 11 months I lived there.

Im not a trusting person so I need advice on which way to go.

Im not a trusting person so I need advice on which way to go.

My ex husband resides at the property we jointly own and has done for the past 18 months. I chose not to live in the home as I wanted to remain close to my family and had more support than he did at the time. We have a 18 month old child together. We had an arrangement that he would pay me out a share of the equity. As he resides there he pays the mortgage. He decided to quit his job and study instead. It has become apparent that he had no intention of paying me out and has had his new girlfriend move in to the property without letting me know. He also refuses to sell the property and keeps it in a run down messy state. I have since been advised that he is now pulling out the kitchen, pulling panels off walls etc. even though I have asked him to consult me prior to altering the property. I am concerned he is devaluing the property. Each time I pursue the property he sends me letters about what a bad mother I am and how he will apply for primary care of our son (when he has spent an hour with him in 12 months). As a result, I have attempted on numerous occasions to organise to access the property to take note of its condition and any alterations that have been made. He will not provide me with any keys (as he changed the locks) and simply states it is inconvenient. It is obvious he does not want me to see the house. Does anyone know or had experience with this situation? Im no sure of my rights in accessing the property. As I will be taking the matter to court I need to sight the condition of the house. I need the matter resolved as I am having to pay all the rates and insurance (as he doesn't pay his share and I don't want my credit rating to suffer), cannot get my own loan or refinance my car as my name is on the property and just simply want to get on with things. I don't want to have to turn up with the police but I have been asking for at least 3 months with no co-operation from him.

My ex husband resides at the property we jointly own and has done for the past 18 months. I chose not to live in the home as I wanted to remain close to my family and had more support than he did at the time. We have a 18 month old child together. We had an arrangement that he would pay me out a share of the equity. As he resides there he pays the mortgage. He decided to quit his job and study instead. It has become apparent that he had no intention of paying me out and has had his new girlfriend move in to the property without letting me know. He also refuses to sell the property and keeps it in a run down messy state. I have since been advised that he is now pulling out the kitchen, pulling panels off walls etc. even though I have asked him to consult me prior to altering the property. I am concerned he is devaluing the property. Each time I pursue the property he sends me letters about what a bad mother I am and how he will apply for primary care of our son (when he has spent an hour with him in 12 months). As a result, I have attempted on numerous occasions to organise to access the property to take note of its condition and any alterations that have been made. He will not provide me with any keys (as he changed the locks) and simply states it is inconvenient. It is obvious he does not want me to see the house. Does anyone know or had experience with this situation? Im no sure of my rights in accessing the property. As I will be taking the matter to court I need to sight the condition of the house. I need the matter resolved as I am having to pay all the rates and insurance (as he doesn't pay his share and I don't want my credit rating to suffer), cannot get my own loan or refinance my car as my name is on the property and just simply want to get on with things. I don't want to have to turn up with the police but I have been asking for at least 3 months with no co-operation from him.

If I want to get 2 or 3 offers for a mortgage refinance, do I have to get 2 or 3 appraisals? Or can I get just one, and use that for all 3 banks?

If I want to get 2 or 3 offers for a mortgage refinance, do I have to get 2 or 3 appraisals? Or can I get just one, and use that for all 3 banks?

I currently still have 26.5 yrs on the loan at 6.3 interest. The 20 yr loan is $40 more a month and will save me about 90000 over the life of the loan, the 30 yr loan will save me $130 a month.

I currently still have 26.5 yrs on the loan at 6.3 interest. The 20 yr loan is $40 more a month and will save me about 90000 over the life of the loan, the 30 yr loan will save me $130 a month.

We are looking to refinance our house soon. My husbands average fico score is 697 and his average credit score is 740. Why is this such a big difference and will the lenders use the fico score or the credit score?

We are looking to refinance our house soon. My husbands average fico score is 697 and his average credit score is 740. Why is this such a big difference and will the lenders use the fico score or the credit score?

I am planning on refinancing my car loan but I think my current mortgage payment will affect the banks decision. So my question is, when they ask what my mortgage is, should I include escrow or just principal and interest?

I am planning on refinancing my car loan but I think my current mortgage payment will affect the banks decision. So my question is, when they ask what my mortgage is, should I include escrow or just principal and interest?

Is it refinancing my 1st mortgage? Taking out a home equity line of credit? Taking out a home equity loan? Or none of the above?

Is it refinancing my 1st mortgage? Taking out a home equity line of credit? Taking out a home equity loan? Or none of the above?

ok so my husband bought a house with his ex and she called off the wedding. we are now wanting to buy our own house but we cant until we get the other mortgage off. i need to know if there is any ways to do that besides selling or refinancing becuz she wont do either. thank you we cant afford to refinance for her and idont think she is paying it late becuz she doesnt want to mess up her credit. anyone know if i can get a court order for her to sell or refinance or for the lender to let him our?

ok so my husband bought a house with his ex and she called off the wedding. we are now wanting to buy our own house but we cant until we get the other mortgage off. i need to know if there is any ways to do that besides selling or refinancing becuz she wont do either. thank you we cant afford to refinance for her and idont think she is paying it late becuz she doesnt want to mess up her credit. anyone know if i can get a court order for her to sell or refinance or for the lender to let him our?

We are about to refinance our home at 3.85% for a 15-year loan. We have 40k of student loans at 5.75%. Including this amount in our mortgage will not get us to the point where we will have to pay PMI. Is this a good idea? If yes, why. If no, why not?

We are about to refinance our home at 3.85% for a 15-year loan. We have 40k of student loans at 5.75%. Including this amount in our mortgage will not get us to the point where we will have to pay PMI. Is this a good idea? If yes, why. If no, why not?

I tried to get help threw them and they said I didn't qualify because of some percentage rate so they would not help. I also tried for hardship threw the mortgage company and also tried to refinance and they wouldn't do it either. when on fixed income its hard to make ends meet when the price of utilities and taxes keep going up.

I tried to get help threw them and they said I didn't qualify because of some percentage rate so they would not help. I also tried for hardship threw the mortgage company and also tried to refinance and they wouldn't do it either. when on fixed income its hard to make ends meet when the price of utilities and taxes keep going up.

the balloon at the end of the mortgage is 89,000. if i were to refinance do they take that and add it to what I currently owe? I'm really wondering if i made a wise choice 4 years ago. please help the mortgage of 113,000 goes until year 2036 then the balloon is due of 89000.

the balloon at the end of the mortgage is 89,000. if i were to refinance do they take that and add it to what I currently owe? I'm really wondering if i made a wise choice 4 years ago. please help the mortgage of 113,000 goes until year 2036 then the balloon is due of 89000.

We have 13.5 years left on a 15 year home mortgage, 5.25% interest. We own more than 20% of the value of our house. We may live in this house for 30 years or we may sell and move to a bigger house in 3-8 years (Depends on how many kids we acquire). Since we don't have a planned amount of time before we sell, and right now we are putting our spare money into retirement and tuition for my husband's grad school, we don't want to pay to refinance. We already had to pay $800 dollars to unlock our interest rate when rates dropped a percent after we locked our rate in Fall 2008. I heard there is something where we would get a slightly higher than market rate but still lower than what we are paying with no closing costs. Do these exist or are they a scam? We are happy with our mortgage and all but if we could get an even lower rate without having to invest anything, I don't see a downside. Does this really exist? What is the downside? We have excellent credit.

We have 13.5 years left on a 15 year home mortgage, 5.25% interest. We own more than 20% of the value of our house. We may live in this house for 30 years or we may sell and move to a bigger house in 3-8 years (Depends on how many kids we acquire). Since we don't have a planned amount of time before we sell, and right now we are putting our spare money into retirement and tuition for my husband's grad school, we don't want to pay to refinance. We already had to pay $800 dollars to unlock our interest rate when rates dropped a percent after we locked our rate in Fall 2008. I heard there is something where we would get a slightly higher than market rate but still lower than what we are paying with no closing costs. Do these exist or are they a scam? We are happy with our mortgage and all but if we could get an even lower rate without having to invest anything, I don't see a downside. Does this really exist? What is the downside? We have excellent credit.

Before we got married my husband was involved in a horse farm business which included property and a house which my husband and a husband and wife team lived in. After a little while the business was not doing so well and they opened up a refinanced mortgage and without my husbands credit score the couple would not have been approved. My husbands name was not and is not on the title. 6 months later my husband left the business and moved out of the house but his name is still on the mortgage and the husband and wife are not paying anything and it is hurting his credit score and our chances of getting any kind of help. How do I get his name off this mortgage that he has been apart of for 6 years?

Before we got married my husband was involved in a horse farm business which included property and a house which my husband and a husband and wife team lived in. After a little while the business was not doing so well and they opened up a refinanced mortgage and without my husbands credit score the couple would not have been approved. My husbands name was not and is not on the title. 6 months later my husband left the business and moved out of the house but his name is still on the mortgage and the husband and wife are not paying anything and it is hurting his credit score and our chances of getting any kind of help. How do I get his name off this mortgage that he has been apart of for 6 years?

Are there any banks out there willing to refinance a loan on a rental property where the owner is behind on the mortgage and owes more than the home is worth. The homeowner is having difficulty catching up because of the late fees that are tacked on each month. The homeowner has a steady job-but low credit score.

Are there any banks out there willing to refinance a loan on a rental property where the owner is behind on the mortgage and owes more than the home is worth. The homeowner is having difficulty catching up because of the late fees that are tacked on each month. The homeowner has a steady job-but low credit score.

I don’t know a lot about mortgages, and I was hoping someone who did could help. I have currently a 30 year fixed at 6.25% that I got 2 years ago. It was an FHA as it was a starter home and we only had a little over 10% to put down. Now we are thinking of refinancing. A friend referred me to his mortgage broker who said we could do a FHA streamline and get a 30 year fixed at 5.00% with no closing costs. He said basically we are taking .25% higher rate than we could get with closing costs, but nothing would be rolled into the mortgage. All we would need is the money for the escrow while waiting for the refund from our current escrow. There are 2 things that are bothering me and I don’t know if I am being paranoid. First question we got a letter from the bank with our payoff balance, saying it would be 191k, which made sense it was a our principal plus basically one months interest. I emailed the brokers assistant to confirm this would be our new balance. The broker himself wrote back yes this would be our base loan. But I saw he was replying off a question from his assistant who said “I didn’t know how to respond to the question about $191K loan amount-we have it at roughly $195K with the 1003 showing roughly $4k to close.” But the broker said our loan amount isn’t increasing. We are suppose to close on Monday and I am worried I am missing something and upping my loan by about by 4k. My second question is our interest rate on 191k is dropping 1.25%. If you take 191,000.00 times .0125 and divide by 12 I get we should be saving about $200.00 a month, I realize this is a rough calculation. The broker has our mortgage payment decreasing only by about $150.00 a month. It doesn’t seem like it should be $50.00 off.

I don’t know a lot about mortgages, and I was hoping someone who did could help. I have currently a 30 year fixed at 6.25% that I got 2 years ago. It was an FHA as it was a starter home and we only had a little over 10% to put down. Now we are thinking of refinancing. A friend referred me to his mortgage broker who said we could do a FHA streamline and get a 30 year fixed at 5.00% with no closing costs. He said basically we are taking .25% higher rate than we could get with closing costs, but nothing would be rolled into the mortgage. All we would need is the money for the escrow while waiting for the refund from our current escrow. There are 2 things that are bothering me and I don’t know if I am being paranoid. First question we got a letter from the bank with our payoff balance, saying it would be 191k, which made sense it was a our principal plus basically one months interest. I emailed the brokers assistant to confirm this would be our new balance. The broker himself wrote back yes this would be our base loan. But I saw he was replying off a question from his assistant who said “I didn’t know how to respond to the question about $191K loan amount-we have it at roughly $195K with the 1003 showing roughly $4k to close.” But the broker said our loan amount isn’t increasing. We are suppose to close on Monday and I am worried I am missing something and upping my loan by about by 4k. My second question is our interest rate on 191k is dropping 1.25%. If you take 191,000.00 times .0125 and divide by 12 I get we should be saving about $200.00 a month, I realize this is a rough calculation. The broker has our mortgage payment decreasing only by about $150.00 a month. It doesn’t seem like it should be $50.00 off.

I have a friend who is unfortunately being foreclosed on with three mortgages on a single residency. He has a senior mortgage and two junior mortgages. According to current laws, I was informed that it is possible to end the foreclosure by settling only the senior mortgage (Either by refinancing or short-selling) and the two junior mortgages would become irrelevant (Completely eliminated where the lenders would have to write-off the loan as a loss) so as long as we settle the first mortgage. Is this true or in any ways possible? The house is located in Queens, NY.

I have a friend who is unfortunately being foreclosed on with three mortgages on a single residency. He has a senior mortgage and two junior mortgages. According to current laws, I was informed that it is possible to end the foreclosure by settling only the senior mortgage (Either by refinancing or short-selling) and the two junior mortgages would become irrelevant (Completely eliminated where the lenders would have to write-off the loan as a loss) so as long as we settle the first mortgage. Is this true or in any ways possible? The house is located in Queens, NY.

I want $20,000 extra money besides paying off my current mortgage. Do I need to designate where the $20,000 is going to so Quicken can pay things off for me or can I get the $ myself?

I want $20,000 extra money besides paying off my current mortgage. Do I need to designate where the $20,000 is going to so Quicken can pay things off for me or can I get the $ myself?

I've lived in my house for 4 years having NEVER been late on my mortgage, I lost my job however 2 years ago but have since picked up a P/T job. The majority of my monthly mortgage bill is being payed with money I have in my savings account. I applied for the Obama Home modification program through my mortgage Co. but they said I didn't qualify, My mortgage company then tried to work out an "In House" home modification loan for me but after weeks of waiting they finally told me I didn't qualify for that either. They said the reason was...I didn't show any history of NOT being able to make my monthly payment. I tried to explain to them the reason that was, is that it was my savings account that was keeping me afloat. I also explained to them that it was only a matter of time before my savings ran out and that I would in fact have an issue making my monthly payment before long. Unfortunately I have a very high interest rate on the loan but have since cleaned up my credit...problem now is I don't have a full time job which is making it very difficult to qualify for a re-fi! Does anyone have any suggestions???? A friend told me that if I begin to show some issues paying my mortgage that my mortgage co. may then be able to justify helping me with the "In House" re-fi. I want to do the right thing!

I've lived in my house for 4 years having NEVER been late on my mortgage, I lost my job however 2 years ago but have since picked up a P/T job. The majority of my monthly mortgage bill is being payed with money I have in my savings account. I applied for the Obama Home modification program through my mortgage Co. but they said I didn't qualify, My mortgage company then tried to work out an "In House" home modification loan for me but after weeks of waiting they finally told me I didn't qualify for that either. They said the reason was...I didn't show any history of NOT being able to make my monthly payment. I tried to explain to them the reason that was, is that it was my savings account that was keeping me afloat. I also explained to them that it was only a matter of time before my savings ran out and that I would in fact have an issue making my monthly payment before long. Unfortunately I have a very high interest rate on the loan but have since cleaned up my credit...problem now is I don't have a full time job which is making it very difficult to qualify for a re-fi! Does anyone have any suggestions???? A friend told me that if I begin to show some issues paying my mortgage that my mortgage co. may then be able to justify helping me with the "In House" re-fi. I want to do the right thing!

We are considering refinancing our mortgage for an interest rate that is 2% lower than our current one. The mortgage company will allow us to refinance for either 300 months (25-years), or for the remaining term of our original 30-year loan (324 months). Refinancing for 25-years will shave 2 years off the back of our mortgage and save us a little each month. Refinancing for the remaining term will save us more each month, which would be really nice. Which option do you think is best? The mortgage is a fixed rate. We do not have a car note, but we do have a good amount of student loan debt.

We are considering refinancing our mortgage for an interest rate that is 2% lower than our current one. The mortgage company will allow us to refinance for either 300 months (25-years), or for the remaining term of our original 30-year loan (324 months). Refinancing for 25-years will shave 2 years off the back of our mortgage and save us a little each month. Refinancing for the remaining term will save us more each month, which would be really nice. Which option do you think is best? The mortgage is a fixed rate. We do not have a car note, but we do have a good amount of student loan debt.

Do any AVers know a government website that explains who qualifies and for what regarding refinancing mortgages? When I look, I find sites that end up being advertisements for a lending company or whatever. Thanks!

Do any AVers know a government website that explains who qualifies and for what regarding refinancing mortgages? When I look, I find sites that end up being advertisements for a lending company or whatever. Thanks!

I have checked my mortgage papers I have found that I can pay the loan off at anytime, so I was wondering if the refinance companies would refinance a new loan?

I have checked my mortgage papers I have found that I can pay the loan off at anytime, so I was wondering if the refinance companies would refinance a new loan?

We are looking for a 3 bedroom home possible rental, rent to own, or land contract. Fruitport, Spring lake, ferrysberg, Grand Haven, or Nunica. 2 dogs, we are going to lose our home due to me having a miscarriage last year I lost my job because I was hospitalized and now the mortgage company wants us to refinance for more money then our home is worth. Anyone have any suggestions?! Anyone no anyone that has a home in these areas? Sorry its in Michigan

We are looking for a 3 bedroom home possible rental, rent to own, or land contract. Fruitport, Spring lake, ferrysberg, Grand Haven, or Nunica. 2 dogs, we are going to lose our home due to me having a miscarriage last year I lost my job because I was hospitalized and now the mortgage company wants us to refinance for more money then our home is worth. Anyone have any suggestions?! Anyone no anyone that has a home in these areas? Sorry its in Michigan

I secured a rate that's locked for 60 days, but it already passed 60 days. It looks like the rate has dropped since I locked it. The lender still hasn't finished processing my refi (they explained that they had to work on those first time home buyers so that they can get the credit). What options do I have? Can I demand that the lender use the current rate? Or am I stuck with the old rate? Please advise!

I secured a rate that's locked for 60 days, but it already passed 60 days. It looks like the rate has dropped since I locked it. The lender still hasn't finished processing my refi (they explained that they had to work on those first time home buyers so that they can get the credit). What options do I have? Can I demand that the lender use the current rate? Or am I stuck with the old rate? Please advise!

I just heard about mortgage refinancing and i would like to know what its benefits are

I just heard about mortgage refinancing and i would like to know what its benefits are

I've been in my house for 2 months and the interest rates are now 1% lower than what I have. I would only refi for a lower interest rate, not to pay off debt. Is this possible and does it make sense?

I've been in my house for 2 months and the interest rates are now 1% lower than what I have. I would only refi for a lower interest rate, not to pay off debt. Is this possible and does it make sense?

We currently have a high interest mortgage but can refinance to a low one. Here are our options: (1) Refinance at 3.75% for 15 years with the intention of selling the house and using the equity when we buy a new house. (2) Refinance at 4.375% for 30 years with the intention of using money we've already saved plus money we will save (from the reduced mortgage over two or three years) to make a down payment while keeping and renting out the first house. The rent would certainly cover the mortgage if we went with a 30-year loan. Any thoughts from a purely financial standpoint? I know there's more than financial considerations, but that's what I'm trying to work through right now. Thanks.

We currently have a high interest mortgage but can refinance to a low one. Here are our options: (1) Refinance at 3.75% for 15 years with the intention of selling the house and using the equity when we buy a new house. (2) Refinance at 4.375% for 30 years with the intention of using money we've already saved plus money we will save (from the reduced mortgage over two or three years) to make a down payment while keeping and renting out the first house. The rent would certainly cover the mortgage if we went with a 30-year loan. Any thoughts from a purely financial standpoint? I know there's more than financial considerations, but that's what I'm trying to work through right now. Thanks.

I forgot that I wanted to refinance my mortgage, then I accidentally response to an invitation to apply for a credit card. As soon as I realize it, it was too late. Even though I haven't get any approval yet..they already run my credit. 1)how much score will be lowered by applying credit cards? 2)Is it better to cancel the application?or keep it?Since they already run the credit report,would it make any difference? Thank you oh wow!20 points!This is crazy...the person who make the formula doesn't seems to be fair as a few hundred/thousand $ credit shouldn't affect my spending by that much.

I forgot that I wanted to refinance my mortgage, then I accidentally response to an invitation to apply for a credit card. As soon as I realize it, it was too late. Even though I haven't get any approval yet..they already run my credit. 1)how much score will be lowered by applying credit cards? 2)Is it better to cancel the application?or keep it?Since they already run the credit report,would it make any difference? Thank you oh wow!20 points!This is crazy...the person who make the formula doesn't seems to be fair as a few hundred/thousand $ credit shouldn't affect my spending by that much.

I bought a house with my ex girlfriend. She quit claims-ed me saying "This way you can't make me sell the house". I just wanted out so I signed it. I wasn't told I would still be on the mortgage and it would still be on my credit report. I am now married with two kids and want a house of my own. She is making payments on time, but (says) there is no way she can refinance. Is there anything I can do to get me off of the mortgage and the house off my credit report??

I bought a house with my ex girlfriend. She quit claims-ed me saying "This way you can't make me sell the house". I just wanted out so I signed it. I wasn't told I would still be on the mortgage and it would still be on my credit report. I am now married with two kids and want a house of my own. She is making payments on time, but (says) there is no way she can refinance. Is there anything I can do to get me off of the mortgage and the house off my credit report??

I have a townhome and my current loan to value ratio is 92% since the house value has dropped and when I bought it I put down only 10%. I am currently paying $300 in PMI which I think is a waste and would like to consolidate and reduce or get rid of the PMI. I have some more cash to pay towards the prinicpal but not enough to bring the current loan to value ration down to 78% at which point my bank will remove the PMI. I need someone to talk to who can give me advice on a 2nd loan or refinance. What type of people can provide good advice? I am ready to pat their fees, are these financial consultants or mortgage consultants?

I have a townhome and my current loan to value ratio is 92% since the house value has dropped and when I bought it I put down only 10%. I am currently paying $300 in PMI which I think is a waste and would like to consolidate and reduce or get rid of the PMI. I have some more cash to pay towards the prinicpal but not enough to bring the current loan to value ration down to 78% at which point my bank will remove the PMI. I need someone to talk to who can give me advice on a 2nd loan or refinance. What type of people can provide good advice? I am ready to pat their fees, are these financial consultants or mortgage consultants?

My husband purchased a house, and has never owned a home before. He met all the deadlines for the sales contract date, date of closing, date of filing an amended return with the proper form claiming the first time home buyer tax credit. The house is solely in his name, I am not on the mortgage nor the HUD settlement or purchase contract documents we sent in with our amended return. I do live in the house, and contribute towards paying the mortgage. We have filed joint taxes since 2006, and the amended return for the tax credit was a joint return as well. I owned a house with my ex-husband, but I have not lived there, paid on that mortgage or claimed any deduction for interest since December 2004. In August 2005, I was awarded a divorce and had a bankruptcy discharged which cleared me from financial obligation for the property. My ex husband still lives in it, and because my son is with him there for a good part of the year, I have not forced him to sell it, and the mortgage company will not allow him to refinance in his own name since he never has enough income to qualify. My name is still on the mortgage. He refinanced last year, and again I had to co-sign, but there was an addendum stating that that did not change my legal status as having been cleared of financial obligation for the mortgage. (Still can't figure out why my name's on it but I'm not liable for it - bizarre.) There has never been a judgement as part of the divorce proceedings concerning the division of property. Now my current husband has received a rejection notice for his first time homebuyer tax credit, I am assuming because from 1998 - 2004 I filed for home owner related credits on joint returns with my ex-husband. In the eyes of the IRS have I really owned a house in the past three years, or should we appeal? If we appeal, what kind of documentation do you think I should send them to show I have not owned a house in the last three years? I thought not having filed for any home ownership type credits since 2004 would have sufficed.

My husband purchased a house, and has never owned a home before. He met all the deadlines for the sales contract date, date of closing, date of filing an amended return with the proper form claiming the first time home buyer tax credit. The house is solely in his name, I am not on the mortgage nor the HUD settlement or purchase contract documents we sent in with our amended return. I do live in the house, and contribute towards paying the mortgage. We have filed joint taxes since 2006, and the amended return for the tax credit was a joint return as well. I owned a house with my ex-husband, but I have not lived there, paid on that mortgage or claimed any deduction for interest since December 2004. In August 2005, I was awarded a divorce and had a bankruptcy discharged which cleared me from financial obligation for the property. My ex husband still lives in it, and because my son is with him there for a good part of the year, I have not forced him to sell it, and the mortgage company will not allow him to refinance in his own name since he never has enough income to qualify. My name is still on the mortgage. He refinanced last year, and again I had to co-sign, but there was an addendum stating that that did not change my legal status as having been cleared of financial obligation for the mortgage. (Still can't figure out why my name's on it but I'm not liable for it - bizarre.) There has never been a judgement as part of the divorce proceedings concerning the division of property. Now my current husband has received a rejection notice for his first time homebuyer tax credit, I am assuming because from 1998 - 2004 I filed for home owner related credits on joint returns with my ex-husband. In the eyes of the IRS have I really owned a house in the past three years, or should we appeal? If we appeal, what kind of documentation do you think I should send them to show I have not owned a house in the last three years? I thought not having filed for any home ownership type credits since 2004 would have sufficed.

Our situation is we are trying to by a house CFD from our friend. She was divorced a year ago, and she cant make the payment. Her divorce decree states that "ex-husbands" name must be off the mortgage by Aug 23rd by either sale of the house or refinance. She has had the house listed with a realtor and many media sources since last year, and had tried unsuccessfully to refinance with multiple banks. Her lawyer advised that she would be held in contempt of court on Aug 23rd for not getting the name off, but that the court would throw it out because she has proof that she has tried to sell it. Now....we are currently living in the house that we want to buy (we moved based on some bad lawyer advice that she got from different lawyer). We have already sold our other house. Is there anything that she/we can do to remove his name. He is threatening legal action by the 23rd of august.... No we have not been approved a for a mortgage. We have been turned down. I already have a mortgage on my other house (sold it for CFD as well and a new car loan). So that is why we are attempting the CFD on this new house.

Our situation is we are trying to by a house CFD from our friend. She was divorced a year ago, and she cant make the payment. Her divorce decree states that "ex-husbands" name must be off the mortgage by Aug 23rd by either sale of the house or refinance. She has had the house listed with a realtor and many media sources since last year, and had tried unsuccessfully to refinance with multiple banks. Her lawyer advised that she would be held in contempt of court on Aug 23rd for not getting the name off, but that the court would throw it out because she has proof that she has tried to sell it. Now....we are currently living in the house that we want to buy (we moved based on some bad lawyer advice that she got from different lawyer). We have already sold our other house. Is there anything that she/we can do to remove his name. He is threatening legal action by the 23rd of august.... No we have not been approved a for a mortgage. We have been turned down. I already have a mortgage on my other house (sold it for CFD as well and a new car loan). So that is why we are attempting the CFD on this new house.

I ask this question on behalf of my mother. My mother had to file for bankruptcy awhile back to save the house. Recently she lost another source of income and now does not know how she will be able to make her bankruptcy court payments, her mortgage payments, and other utilities. She had made mention to me that she had saw a commercial for people or companies who would buy your house, and then you would sort of refinance with them. Since she filed for bankruptcy she really is in no position to be able to refinance the house to a lower payment or less interest. Are there places that will buy out the mortgage and then make arrangements (usually less than what you are paying now) so one could remain in their current house and not have to relocate? Thanks for your help, Ed

I ask this question on behalf of my mother. My mother had to file for bankruptcy awhile back to save the house. Recently she lost another source of income and now does not know how she will be able to make her bankruptcy court payments, her mortgage payments, and other utilities. She had made mention to me that she had saw a commercial for people or companies who would buy your house, and then you would sort of refinance with them. Since she filed for bankruptcy she really is in no position to be able to refinance the house to a lower payment or less interest. Are there places that will buy out the mortgage and then make arrangements (usually less than what you are paying now) so one could remain in their current house and not have to relocate? Thanks for your help, Ed

Should I refinance my interest rate on my home mortgage? I have been in my home for 9 years and an employee from Chase finance (Chase is my current lender) said for me not to refinance since I have paid off a good portion of the interest. Is this true? Should I refinance? My Chase mortgage interest rate is 6.5 fixed.

Should I refinance my interest rate on my home mortgage? I have been in my home for 9 years and an employee from Chase finance (Chase is my current lender) said for me not to refinance since I have paid off a good portion of the interest. Is this true? Should I refinance? My Chase mortgage interest rate is 6.5 fixed.

I currently owe $149 K with 212 months remaining on a 20 yr. fixed at 5.625%. I can refinance to a 15 yr. fixed at 4.2% for about $4-$5 K. My house is 6 years old so I plan to be in it for the long haul. The math seems to dictate to go ahead and refi. Thoughts?

I currently owe $149 K with 212 months remaining on a 20 yr. fixed at 5.625%. I can refinance to a 15 yr. fixed at 4.2% for about $4-$5 K. My house is 6 years old so I plan to be in it for the long haul. The math seems to dictate to go ahead and refi. Thoughts?

I am trying to refinance my mortgage so I don't lose my home and two HOA liens popped up in the process. I did know that one was out there but didn't know about the first from about a year previous. I heard that the original should have been released in favor of the new one. Is that how it works? I was also told that after one year, a lien has to be reinstated/refiled otherwise it just expires. Is that true? I'm stuck trying to get this refinance done which would allow me to pay the lien afterward, but have to refinance first.

I am trying to refinance my mortgage so I don't lose my home and two HOA liens popped up in the process. I did know that one was out there but didn't know about the first from about a year previous. I heard that the original should have been released in favor of the new one. Is that how it works? I was also told that after one year, a lien has to be reinstated/refiled otherwise it just expires. Is that true? I'm stuck trying to get this refinance done which would allow me to pay the lien afterward, but have to refinance first.

can a borrower with current questionable credit rating, due to loss of income, use a co-signer to qualify for refinance with fifty percent plus equity in home?

can a borrower with current questionable credit rating, due to loss of income, use a co-signer to qualify for refinance with fifty percent plus equity in home?

My fiance took ownership of a rental duplex property from her father in 2007 using a $175K, 6.875% ARM (adjustable in 2017), conventional uninsured loan. The original monthly mortgage is $1002.60. She had put about $20K into the property for renovation. I took over the management of the property in mid-2008, and since then have put about $10K into it as well to update/grade it. Unfortunately, due to some oversight (or maybe neglect) there were property taxes that were not fully paid (before I took over the management). The county notified the lender and B of A paid the back taxes (plus penalties). B of A since then has created an escrow for my fiance to pay into. Long story short: The new mortgage is now over $1900, payable for about 1 year before the escrow is paid down and the mortgage returns to $1002. The rental gross at $1600. After expenses, net income is about $230 per month. I'm trying to see if the escrow can be paid down with a single lump sum of about $6800 so that the mortgage can return to the original amount immediately. The property was recently assessed at $75K. Question: Ethics aside, does this sound like a rental property that's worth keeping? She can't refinance due to lost of job over a year ago (no income) and due to the fact it's not a primary residence. Please help. The situation is too complicated for me to determine what is the best course of action to minimize financial damages. Thanks. -Howard

My fiance took ownership of a rental duplex property from her father in 2007 using a $175K, 6.875% ARM (adjustable in 2017), conventional uninsured loan. The original monthly mortgage is $1002.60. She had put about $20K into the property for renovation. I took over the management of the property in mid-2008, and since then have put about $10K into it as well to update/grade it. Unfortunately, due to some oversight (or maybe neglect) there were property taxes that were not fully paid (before I took over the management). The county notified the lender and B of A paid the back taxes (plus penalties). B of A since then has created an escrow for my fiance to pay into. Long story short: The new mortgage is now over $1900, payable for about 1 year before the escrow is paid down and the mortgage returns to $1002. The rental gross at $1600. After expenses, net income is about $230 per month. I'm trying to see if the escrow can be paid down with a single lump sum of about $6800 so that the mortgage can return to the original amount immediately. The property was recently assessed at $75K. Question: Ethics aside, does this sound like a rental property that's worth keeping? She can't refinance due to lost of job over a year ago (no income) and due to the fact it's not a primary residence. Please help. The situation is too complicated for me to determine what is the best course of action to minimize financial damages. Thanks. -Howard

I own a home with very little owed on it as compared to it's value and i want to refinance and get a little cash out to do some home improvements but my credit is bad because i assumed a family member's debt. I have a good job and steady income but my interest rate is 12% with my current lender who is Beneficial which are not doing any refinancing for anyone now. Where can you find a lender that could help in this situation?

I own a home with very little owed on it as compared to it's value and i want to refinance and get a little cash out to do some home improvements but my credit is bad because i assumed a family member's debt. I have a good job and steady income but my interest rate is 12% with my current lender who is Beneficial which are not doing any refinancing for anyone now. Where can you find a lender that could help in this situation?

Hi, we refinanced out house a while ago with bank B and paid off our mortgage for bank A. Attorney for bank B handled our refinancing case. We are selling our house right now. The title search in the Middlesex, MA registry turned up both mortgages (from bank A and bank B) on our property as still being valid. We have the settlement statement from our refinancing and also a Promissory Note from bank A that everything was paid off. Who is responsible here for not doing their job??? Should we be concerned?

Hi, we refinanced out house a while ago with bank B and paid off our mortgage for bank A. Attorney for bank B handled our refinancing case. We are selling our house right now. The title search in the Middlesex, MA registry turned up both mortgages (from bank A and bank B) on our property as still being valid. We have the settlement statement from our refinancing and also a Promissory Note from bank A that everything was paid off. Who is responsible here for not doing their job??? Should we be concerned?

I've been the "good" child all my life, went to college without my mother paying a dime and getting loans that will put me in debt for most of the rest of my life. My mom used my good credit to refinance her house and now I have two huge loans and because she somehow got me to pay the 2nd mortgage (for the past 2 1/2 years). I've never gotten in trouble, been honors and all that boring stuff I regret based on the fact that she just loves loves my sister who is a problem child, got pregnant as a teen, has 3 kids and at least 4 abortions that I know of, has been with more guys than you can imagine, heavily heavily abused drugs, went to jail, lies, cheats, manipulates like there's no tomorrow. I just found out through friends of the family - not even from my mom or sister, that my mom bought a house for my sister - nice 2 story house with granite kitchen, the whole works. I confirmed with them and they brushed it off and my mom's response was "she's changed, don't be jealous of your sister" and that just really upset me - why would I be upset at her? I think she's a genius for being a master manipulator. I'm just disappointed in my mom for kicking me to the curb. I'll be lucky if she ever emails me, usually several weeks after she hasn't heard from me to make sure I"m alive. I'm going through a foreclosure, have nowhere I'll be going to but she doesn't seem to care or try to help. When I asked her over the weekend to refinance her house to get the loans out of my name considering her credit seems to be good enough to buy a new house for my sister, she said her income isn't high enough to qualify for a large loan for her own house. I also found out from the county my name isn't even on the title of her house like she said it would be when I got the loans - they were the first year I checked but mysteriously not anymore. I bluffed and said I know I had signed a document to remove my name from the title that she later filed with the county and she said I signed it to save time in the future should she refinance it back to her name but denied filing it so should anything happen to her I'd be stuck with the loans and no house to show for it. The list goes on. I have done nothing wrong and whenever I complain she thinks I'm jealous because I'm old without children and can't accept that my sister has changed. I DON"T care that she's changed - good friggin deal for her. And if I want to get pregnant I just need to sleep with a guy so why would I be jealous of something I don't want? Does it mean that my mom simply doesn't like me and she looks for excuses to justify it to herself? She emails MINIMUM 3 pics a day of my sister and her children to the point I am tempted to put her email address on block. Her whole world revolves around her while I don't exist and regret being so nice and good and helpful when it's not appreciated and the evil "changed" sister reaps all the rewards. Sorry this is so long but I am very fed up and don't know what to make of it and if it's worth cutting myself out from my "family" permanently, praying my mother will make the mortgage payments and not make me stuck with her 1st mortgage too when I can't even afford the 2nd one she made me stuck with knowing I don't want to ruin my credit and claiming she can't afford to make the payments herself.

I've been the "good" child all my life, went to college without my mother paying a dime and getting loans that will put me in debt for most of the rest of my life. My mom used my good credit to refinance her house and now I have two huge loans and because she somehow got me to pay the 2nd mortgage (for the past 2 1/2 years). I've never gotten in trouble, been honors and all that boring stuff I regret based on the fact that she just loves loves my sister who is a problem child, got pregnant as a teen, has 3 kids and at least 4 abortions that I know of, has been with more guys than you can imagine, heavily heavily abused drugs, went to jail, lies, cheats, manipulates like there's no tomorrow. I just found out through friends of the family - not even from my mom or sister, that my mom bought a house for my sister - nice 2 story house with granite kitchen, the whole works. I confirmed with them and they brushed it off and my mom's response was "she's changed, don't be jealous of your sister" and that just really upset me - why would I be upset at her? I think she's a genius for being a master manipulator. I'm just disappointed in my mom for kicking me to the curb. I'll be lucky if she ever emails me, usually several weeks after she hasn't heard from me to make sure I"m alive. I'm going through a foreclosure, have nowhere I'll be going to but she doesn't seem to care or try to help. When I asked her over the weekend to refinance her house to get the loans out of my name considering her credit seems to be good enough to buy a new house for my sister, she said her income isn't high enough to qualify for a large loan for her own house. I also found out from the county my name isn't even on the title of her house like she said it would be when I got the loans - they were the first year I checked but mysteriously not anymore. I bluffed and said I know I had signed a document to remove my name from the title that she later filed with the county and she said I signed it to save time in the future should she refinance it back to her name but denied filing it so should anything happen to her I'd be stuck with the loans and no house to show for it. The list goes on. I have done nothing wrong and whenever I complain she thinks I'm jealous because I'm old without children and can't accept that my sister has changed. I DON"T care that she's changed - good friggin deal for her. And if I want to get pregnant I just need to sleep with a guy so why would I be jealous of something I don't want? Does it mean that my mom simply doesn't like me and she looks for excuses to justify it to herself? She emails MINIMUM 3 pics a day of my sister and her children to the point I am tempted to put her email address on block. Her whole world revolves around her while I don't exist and regret being so nice and good and helpful when it's not appreciated and the evil "changed" sister reaps all the rewards. Sorry this is so long but I am very fed up and don't know what to make of it and if it's worth cutting myself out from my "family" permanently, praying my mother will make the mortgage payments and not make me stuck with her 1st mortgage too when I can't even afford the 2nd one she made me stuck with knowing I don't want to ruin my credit and claiming she can't afford to make the payments herself.