I owe $75,000 on my house which i just refinanced.  The house is worth $94,600.
212074
Assuming that you have decent credit and your bebt/income ratio is good, you shouldn't have a problem getting up to 100% of the value of your home, which is about $20k.  Some lenders will go as high as 125%.  \n\nEven more important is what you mean by "remodel."  You can do a lot for $20k, and that could certainly raise the value of your home.  If all you're doing is replacing a leaking roof, painting the house, etc. you won't really increase the value of your home.  But if you're putting in a high-end kitchen, making a spa-like bathroom, turning extra space into an extra bedroom, adding a bathroom, etc. then you should go over that with your lender.  You may even increase the value of your home more than the loan you're looking to take out.\n\nI'm doing work in my condo for that very reason.  I'm putting up a wall to add another bedroom, putting in high-end closets, and putting in some high-end bathroom upgrades.  The increase in appraisal value is about 3 times what my cost will be.  No lender will have a problem with that.
624644
Month/Owed/Paid/Total Owed/Interest/Total\nJan / 326 /0 / 326,00 / 2,72 /328,72\nFeb / 326 / 25 / 629,72 / 5,25 / 634,96\nMar / 326 / 0 / 960,96 / 8,01 / 968,97\nApr / 326 / 0 / 1294,97 / 10,79 / 1305,76\nMay / 326 / 0 / 1631,76 / 13,60 / 1645,36\nJune / 326 / 0 / 1971,36 / 16,43 / 1987,79\n\n10% per year means 0.833%per month. If the interest adds to your owed sum then at the end of June you will owe 1987.79$\nI might be wrong...I'm not an accountant (thank God!!)
337810
You have to crunch the numbers. There are calulators all over the net. Enter "refinance calculators" into Google.
211234
1) Do not contact 'motgage guru' since on a purchase there is NO RIGHT of RECESSION; period. You only have a 3 day recession on a refinance of your primary residence. Adding a HELOC to a primary residence is a refinance transaction.\n\n2) It sounds like your getting the shaft... Either cancel if possible or start yelling! Once you sign those docs they are set in stone.\n\n3) On a HELOC the rate is based on the prime rate. When you received your GFE the prime rate may have been lower and then it increased since you got the GFE; currently prime is 7.75%.\n\nWhat it kinda sounds like to me is that your HELOC has an introductory teaser rate for a couple of months at 6.625 or there abouts but with the fully indexed rate at 12.3%. What the 18% is telling you is the maximum interest rate cap on the loan. If you take your 12.3% and subtract out the prime rate you have a margin of 4.55%. What this means is that when ever prime goes up or down, add 4.55 to the current rate and there you are.\n\nIf you want to speak to me in some detail about your deal I maybe able to assit you with a much better product.\n\nKevin\nkruorock@firstratelending.com 866-562-6838 x 106
58640
1- You are looking at a rate of 6.25% in IL. I ran it through Provident Funding as a 30yr fixed, full doc, 80% LTV/CLTV, second home, $288,000 loan amount, with a 21 day lock period. This assumes all the information you supplied is accurate, and that your DTI (debt to income) does not go above 50%.\n\nThat is a rate that the mortgage company would be ok with selling you. If you are being quoted higher than that, then feel free to talk to me and I will let you know if you are getting a fair deal or not.\n\n2- Your Mortgage company can usually get you at least as good of rates as your local bank, unles you typically carry a very high ballance with them. You would be surprised ... you Mortgage Company is propbably signed up with your bank to do loan through their wholesale side, as opposed to your retail rates they would offer you direct.\n\n3- When a good time to go through with it is completely up to you. If you are in a situation where you can offord it, and are comfortable with it, then do it now. No one can make that decision but you.
1028
I just asked myself this question a couple of months ago. I ran a spread sheet with a side by side comparison of my 6 1/2% 30 year mortgage versus an equal dollar amount invested at 5% for the same term. You would expect to save quite a bit paying off the debt but you actuality save by keeping the mortgage.
614619
Really straight forward:  no unsecured debt.  If you have credit card debt get rid of it.  Use your 25K if necessary.\n\nNo car payment - pay off any installment loans you have.  Use your savings if necessary.   You wil then be able to save expedentially each month.\n\nWhat kind of house are you after with $75K down?  That's a huge down payment for a first time homeowner of any age!\n\nYour first house should not be your dream house, it should be one that you can sell in 5-7 yrs to the next first time home buyer.  \nMake sure the location supports the property.  Buy the smallest/least expensive house in the best neighborhood.  \n\nDon't buy the biggest/most expensive house on the block...lose out on equity potential.
25423
I don't know if I'd refinance for such a small difference in %.  HOWEVER, if you can double up on your current payments and have them appy the doubled amt to your principle.  You should be able to have it paid off in your 10-15 year time frame.\n\nThe best way to run the figures is to use an amoritization schedule.  Run the figures several ways and see how much more you'll save in interest doubling up on your payments.\n\nIf you are willing to live like a bum and make the higher payments, you'll be surprised at how the credit agencies look at your credit rating.\n\nPersonally, I would avoid the 2000 fee and apply it to the principle.  Just make sure you add that comment 'apply balance of payment to principle' so they do not add it to your interest payments, or even apply it to your next payment.  If they do that, then all your hard living is just like spitting in the wind.  Basically, you'll be getting no where.\n\nHope this helps - good luck.
200078
I agree, get an attorney. You also might want to talk to your brother about refinancing and getting rid of your name.
304538
$63.1461 as of this moment.
515596
see if the other person would refinance with you get a fixed rate see if it goes lower than what you are paying
674433
Please, please, please don't do that to yourself.  You will be paying in upwards of 3x's the brand new value of that truck.  That doesn't include depreciation!  Most times you will be hit with fees if you refinance before 24 months!  So you'll be paying 4x's the principal in interst each month for two years!!!  If you can give it a few months go this route:\n\nScore Max\nhttp://www.communityempower.com/cfic/... \nUse Loan Officer #139336\n \nThis is such a GREAT program... it's seriously the fastest way to improve your score!!! It's truly crazy to pay that kind of interest.  The depreciation will be enormous!!   Let these guys take a look at everything for you!!!  You can repair your credit from day one... a few months could literally save you THOUSANDS!!!!!
318284
A typical refinancing goes like this.\n\nHomeowner has a mortgage with a 6% interest rate, and he still owes $200,000.  Nowadays, interest rates are lower, so he gets a refinance company to loan him the same $200,000, but with a 5% interest rate.   Homeowner takes the money and pays off the first mortgage, and now owes the same amount of money, but with a lower interest rate.  Homeowner saves money.
208645
Even though your first mortgage rate is at 5.625%, you would have to consider your blend rate if you opt for a second mortgage. Either way (HELOC or HELON), your interest rate will be much higher than your current rate, so if your blend rate matches or is better than the current interest rates now, then you might be better off just refinancing your property. You also have to consider how long you plan on staying that the current location know. This will allow you to know if your going to recover the cost of the refinancing. Obviously if you do a HELOC or HELON and there are costs associated with them, you will not recover the cost of those items, unless you factor in the interest of the debt consolidation and what your saving in doing that. If you need clarification, feel free to contact me directly.
209177
The answer to this question depends on a lot of circumstances that are specific to your parents, so no one will be able to give you THE correct answer.\n\nThat being said, there are still things to consider:\n\nSuppose your parents owe $100,000 on their current house and $60,000 in credit card debt. Let's assume that's all of their debt - a total of $160,000. Some of that debt is being repaid at a mortgage rate (what that number is depends on when they took out this mortgage), some of that debt is being repaid at credit card rates (again, these differ depending on the cards). \n\nFor the sake of argument, let's say that the mortgage rate is 6 percent and the credit card rate is 14 percent. Without doing the math (which would require a whole new set of assumptions about the term of repayment, etc.), I think it's easy to understand that repaying a loan at 6 percent is "cheaper" than repaying a loan at 14 percent. (Remember, the "cost" of a loan is really how much interest you'll pay during the repayment period).\n\nNow suppose they take the same $160,000 debt and refinance it, but now, all of the $160,000 is borrowed at 6.5% interest, rather than some at 6 and some at 14. Again, it should be apparent that the "cost" of paying back the $160,000 is "cheaper" at 6.5 percent than it was at 6 and 14.\n\n(Remember, however, that the sale and purchase of homes are associated with significant closing costs. In my area, closing costs average about 3 percent of the value of the transaction for buyers and maybe 1.5 or 2 percent for sellers. Since your parents are both selling and buying, they'll face closing costs on both transactions, and the sum total of these costs will be a significant amount.)\n\nAs for your question about closing credit cards - Credit worthiness (your ability to borrow) is based on your credit history. Banks and other lenders are notoriously reluctant to lend money to people who do not already have credit from other lenders. Part of what goes into their analysis is your ratio between credit available to you, and credit actually being used. \n\nYou might think that lenders would prefer to lend money to people who don't have any other outstanding debts, but in reality, it's the other way around. Having an established credit history, using those cards frequently, carrying a reasonable balance, and scrupulously paying them back on a month-to-month basis are all big plusses when it comes to borrowing. \n\nAnother thing that may surprise you is that lenders are more interested in how you are managing your money right now - and not AS interested in your past payment history. The fact that your parents maintained balances for many years and paid them off is not as powerful a "recommendation" for future credit as the cards and balances that they have at the time they apply for more.\n\nIn other words, it's good advice not to close out all of your credit cards. Pay off balances on cards that have the highest interest rates (they're costing you the most), and keep paying off those lower interest cards on a monthly basis.\n\nRemember - this is just generic advice - your parents may need to retain more liquidity with their money, because of their own unique circumstances (age, health, needs of the children, etc.). Real estate has been a tremendous investment for many years, but it's notoriously non-liquid, meaning it takes a lot of time and a lot of expense to get equity out of a home. Other investments (stocks, bank accounts, etc) may have lesser returns, but provide much faster access to money when an emergency arises.\n\nDefinitely speak to a financial advisor who knows your parents' unique circumstances before committing to any particular plan of action.\n\nBest of luck to you and your parents!
67960
Traditionally, your home mortgage payments should be no more than 25% of your monthly net (not gross) income.
134405
5.375% - 15-year mortgage - refinanced 3 years ago.