I am thinking of refinancing my house, can someone tell me the goods and bads of this.?
489200
The good of what your trying to do is consolidate debt which typically reduces your monthly cash outlay but may also include additional tax savings for you at the end of the year since you normally can write off mortgage interest but not interest on vehicle loans and credit cards.\n\nThe bad is you will be adding to the debt burden on your home and possibly extending the amount of time required to pay off that debt. \n\nYour 3 options really are refinance all of your debt into one new loan assuming that your equity in the property is high enough to allow this without adding mortgage insurance, take out a home equity loan (2nd mortgage) and pay off your debt with these funds or three open a home equity line of credit (2nd mortgage) and pay off the debts. \n\nDepending on what type of loan you currently have refinancing everything into one loan usually makes the most sense since you will have a much lower interest rate on a loan in first lien position than any type of second mortgage. However if your current loan has a really low fixed interest rate then it may be in your best interest to do either a home equity loan or a HELOC... Basically at the end of the day you need to look at all three options and figure which has the lowest monthly cash outlay and go with that... Your loan officer or mortgage professional should walk you through the numbers, present the products (good/bad of each), give you their opinion and then let you make your choice based on what is right for you.\n\nI am a loan officer so I slant towards using a broker versus a single specific lender or bank. I beleive in the broker transaction for a few simple reasons; we run your credit one time and then shop your loan to multiple lenders. If you do this every bank will want to run your credit which will most likely lower your FICO score. Secondly shopping your scenario takes time. We know who to call and what the lender is looking for to give us a good solid quote; not that you can not but I bet you have your own carreer to work on M-F... This is what we do for a living. Lastly we know which lenders programs are geared more towards your specific scenario. \n\nI would stay away from companies like lending tree etc unless you really read the fine print and are fine with them selling your 'lead' to every mortgage person under the sun who will then run your credit report prior to speaking to you thus lowering your scores. I have called on these leads before and have been told I was the 20th person to call that day! In reality find someone you are comfortible with and trust. Ask a family member or friend who they have used in the past and if they would either use that person/company again... \n\nIf you have any questions please feel free to contact me anytime at Kruorock@firstratelending.com or 866-562-6838 x 106.\n\nGood Luck!\n\nKevin
874448
The answer is:\n\nThere is ALWAYS some sub-par Mortgage Company that will approve her for a Refinance -- and she is going to have to spend a lot of time looking around for this type of financing.  It is going to take weeks of time -- yours and hers.  \n\nIn reality -- this interest rate is going to be high -- and the payment will probably increase, and I doubt she has thought of the issue of having a proportion of the Taxes and Insurance (as well as most likely being required to purchase Mortgage Life Insurance) added on top of the basic principle plus interest payment.  \n\nIs there a reason why SHE is wanting to buy you out with a shaky credit history?  Why are you not buying her out -- or both of you just placing the home on the market in the meantime?  \n\nI suspect she is doing this because she would have difficulty either purchasing another residence, or can not juggle her budget to accomodate rental units either.
779041
Refinance and pay off debt and get additional money from your equity.\n\nCall my motgage guy, Glenn Silvera compedative rates has done 3 loans for my family..  office 561 683 9168  or  \nCell 561 309 5539, he hates when I give that out hahahahahaaa\n\nAt the very least you should call him and laugh then hang up!!!!\n\nDo It!!! \n\nIm evil...
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.
526082
That question isn't as easy to answer as it may seem.  I'm a real estate agent, not a lender, but in my opinion, that question can't be summarily answered by throwing out one rate.  I'd shop around and while you are comparing rates, make sure the loan package is the same structure before deciding one company's offer is better than another.  :)
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
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.
927664
Talk to your bank, and talk to a loan broker.  I have used both with good results.  Your real estate agent should be able to suggest a good loan broker; that's how I found mine.  He put together a reasonable package (it wasn't cheap), and two years later we refinanced into a much more reasonable mortgage.
312769
You'ld probably do better to refinance, either way you are going to owe money, do what ever gives you the best rate and/or cheapest refinance costs.
946659
Yes. Don't waste my time. If you can't refinance me a loan for the past due balance or refinance me with a credit score below 500, then don't waste my time I have done my homework.
894710
The advantage of a negative am loan is that it keeps your payments low, and it sounds like you need low payments right now.  I think that your best course of action is to keep your current loan for the next two years until the prepayment penalty expires.  At that point, your wife will be working and you'll be in a position to handle a larger payment.  You will then be able to replace the negative am loan with a conventional loan that may have a higher payment but won't result in negative amortization.  In the meantime, you have 90K in equity so you're not in danger of running out of equity.  I think you may have made the right decision when you chose that negative am loan.\n\nThe only proviso to the above is this:  in the unlikely case that the rate on your negative am loan is very high, then you could to reduce your payments by refinancing.  But the current rate for a 30-year mortgage is around 6.4%, so your rate would have to be quite a bit higher than that to justify refinancing now.
1064299
I agree with Realestatelawyer on this one.  There would be a clause in your mortgage that would not allow it to go any higher than 9.875%.  As far ARMS being dangerous????  That is just not true.  They are only dangerous for the dumb witted person that has no idea what they have gotten themselves into.  Use them right and they will be your best friends.\n\nI would ride out the 5.875%.  Maybe add some extra payments onto the mortgage this year as well.  I doubt that rates with be anything like they were in the next two years, but we never know what could happen.\n\nGood luck with that.  If you still are considering refinancing, feel free to contact me and I could help you out with that.  You can contact me at timothy.kazee@americanhm .com.  Have a great night!
393433
Lower rate, but sometimes they add on "points" (look it up)or it could be for a 3 or 5 year ARM (adjustible rate mortgage) that once it's up you pay whatever the current rate is. Plus, you probably don't want to refinance unless you can get about a point or more taken off (to cover new closing costs)
239189
It's not easy, and without more information I cannot give you direct advice. But visit the mortgage Professor - you'll find a link to his website on mine.\n\nSee source pages below.\n\nGood luck!
955496
Refinance for a better interest rate.
1033389
Here we go...\n\nThe thought of adding to the principle, reducing your loan term was a thought that originally spawned from the time of the great depression. At that time, banks (mainly local) had the ability to recall notes at any time they felt, whether you where in default or not. Sooooo, what they did when they needed money was started to take back the money they had lended out to borrowers by way of recalling the notes to properties. Leaving many Americans in the streets. This spawned hysteria in the American Psyche.\n\nThe thought of "Mortgage = bad" has been etched in our heads from the passing down of generations ever since. From this, I can tell you it's not logical thinking... WHY???\n\nYou see, lets say you take out $100k from the equity in your home and put it in a long term CD earning you 8% (very easy in todays market) and it compounds annually. However you have a loan on the property (interest only) at 6%, the intitial thought is you are going to yeild 2% on your money in a positive. NOT TRUE! you are going to yeild much more than that because the money in the CD is compounded on an annual basis and the interest paid on your home is simple interest. So, in essence you are going to reap the tax benefit of having a mortgage and you are going to be compounding the interest in the long term CD every year...\n\nEx:\n\n100k x .08 = 8,000.00\n108k x .08 = 8,640.00\n116,640.00 x .08 = 9,347.20\n125,987.20 x .08 = 10,078.98\n136066.18\n\nYou see wher I'm going with this. After only 4yrs you have made 36,066.18 yet you have paid 24,000.00 in interest to you existing 100k mortgage! Multiply the 24k in interest on your mortgage by 35% (general tax break offered for middle class on interest to a home) and you have really only spent 15,600.00 to make 36066.18.\n\nThis is the first four years. Keep compounding the interes for 20yrs and you will be 100's of thousands of dollars ahead.\n\nIt's called hedging, it's what the wealthy have been doing for years and years, using other peoples money to make them more money. It's the main reason why the rich get richer and the middle class never accel past middle class.
51180
why cant you refinance? I am a manager for Creative Mortgage and i am always looking for people to refer home loans to me. For every person you refer you get $750.00. No selling, No calling just introduce me to your circle of influence (friends who need home loans) I can refi anyone in all 50 states.\ni make over $200,000.00 dollars a year just by refering people. No education needed. simple 10min conference call for training. Robert 720-982-3612\nYou can recieve a paycheck in as little as 5days($750.00)