Refinancing for debt consolidation -- second mortgage benefits?
461645
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.
176971
Yes you should consolidate. It makes it easier to pay because you'll just have 1 payment. If you move around, you'll also just have to keep track of 1 loan instead of 2. Try this http://www.dlservicer.ed.gov/consolidatenow/welcome.asp . My husband and consolidated with them. They have a low rate and they offer a discount if you pay automatically from your account every month. They also adjust your payment according to changes in interest rates automatically. You'll just notice that your monthly payment has decreased.
1020
One way to handle this, if you own a house, would be to get a second mortgage or refinance your current mortgage for $42,000 more than the current balance of your mortgage.\n\nIf you don't own a house and cannot get a debt consolidation loan, there is little else you can do. The best thing would be to pay as much off as you can every month (always pay more than the minimum) until you have little enough debt to get a loan.
580779
YES.\nI owned a home with my ex and I had to refinance and he had to sign a "Quit Claim Deed" which basically allowed me to re-finance without him.  If you do not refinance, then your current lender still thinks you both owe them regardless of your marital status.
1130427
I bought my first house with the help of a first time buyer program.  I had to take one 2 hour course (free, all I had to do was show up & listen), and the county paid my down payment.  It showed as a silent second mortgage.  As long as I lived in the house, and did not refinance, I did not owe any money to the county.  When I did refinance I had the option of paying that money back or making payments just like any other loan.  I was able to close on that house for $300 out of pocket because of that program.  As another poster said, there are many programs out there.  Some will even offer very low interest loans to make improvements to your home after you move in.  Your Realtor or mortgage broker should be able to steer you in the right direction as far as what programs you qualify for that are available in the area you are buying in.
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.
1061133
Unfortunately, no, you cannot consolidate private and federal student loans. \n\nUnfortunately, student loan interest rates go WAY up on 6/30/06 thanks to Dubya! It is imperative that you consolidate before then. You can refinance just one loan..doesn't have to be multiple.\n\nMyself, I am a grad and need to consolidate my loans before the deadline! So I went on a google hunt (I mean search ;). Eventually, I did find a site that has rated a few student loan consolidators, and says they have checked them out. Here's the web page: http://lendersrated.com/studentloans.htm...\n\nHope it helps you...\nkarateross
1177072
At present, the biggest advantage is the ability to lock in a rate that, in a few weeks, will increase by almost 2%.\n\nThe biggest downside to consolidating is that you will lose your 6-month grace period (9 months for Perkins), so your first payment will probably be due within a month after you complete the application. You will, however, retain the ability to apply for deferments and forbearances. Even better, the subsidized portion of your Stafford loans will retain their interest subsidy (meaning that, even if you consolidate your Subsidized Stafford loans with other unsubsidized loans, the government will continue to pay interest on those Sub loans any time that you are in school or in-grace -- a great "perk" if you plan on going to Grad. school).\n\nIf you decide to go to graduate school, your consolidation loan will be eligible for an in-school deferment (just as your Stafford and/or Perkins loans would be if you didn't consolidate). \n\nIt gets a little complicated, I know. All things considered, if you think you can handle losing your grace period, consolidating is probably your best move. 2% in interest can really add up over 10-30 years... (And no one yet knows that rates will be come July 2007, so you might end up saving more than 2%.)  \n\nOne final note: if you have a Perkins Loan, you can consolidate it with your other loans. However, Perkins Loans carry additional loan cancellation/forgiveness benefits which can be lost if you consolidate.  So, read up on these and if you think you qualify (if you might become a teacher, cop, child care provider, etc.), leave the Perkins out of the consolidation. \n\nSome examples: \n\nSay you have $10,000 in Stafford Loans.  Your current Stafford interest rate is 4.7% and will increase to 6.54% in July.  Once your 6-month grace period is up, you will begin repayment and your rate will increase to 7.14% (and if you don't consolidate, your rate will continue to change every July 1st).  Using 7.14% as a sample rate... $10,000 at 7.14%, over 10 years adds up to a monthly payment of $116 and an overall cost of $14,020\n\nIf you consolidate this month, you can "lock in" the current rate (4.7% rounded up to the nearest 1/8th of a percent equals a consolidation rate of 4.75%, sometimes lower).  $10,000 at 4.75% over 15 years (you get longer to repay when you consolidate) will amount to a monthly payment of $78 and an overall cost of $14,001.  \n\nSo, from a financial standpoint, you need to determine if these savings are worth losing your grace period.
871492
Double up on both.  If you can find a way to consolidate the two, cancel one, and then make one payment, you'll reduce the debt even more.  If you own a house, consider a Home Equity Loan (not a Line of Credit - the actual fixed-rate loan.)  The interest is much lower and you'll have tax-deductions.\n\nWhatever you do - cut up BOTH credit cards immediately and stop using them.
1060772
Absolutely not. Three reasons:\n\n(1) Once you consolidate, your repayment starts now. If you're still in school, that means you're probably paying off one loan with another, which is a bad investment.\n\n(2) After July 1st, the Feds are switching systems. Your old loans will continue to be variable rate, but new loans will be fixed rate. If you're not in very deep yet on your student loans, then keeping the variable rate isn't going to matter much because the majority of your loans will be fixed anyway.\n\n(3) After you graduate, if you make less than $60,000 you can write-off the repayment costs of your loans on your income taxes. And most lenders and schools and graduate programs (and even employers) have loan repayment assistance programs. \n\n\nAll that adds up to -- don't consolidate now!! Ask yourself one question -- what do banks want to do on a loan? Answer -- make money!! So if the bank wants you to do something like consolidate now... the reason why is so they make money. Don't take the bait.
690336
Interest rate has been going up regardless whether you are using libor or other interest benchmarks.  At this point even if you refinance you won't get that good a rate, plus the penalty you will have to pay.  Most lenders will allow you to extend your mortgage amortization period and keep your monthly payment the same.  Talk to your lender and see if it is an option.  My other advise is to make extra payment whenever you can.  Good luck.
608479
As a branch manager for a direct lender/brokerage, I would stay away from the 2/28 at this time.  We may have more rate hikes, hindering you from refinancing in 2 years due to whats called payment shock!  It is a risky loan at this time as nobody knows if rates will decrease. You will be fine to refinance in 2 years; at the going rate at that time.. The 2 year fixed is a way for that loan officer to earn income off of you two times.  It may not be the best program for you after seeing your hesitance.  Email me at ryan.wood@truelend.com for other options.
984677
The missing pieces of this puzzle to quote solutions are credit score and value of the home. \n\nThere are many loan programs designed for debt consolidation. maybe a little guidance from the credit score side would be helpful...if we get your score as high as it could be it helps with rate / fees etc.\n\nI train loan officers and write a blog that can help you...check it out.
690553
That would depend on how long you are planning on keeping the house and/or the mortgage. Most people refinance about every 5 years but that may change with the interest rates going higher. I could contact a mortgage company.
336291
Going through old files.  Interest rates were much higher a few years ago and a lot of the people with 10% interest rates may be interested in refinancing considering they wouldn't have to add that many more years to their mortgage.  Assuming you're in the mortgage business, that is.\nAnd I know that it's difficult, but cold calling works as well.  Sending out inexpensive flyers works, too.
484113
If your looking to refinance your home, I'm sure I can help you with that...I'm a mortgage consultant for Aapex Mortgage and we work with over 250 lenders, so I feel that we can find a solution to your issue. I'd like to discuss this further to see what you can qualify for? My e-mail is Alisosa83@yahoo.com
981142
There are several debt consolidation loans that are available, to be quite honest with you the ones that you see on television are not all they are cracked up to be, and you should really wiegh all the pro's and con's of putting certain debt into your mortgage. IE car loans depending on your circumstance usually do not make since to put into a mortgage if you are going to be in the mortgage for a longer period of time than the car loan which is the case 99% of the time. To get information on different types of debt consolidations loan and even use tools to help you decide which type is best for you along with qualifying for that loan, low rates log onto http://www.justgetaloan.net/  or you can reach me Jenold Freeman at 866 530 7300 ext 7305 or email me at jfreeman@justgetaloan.net.