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

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0
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1answer
35 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. ...
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0answers
44 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 ...
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0answers
59 views

Refinance one rental to invest in another?

researching all the implications: Smart to refi rental property? Want to reduce my income tax paid (possibly?) on positive cash flow and use $100k as down payment on my retirement home(7 years to ...
1
vote
1answer
45 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 ...
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0answers
45 views

What kind of inspection will a mortgage company make

I want to refinance my house. What kind of inspection will the company giving me the new mortgage do to my house? Will they pick up all my carpets, will they just look it over, or will they do a ...
2
votes
2answers
134 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
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0answers
50 views

Best way to refi home and investment property

I have a mortgage on my primary residence and a mortgage on a rental house. Both have interest rates of around 4.5%, and the rental has FHA MIP that I would like to get rid of. Both loans are around ...
0
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3answers
92 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
81 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
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3answers
99 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
60 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
1answer
132 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
116 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 ...
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3answers
122 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
129 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 ...
1
vote
0answers
54 views

Can I choose to refinance only some of my loans even if they are from the same lender?

I am looking for guidance on what to do about paying back my student loans. Unfortunately I work in the Human Services field and have not been able to afford to make significant payments on my loans ...
2
votes
3answers
112 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
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1answer
28 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 ...
1
vote
1answer
60 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
260 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
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0answers
51 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
90 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
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4answers
88 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. ...
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4answers
176 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
155 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
194 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
93 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
4k 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 ...
2
votes
2answers
199 views

Auto loan and student loan balance

I have a student loan of around INR 11,00,000 (~USD 18,240) at 13.7% APR. I have an auto loan in the US for USD 10,000 at 6.35% APR. I am aware of the high interest rate on my auto loan and wish to ...
3
votes
3answers
9k views

How can I get the car refinanced under my name if my girlfriend signed for the loan?

I was trying to get a car financed under my name and it turned out my girlfriend had much better credit than i did. She had a score of 826 and mine was like 560. So she signed on the loan solely under ...
2
votes
1answer
151 views

What questions should I ask a mortgage broker when refinancing a condo in Wisconsin?

I live in Wisconsin. I'm trying to refinance my condo right now. I have next to no experience with refinancing, but I'd like to do some research on the subject before I start asking these questions, ...
6
votes
1answer
261 views

What are my options for paying off the large balance of my federal, high interest student loans?

I have a large student loan from grad school that's over $41,000. I graduated in 2007, before the economy crashed and I was locked into some very high interest rates. I consolidated the Plus and ...
8
votes
1answer
258 views

Should I be concerned about a loan refinance offer that adds $1000 to my loan in exchange for $1000 in cash?

I am in the process of trying to refinance an auto loan. I got 4.69% a year ago and should be able to do better now. The loan balance is about $13,000. I called to refi through the same company and ...
8
votes
1answer
367 views

Pay off debt with RRSPs, or refinance and roll into Mortgage?

A few years of a combination of under-employment and trying to keep afloat a floundering business has left me (us) with 50k debt on a line of credit and a credit card. We are getting 5k back from ...
2
votes
2answers
928 views

Can the interest on a cash out refinance for a rental property be claimed as an expense?

I currently have my home all paid off. I am thinking about purchasing another property as my primary home, and renting out my paid off current home. My question is should I: Get a regular loan for ...
0
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0answers
61 views

Books about investing and finances [duplicate]

I'm a python developer and I'm pretty interested in trading. Are there good books on finances and investing for programmers? Or just for beginners? I have studied some economics in college, but not ...
2
votes
1answer
96 views

Refinance and then take out home equity loan

I'm going through a divorce and I want to keep the house if possible. I thought about refinancing the house and taking out an additional 25k to pay off my wife. The lender said I could only take out ...
8
votes
1answer
128 views

Are there downsides in refinancing with 5 and 1/2 yrs left?

I have 5 and ½ years left on my 15yr 4.75% mortgage. I originally borrowed $200,000, and according to the amortization table, I will pay a little over $12,000 in interest on the $86,000 left. I have ...
6
votes
3answers
1k views

How does refinancing work?

I heard someone say that he refinanced his house, and reinvested the money into the mortgage to lower his monthly payments. What I don't understand is: Since there was no sale, where does the money ...
2
votes
1answer
2k views

Does it make sense to refinance and convert the HELOC back to a fixed 20 year low rate mortgage?

I have $5k left on a primary mortgage at 5.375% interest. I have $155K debt on a HELOC at a variable 3% rate. The total line of credit approved is 200K. 3.0% APR. No penalty for pre-pay. Can lock ...
3
votes
2answers
237 views

How can I determine if a FHA loan refinance offer is from a reputable lender

I'm getting semi-frequent advertisements in the mail for FHA streamline eligibility. The latest one (from a vender called "Intelliloan") seems like it could be a reasonable deal: 1%-2% lower ...
0
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1answer
38 views

Why are there two interest rates shown on streamline eligibility notices?

I recently received a "streamline eligibility notice" advertisement that says: Today's current interest rates are as follows: 2.750% Fixed / 3.192% APR Pardon my ignorance but I'm confused on ...
3
votes
2answers
1k views

want to refinance FHA loan, may move out unexpectedly and would like to keep as investment property, what are my options?

I'm currently in my primary residence with an FHA loan. I'd like to refinance for a better rate (as I can likely get it down at least 1.5 percentage points or so). I also intend to ultimately use ...
3
votes
1answer
410 views

How do I qualify for a mortgage (refinancing) after I retire and no longer have a paycheck?

I've just retired and wish to refinance my mortgage. However, when I spoke with my bank, they said that since I no longer have a consistent paycheck I dont qualify under their rules for a refinance. ...
2
votes
2answers
149 views

Losing equity on a house, any feasible options?

I have had my first house for almost 3 years now. I have refinanced once already and I am about to refinance again. For this one I needed to get a new appraisal, which was expected. The only catch ...
2
votes
3answers
5k views

Why would this FHA refinance cause my mortgage insurance payment to increase so much?

I have a 30-year fixed loan at 5.25%, of which I still owe $184,000. Current payment is $1463/month including PMI, escrow, taxes, etc... and I've been in this loan for 2 1/2 years. Current appraised ...
2
votes
2answers
185 views

Have 20% equity in house, but bank requires a principal payment for refinance

We are trying to refinance our mortgage. The mortgage has a balance of $123000. Our house was appraised at $266000. If we did the math correctly, we have $53200 in equity which gives us ...
5
votes
4answers
286 views

What's the deal with these mortgage-refinancing fees?

currently we have 400k on a 20 year mortgage at 3 and 7/8 percent. We can move to 3 1/8 percent 15 year mortgage. The guy says this should save us around 70k over the life of the mortgage. The ...
5
votes
3answers
863 views

Does it make sense to refinance a 30 year mortgage to 15 years?

I have a fixed mortage of 260,000 at 4.5%. I could refinance this loan to 15 years at 3%. I also have a Heloc with an APR of 3.25%. On the Heloc I have a line of credit of 95,000 and available credit ...