for questions that relate to refinancing of debt. A country tag should also be included when asking about refinancing.

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10
votes
4answers
2k views

Interest rates dropped significant immediately after purchasing a home

Imagine that: One buys a home at an interest rate, for example 3.625% Several days after closing, interest rates have dropped to 3.4% The timing is rather unfortunate here. Is there any way to ...
0
votes
1answer
18 views

optimal OTM option

Lets say ABC is at 200. If I expect that ABC will be 180 by December, and I can only purchase 1 put option, what would be the most OPTIMAL put option to purchase? This is a question I've had - im ...
0
votes
1answer
57 views

What is the formula to calculate loans at variable rates and what is the function of PV (present value) in calculations?

Yesterday, I tried during the whole day to solve that problem: You have been living in the house you bought 6 years ago for $250,000. At that time, you took out a loan for 80% of the house at a fixed ...
8
votes
5answers
3k views

Paying off a loan with a loan to get a better interest rate

I've never had credit or a loan till recently when I bought a new car. This has recently given me a much better credit rating after having the loan for a year with 5 years to go and 2 credit cards ...
1
vote
1answer
106 views

Refinance a land loan into a mortgage loan

If I obtain a 10 year land loan and but finance the build of a house with my own money will I be able to refinance that land loan into a conventional 30 year mortgage loan eventually?
1
vote
1answer
55 views

Occupancy Affidavit and Refinancing

In December 2015, I closed on a mortgage with a higher than ideal interest rate. I would like to refinance as soon as I file my taxes because my income from 2015 will qualify me for a much better rate ...
1
vote
1answer
265 views

Will refinancing my auto loan hurt my mortgage approval or help it?

My wife and I are currently selling our house and intend to finance a new home within the next few months. Would refinancing my auto loan hurt or help our max possible approval? On one hand, it ...
0
votes
0answers
90 views

Should I refinance my student loans with SoFi?

I have roughly $97,000 in student loans right now divided between federal loans and a very large private one. Here are the statuses on all of these: Federal Loans - (All fixed interest rates and 10 ...
3
votes
1answer
127 views

Is there any reason to not refianance my student loans once I graduate?

I'm completing my masters degree after this Spring semester. I have no debt from my undergraduate degree, but have accumulated around $20,000 for my graduate degree. Currently my interest rates ...
3
votes
1answer
87 views

Numerous large student loan balances: Pay down principal or refinance to 5-year loan

My spouse and I have almost $150k in Federal student loans. About 60k of this balance is in consolidated loans, and the remaining 90k is split between roughly 20 smaller loan balances (the smallest is ...
3
votes
1answer
802 views

How do we remove an ex-girlfriend from a car loan?

My son is currently in boot camp, and his ex-girlfriend is threatening to go to court because she wants her name off a car loan they got when together. She is the primary borrower, but my son is the ...
1
vote
1answer
70 views

A home loan refinance problem

I have owned my home for 19 years. I purchased the property on my own with no co signer. About 9 years ago I had some credit issues due to an ugly divorce. I refinanced my home and quit claimed the ...
2
votes
2answers
269 views

I co-signed a car but i am listed as the primary account holder for the loan

I co-signed a car and want to be removed. My first thing is that I am listed as the primary account holder for the loan, but I signed the papers as the co-signer/co-buyer. If to fix the situation as ...
11
votes
2answers
3k views

Why don't companies buy back their own (cut-price) debt?

A thought occurred to me today. Glencore's debt is trading at about 70% of face-value. If you're Glencore, what's to stop you buying that debt yourself and pocketing the difference? In particular, ...
0
votes
1answer
313 views

Paid appraisal by credit card but found out at closing it was just a portion?

I recently did a home refinance and I paid (what I thought) was the entire appraisal fee on my credit card early on in the process. I put the $360 appraisal fee on my Amex. At closing, the appraisal ...
0
votes
1answer
163 views

Bank offer to refinance mortgage. Are they beneficial for the homeowner?

My bank Freedom Mortgage is offering me to refinance my townhouse and to also get rid of my insurance payment that I pay monthly. Currently I pay $1400 including the insurance payment at an ...
3
votes
2answers
160 views

Is it beneficial for me to refinance my house at a lower rate?

Is it advantageous for me to refinance my house at a lower rate? My loan has the following information: Primary Residential Home: Current Principal Balance* $53,128.51 Current Interest Rate 4.125 % ...
4
votes
2answers
115 views

Upside down on Property with Mortgage and HELOC, now on Disability Income…

Excuse any Newby mistakes, this is my first post: I just got my SSI Disability and also owe more on my house than current market value due to 2 mortages. If I got rid of my HELOC, then my primary ...
1
vote
3answers
274 views

Car Loan upside down--refinance before selling?

I have a 2007 mini cooper that I bought for around 20K 3 years ago with CarMax. I currently owe about 10K but the blue book value is around 6K. I am starting a new job where I will be traveling 70% of ...
2
votes
0answers
132 views

Downsides to refinancing with only one spouse?

My wife and I are talking with a lender about refinancing our home loan. Currently, our loan is in both of our names, as is the title. (This is a Lien Theory state, if relevant.) The house was ...
2
votes
1answer
60 views

How to finance necessary repairs to our home in order to sell it?

We are planning on downsizing due to financial and health issueswithin 12 - 18 months and need to do some repairs in order to get a fair price. The house is peeling and needs exterioir painting as ...
1
vote
2answers
101 views

Refinancing Loans from USA to India

I have a friend living in USA who is a US citizen. He can take a loan of X$ from a US bank as a personal loan or a business loan. Can he finance my company in India with this loan he availed from USA ?...
0
votes
1answer
126 views

How to fund sabbatical to prepare house for sale?

I own a large home in a recently gentrified and revitalized, very, VERY desirable urban neighborhood in the U.S. I purchased it for $400K 8 years ago, while the neighborhood and the house were not in ...
3
votes
2answers
92 views

5-year fixed mortgage?

I have a 20-year fixed rate loan with 9 years left. I owe $91K. My interest rate is 5.625. Zillow zestimate of current home value is $205,500. I would like to refinance to a lower interest rate ...
3
votes
1answer
274 views

Is it a good strategy to +cash out refi every six months?

I was speaking to a coworker, who says he uses the following strategy: He refinances his house every 6 months with a +cash out refi (a refi that has negative closing costs). His argument is that ...
0
votes
1answer
48 views

At what point in a refinance application should I be able to get a rate lock?

I've submitted my URLA, credit is checked and appraisal is scheduled. The broker has sent a disclosure pack that he wants me to sign and return with all documentation in order to start underwriting. ...
0
votes
0answers
55 views

Mortgage Refinance: What is Yield Spread Premium?

I have a GFE from a broker that contains a hefty (>$8000) Origination Charge that includes a 2% Yield Spread Premium, and a credit for the whole of that amount. The rate is good and the broker insists ...
1
vote
1answer
103 views

Should I refi a rental property to reduce income tax from positive cash flow and use the equity pulled out to fund an annuity?

Smart to refi rental property? Want to reduce my taxes and use $200k to to fund an annuity. Statistics: Married filing joint Current rental property appraised value: $400k Income: $190k of which $21k ...
2
votes
2answers
176 views

Pitfalls of a Home Equity Loan

A person asked me a question, and quite frankly I am stumped! They have the opportunity to lower refi their home and lower their interest rate by about .75% with no closing costs. They would be ...
0
votes
3answers
144 views

How does a lender compute equity requirement for PMI?

I owe 280k on a house and asked my lender (CitiMortgage) about refinancing. My credit score is great (close to 850), and I'm a customer in good standing. CitiMortgage's appraisal came back at around ...
4
votes
1answer
112 views

What are the downsides to refinancing student loans?

I have two large student loans right now (one private one federal) that are through two separate services. As of now, these loans have recurring payments at different times of the month and have ...
2
votes
3answers
155 views

How do I know if refinance is beneficial enough to me?

I have been contacted because mortgage rate dropped recently. But to what extent it will be beneficial to me to do re-finance.
3
votes
1answer
64 views

How difficult would it be to refinance a second mortgage?

Some years back, my mom, now 80, took out a second mortgage on her house. I don't think it was a wise decision, but of course we can't do anything about that now. She recently complained that most of ...
4
votes
2answers
311 views

Can I and should I put my dad's Parent PLUS student loan under my name?

My dad took out a loan for me to go to school that currently has a principal of $58,000. Its interest rate is 7.5%. Even though it's not technically my loan, I'm paying all of it by the agreement my ...
1
vote
1answer
608 views

To sell the house or not to sell the house?

Needing advice on how to get on track to be financially successful. I am 35 years old single parent and Currently have a home at 3.75% interest rate. Owe 220 and it's worth 290k. Debt totaling 126k ...
0
votes
3answers
242 views

Investment property refinance following a low appraisal?

Before I met my wife, I bought a house in April 2007, using a mortgage from my credit union. In December 2011 I refinanced this mortgage into a 4.625% fixed conforming 25-year mortgage with a Lender. ...
1
vote
3answers
229 views

How to figure out the life time saving of refinancing?

I'm looking at refinancing my $290,000 mortgage (present is 30 yr fix, and with 26 yrs left) from 5.0% to 3.875% with no fees. I'm trying to figure out the lifetime savings. I believe this change in ...
2
votes
3answers
190 views

Evaluating Mortgage Refinance Loan Offers - Short Time Frame

I currently have a 4.5% mortgage with a balance of $247,000, and am going to refinance. However, my situation is a little atypical in that I don't plan to live in the house more than 3-4 more years. ...
0
votes
1answer
30 views

Home (re)Finance and Providing Additional Information

Since mortgage refinance rules require substantial information, and the goal is to evaluate whether the borrower has the discipline and ability to repay the loan, it would make sense to gather ...
2
votes
1answer
87 views

HAMP enrollment and side effects

I am in the process of getting enrolled in the Home Affordable Modification Program through my bank to lower my mortgage payment, which is high because I got my house back in 2007 and haven't ...
1
vote
2answers
928 views

Refinance when going to sell?

I currently own a home with a mortgage at 4.25%. I'm five years into a 15 year loan. My wife and I would like to sell within the next three years and we have almost 50% equity in the house. We ...
0
votes
0answers
56 views

When mortgage in dollars should be replace with mortgage in rubles?

I've found the picture below, which demonstrates at which RUB/USD exchange rate mortgage in rubles is less expensive, then mortgage in dollars (i.e. when refinancing of dollar mortgage to ruble ...
0
votes
1answer
157 views

Refinance FHA 203k to conventional

I am thinking of getting a streamlined FHA 203k loan for a home. The loan is for $101,300. The best offer I could find is 4% interest, but because of required insurance fees, I would pay $630.13 a ...
0
votes
4answers
100 views

Mortgage Refinance

We are refinancing from a 30-yr to a 15-yr. Our current rate is 3.75%. The new rate for 15-yr is 3.875%. The loan is costing us $10,000 which is included in the loan. Our payments will go up approx. $...
0
votes
4answers
212 views

Best refinance option

Edit 8/13 3:30pm: Thank you everyone for the helpful advice so far. The lender behind Options A & B contacted me and lobbied for himself, saying there is a $1000 credit towards closing which ...
-2
votes
3answers
192 views

Can I refinance a 2004 car?

I bought a 2004 Chevrolet Malibu one year ago I owe a little over 10000 . My interest rate is 20% . My boyfriend said he will cosign for me to refinance, is that possible?
3
votes
1answer
315 views

Effects of past unemployment on mortgage refinance

I have gone through all the steps of a home refinance process, including an appraisal, and am waiting for a final decision. Just a few days ago, the loan officer processing my application asked me ...
0
votes
1answer
125 views

Can I refinance my student loans and keep an IBR plan?

I would like to refinance my federal student loans since they have a rather high interest rate of 7%. Is there any way I can refinance and still have some sort of income based repayment plan? The ...
12
votes
4answers
2k views

Pros and Cons of Interest Only Loans

I currently have a home with an FHA loan which require me to make mortgage insurance payments for the next 4 years. I am considering a refinance and have came across the idea of interest only ...
4
votes
2answers
11k views

Is SoFi too good to be true?

I'm considering refinancing some student loans with SoFi from a variable rate of 6% (based on the LIBOR) down to a variable rate 4.16% (based on the LIBOR). The new rate, once I setup auto-pay will ...