When should I refinance my house?
374794
Depending on your credit score- I would say refinance now to take advantage of todays market as rates are moving up.  Certainly get out of your HELOC as I'm sure you have seen that rate go up dramatically in the last year and it is expected to go up about another 0.5% in the next 6 months.  If you have the room as far as equity goes in your home, it would seem you are in prime position for a refinance.
742345
If you're planning to sell it in the next few months, no, since the costs to refinance would probably more than eat up any savings.  If you're planning to sell in a year, maybe.  Longer out than that, probably yes.
499661
How much cash you can get out depends what the property is presently worth.  There's nothing to stop you from refinancing any mortgage even the day after you take the loan, but some loans have pre-payment penalties that make it ineffective to do so.  If the goal is just to get cash out and the value supports it, a 2nd mortgage or Home Equity Line of Credit avoids a pre-pay penalty and has less costs than a full-fledged refinance.
377142
Less interest is more money in your pocket.  If you can pay off your house, then by all means, do so.  The only reason I can see for you to refinance is if you need to have all that extra money in the bank to make other types of payments or have other large expenses.  \nShould you decide to refinance, be careful.  There are a lot of ways that they "get" you.  You can refinance to a lower payment term per month but have your 10 year mortgage at 1500 turn into a 20 year mortgage at 1100 a month or the like.  This suckers a lot of people in, but do the math and see how paying less a month will cost you more in the long run.  Anyway, good luck!
395671
If you own a house or building with enough equity, you can refinance it to get cash to pay-off some or all of the outstanding debt depending on how much it is.  YOU NEED TO DO THIS QUICKLY before the debt takes a toll on your credit score.  The higher your credit score, the more equity you can use to pay off or pay down the debt. \n\nMany people wait too long to decide to address the problem. \nThe result is that by the time they decide to refinance, their credit has deteriorated to the point that they only qualify for 75% of their home's value instead of the 95% or 100% they could have received if they had decided earlier.\nIf the current mortgage takes up 60% or 70%, you can see that there is not much money left for paying on the debt.\n\nIf you have anymore questions, please contact me at wwi_2@yahoo.com and I will walk you through the possibilities.
1183730
The best time to purchase a house is when you're financially ready to do so.  Pay off all other debt, have a solid emergency fund in place and save up a good down payment. Purchase a home where your house payment is no more than 25% of your take-home pay on a fixed-rate (preferrably 15 yr) mortgage.\n\nDepending on where you live, you may want to wait until the housing bubble pops and prices have cooled off a bit.
466623
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
913295
Easy, as much as you can afford!, \n\nAt the minimum I would suggest no less than 25% but the more you put on, the less interest you will pay in the long run and you will be mortgage free years ahead of schedule!\n\nWhen we brought our first house we put every cent of savings we had on to the deposit (dont be fooled going for the minimum payment, it adds thousands to the interest!)\nwe also went for the shorter term (25 years instead of 30) to help force us to pay it off quicker (you can always re-mortgage if you get in the poo).\nAnd then we proceeded to put 50% of our income on it for the first 3 years, we have now lowered our payments as we are traveling and renting the house out, but once we return we will put the payments back up.
415650
Not necessarily.  The amortization, or repayment, schedule on a mortgage loan can be of differing lengths (e.g., 30 years, 15 years, 10 years, etc.).  It is possible that by refinancing, you would chose a term of the loan equal to the remaining term of your existing loan, and thereby not start over.  One of the reasons to refinance is to take advantage of interest rates that may be lower than your current interest rate.  So it is possible to refinance, get a lower interest rate, but the term of the loan (the time over which you will repay the loan) will not change from your original loan - and it is possible that because you are paying less interest because of the lower rate, that saved money could actually be used to prepay principal, and thus allow you to pay the loan earlier than you otherwise would have.
614371
A general rule of thumb when considering a car loan refinance is if your car loan APR is higher than what is being offered in today's market. Even a 1 percent difference in your current APR can save you money. How long you plan on keeping the vehicle can also enter into your decision. If you are planning on keeping the vehicle for several more years, then refinancing may well be worth it.\n\nThe market today offers car loans at lower rates. You can search for current car loans through Bankrate.com's auto loan search engine. \n\nhttp://www.bankrate.com/brm/rate/auto_home.asp\n\nShop thoroughly -- you're switching from a new-car loan to a used-car loan, and used-car loans usually carry a higher percentage rate.\n\nThe earlier in a loan a person can refinance, the more money will be saved. Even though you have paid off half off your loan, you should still research what rates are available. However, $7,500 is approximately the lowest limit that most auto refinancing agencies will consider.\n\nWhen you apply for your new loan, make sure you give the same names with the exact spelling as they appear on your current auto loan. Also provide the 17-digit vehicle identification number. You can find this number on your car dashboard and on your registration papers. This has a lot of numbers, but it has to be accurate.\n\nOne other matter. You cannot take out a loan for more than what the vehicle is currently worth. Look up the value of your car to see if it is worth more than what you owe on it.\n\nThe only costs associated with refinancing your car loan are the transfer of lien holder fees and state re-registration fees. Also, you need to make sure that your existing loan does not have a prepayment penalty clause.\n\nAs with any contractual agreement, read the fine print. You must know the details of your current loan and the one you are considering.
1076704
Sorry but if I keep refinancing when will I ever get it paid for?
1030774
I would say that is a resounding 'YES'.  Even if you sale your home soon you can still make a profit considered your home is worth $550K, current outstanding loans total $199K and closing cost of the new loan is $7K which leaves about $344K in equity.\n\nPersonally if I were you, I would refinance a new loan for at least $221K to get at least $15K of equity to deposit in the bank.
594405
You can always refinance.  If your current loan has a pre-payment penalty, that may apply however.
11986
Be careful buying right now unless you are planning to live in the house for more than 8 years.  Interest rates are going up and there are estimates out showing a slowdown and even a reverse in housing prices for the next two years.  If you do buy, go with a fixed rate mortgage.
183719
A pre-payment penalty really does not matter.  Nothing matters except for the fact that if there is enough equity in your home, then you can continue to refi.  Whether it is a smart idea financially, that should be the question.  This is not recommended, unless the cash you are recieving back from the refi is going into accounts which have interest rates that are going to give you a good enough return and heavily outweigh the interest in which you are paying to the bank.  Or, if you are going to invest the money into another peice of real estate.  Other than that, I would highly recommend against this practice.
15075
Something you do not want!\n\nAjustable Rate Mortgage...this percentage interest on your mortgage will change based on a percentage over the goverment's T-Bill, which changes for inflation throughout the year. If interest rates are VERY high, say over 8-9%, you may wish to get a low Adjustable Rate with the idea that it will go down in the future and you can then refinance a fixed rate at that time...or...if you are making little money now and need a low payment but are certain that you will be able to afford a higher payment in the future. These often have maximums that they can go up per year, but eventually they are going to give you a much higher finance charge and interest paid over the length of the loan. \n\nA low fixed rate is preferable if you plan to make payments for the lenght of the 15 or 30 year loan and don't want to pay a lot of interest ;)
762661
Im sure you know that the refinance percentage is based off of your credit history/score. I would recommend to wait at least 12 months. Any inquiry on your credit will last for 2 years, so you dont want to run the risk of having them run your credit at the 6 month mark and them not approving it because you dont have an adequate length pay history. If they did deny it, then you would have to run it again at the year point. Also, by waiting at least 12 months, you are showing the credit union (or bank) that you have made 1 years worth of monthly ontime payments. Hope this helped!