should i refinance my home which is now 8 months old, or apply for a secured loan.?
610980
you may not have enough equity to even consider refinance..Basically look at the interst rates of your existing loan and the rates that are currenlty being offered. Is there more than a 2 point differnece? Has homes in your area in the last 6 months gone up in value considerably? Don't forget with refinancing also comes clsoing cost, points, assesment, and attorney fees. Talk to you finance company. Otherwiwse look at possibly a second mortgage or line of credit (again depends on equity though)
1120018
Contact a Mortgage Broker.  They will have many lenders to choose from and will pick the best one for your situation.\n\nIf you're in CA, I can help.  Tom4Loans@sbcglobal.net
981051
First, how is your credit?  It's more a credit issue than an age issue.  Second, how is your employment history? With today's economy, that's a really important issue.  \n\nFrom my experience, as a second time house buyer, I was certain I would not qualify for a mortgage at great rates.  Since I hadn't bought a house in 10 years, I was recently divorced, making very little money, I knew nobody in their right mind would want to finance me.  I figured, as much as I hated the thought of renting, it may be the better option of the two (I was currently living with my parents with my two children).I had called about a rental, knowing it was out of my range, but I was desperate.  It so happened that I was talking to a real estate agent.  She ran my credit report, showing a 797, 802 and 809.  She said with that, I had no worries.  So, together we found a home and I have been here since June of 2005.  \n\nWords of advice, be sure your taxes and insurance are included in your monthly payment.  \n\nGo for it - you sound like a 20 yr. old with a head on your shoulders and are ready for the homeowner responsibility.  Do your research and be sure you are prepared financially.  Good luck!!
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.
50372
I would go with a 15 or 30 year fixed for now.  Even with the rise in short-term rates, the long-term mortgage rates have remained fairly low. ARMs on the other hand have climbed.
575082
I would say you are at a right place, because i just read your question. I am loan officer and specialized in helping people with the worst credit they can have. So feel free to write me at refinance@inbox.com\nI am sure, i will try to get you the best possible rate which you qualify for.
1132441
There are a couple of trains of thought here.\n\nYou did not state your age so it is sort of difficult to say with certainly how to solve or answer question.\n\nIf you are not close to retirement and not worried about being on a fixed income and worried about making your current mortgage payment, then this is my suggestion.\n\nKeep your current mortgage as it is, it is mostly a tax write off with your interest.\n\nPurchase additional income properties either with a guy that need money to find fix-up and repair distress properties and place them back on the market for  sale.  This is a good way for you to earn money without doing a lot of the work yourself.  Make sure this person has  experience, so have him show you some of his work he has done in the last 2-3 months. Find out his volume, investment amount needed per deal and the return you can expect for your investment.\n\nThe other way is for you to find distress properties, foreclosures, For sale by owners, fix them and put them back on the market for sale. If you decide to go this route for every 3 houses you come across I would keep 1 for a rental property and income tax write off. If you are doing an average of 3 per month that would give you 12 properties at the end of your 12 month cycle. You should conservatively be earning approximately $10,000- $20,000 per month easily. \n\nAnother way is just to purchase property for rental through bank REO that are already for move in. At this rate it would take a lot longer to accumulate.\n\nYou can lend your money out to others using their homes as collatral for 2nd trust deed investment. 2nd trust deeds are averaging about 10-12% annual. They are normally interest only with a call date of 5 years or less.\n\nI hope this has been of some use to you, good luck.\n\n"FIGHT ON"
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.
657411
You need to go and talk to a Mortgage Broker.  Any loan officer worthy of the name can easily assess your situation in short order.  STAY AWAY from anyone who is going to charge you fees up front (with the exception of the fee for pulling your credit bureaus.)
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.
1084497
yeah, but it would be silly for small stuff like that. Try getting a "sears" or "lowe's" card first- you should be able to get a high enough credit line from them to buy those things, because refinancing your home, getting a second mortgage, is going to cost you MUCH MORE over the years when you are paying it back.
1150331
If you refinance, the place refinancing your loan will pay off that lender in full and free up that money for them to use for a higher rate loan somehwere else.  They are also trying to do you a favor.  You don't have to refinance if you don't want to, but with an adjustable, why not lock in a rate?
54184
More than likely you will obtain a conventional loan where you desire to purchase. This will be a new mortgage.\n\nYou may want to pre-qualify with a lender of your choice and be given the mutiple of options.\n\nMore than likely the loan will be secured by the property itself.\n\nBest to you
84907
Here's a good article to read about whether to refinance:\nhttp://www.fuzeqna.com/wastatecu/consumer/kbdetail.asp?kbid=489\n\nHere's a calculator to run to see if it makes sense to refinance given your particular circumstances:\nhttp://www.fuzeqna.com/wastatecu/consumer/kbdetail.asp?kbid=591
277557
Paying $995 a month for 8 months is only about 14.3% interest. I doubt you will find a loan for less than that with bad credit. Since it is your son's education your going to have to pay high interest over a long period of time. Ask your son to pick up a little slack and get a part-time job. Good luck with your future.
616725
Yes if your payments and interest rate is loweredd and it doesn't it is not expensive.\n\nYou should look into refinancing only if the above is true.\n\nThe advantages is that you would make lower monthly payments, though it might be spread over a longer period of time. If you can keep the same time frame for paying the loan off with lower payments that would be better.\n\nThe disadvantage is if you don't refinance to a lower rate and lowere payment you will continue to pay the same monthly payment as you are now which might be higher unless you look into the possibility of refinancing the loan.\n \nYou might try this link and see if they can offer you a better deal.\n\nwww.nextstudent.com\n\nI hope this  has been of some use to you, good luck.\n\n"FIGHT ON"
67234
It depends on the interest rate you would get. Most HELOC loans have a higher interest rate than a refi.\nIt also depends on what you want to do with the money. A refi is just a restructuring of the original loan; a HELOC borrows against the equity you have accrued. The HELOC could give you some ready cash for other things; a refi wouldn't do that. You can actually do both.