for questions that relate to refinancing of debt. A country tag should also be included when asking about refinancing.
7
votes
1answer
69 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
63 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
votes
0answers
41 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
0answers
49 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 though 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
102 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 ...
5
votes
3answers
192 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
101 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
110 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
votes
1answer
30 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
387 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
196 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
125 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
2k 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
145 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
198 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
500 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 ...
1
vote
2answers
1k views
Are there restrictions on refinancing after a short sale
I previously had two mortgages and last November completed a short sale of my second home (which I owed $410K) that was not my primary residence. I missed 10 payments leading up to that short sale.
...
2
votes
1answer
75 views
Does re-financing an FHA-insured mortgage incur the UFMIP again?
I currently have a low-down payment FHA-insured mortgage. When I got the mortgage, I rolled the 2.25% up-front mortgage insurance premium into the loan. Rates have fallen, and I'm considering ...
1
vote
1answer
96 views
Why can I refinance my recent car loan at a lower rate than I had received originally?
I just purchased a new car a month ago at 3.2% APR. This was the best rate I could get at the time.
I currently have an offer from a bank to refinance at 2.25% APR. For a $25k auto loan, this ...
0
votes
1answer
382 views
FHA Reduction Notices From Third-Party Companies - Scam? Or Something To Consider?
We've got an FHA loan on our house with a 4.75% interest rate.
We get a lot of seemingly junk mail but one item from "American Financial Network" caught my eye:
The Federal Government recently ...
7
votes
4answers
2k views
Is it even possible to refinance an older car?
I'm looking to refinance my car loan. However, it's 2012 and my car is a 2004. Bank after bank is refusing to even let me apply if my car is over 7 years old. Is it even possible or am I stuck with ...
4
votes
2answers
256 views
Mortgage broker asking for a rate extension ($1,300) - is this fair?
Here's my situation. I'm working with a mortgage broker to refinance my existing mortgage. I locked in a rate on Feb 14, 2012. The lock was for 30 days. The broker has now told me that they cannot ...
4
votes
3answers
86 views
Refi 7/1 ARM or 10year fixed?
We have 7 years left on our mortgage with a balance of $104,000.00. Our house is worth approx. $300,000.00. We want to take $40,000.00 cash out for home improvements, making it a $145,000.00 loan.
Is ...
7
votes
2answers
860 views
Stop paying your mortgage to lower your interest rate?
A few days ago I called my bank and ask them what will take to refinance my primary home mortgage. They said that advertised lower interest rates are only available for new clients and they don't ...
1
vote
1answer
2k views
How long to wait before refinancing a high interest car loan, after improving credit history?
I had no choice but to finance a car loan at a pretty disgusting rate (14%) thanks to "insufficient credit history" back in the end of September. My credit score was good.
Now it's January; I've been ...
4
votes
3answers
2k views
Why would refinancing my mortgage increase my PMI, even though rates are lower?
I'm currently stuck in a 5.5% loan on balance 167.5k. PMI is roughly $75/mo. I am trying to refinance, but my lender tells me that even going down to ~4% rates, it wouldn't be worth it because my PMI ...
5
votes
2answers
104 views
Are higher closing costs worth a shorter mortgage term, if I'm making extra payments in either case?
I have a loan with 18 years left at 5.125%, with balance of $132k. I pay about $1,020/month ($1350 with escrow and whatnot).
I can refinance to 15 years at 4.00% with closing costs of $967. Monthly ...
1
vote
2answers
110 views
What is the process to refinance a home?
All,
A family member is thinking about refinancing their home. The idea is to take advantage of low rates to get a lower interest rate loan, ideally with a longer term (current mortgage is 15yr I ...
7
votes
3answers
120 views
Close to retirement & we may move within 7 years. Should we re-finance our mortgage, or not?
We want to refinance; currently at 6.75% on a 30-year fixed. We are unsure how long we will be in the house but assuming at this time we will want to move within 7 years. I am looking to retire in 3 ...
10
votes
1answer
438 views
Does it make sense to “save” for college by paying off my mortgage?
Assumptions (using round numbers):
Two children start college in 12 and 15 years.
Currently saving $400/month in a college savings fund earning ~2%. (Some in a taxable account, some in a Coverdell.)
...
4
votes
3answers
134 views
What is the best way to get a “rough” home appraisal prior to starting the refinance process?
Given the tightening of regulations on appraisals in the home financing process, I would like to get an idea of the "rough" value of my home before initiating the refinance process.
Since our ...
2
votes
2answers
369 views
Do I have to repay the First-Time Homebuyers tax credit if I refinance?
My wife and I bought our first home in April 2010 and received the full $8000 First-Time Homebuyers tax credit. We now want to refinance, given that the current mortgage rates are significantly lower ...
8
votes
4answers
294 views
Should I get a personal loan to pay on my mortgage to go “above water” to qualify for a refinance?
I purchased my primary residence in 2007. The rate was 5.99% on a 30 year fixed. Rates have dropped dramatically since then, but so have home prices. I wanted to refinance a while back, but it looked ...
7
votes
4answers
715 views
What is the incentive for a bank to refinance a mortgage at a lower rate?
I can't figure out why banks would actively try to get their customers to refinance their mortgage at a lower interest rate. And to be absolutely clear, I am talking about a bank refinancing a loan at ...
2
votes
2answers
504 views
Is it possible to eliminate PMI (Personal/Private Mortgage Insurance) on a mortgage before reaching 20% down on principal?
I am a relatively new home owner, having purchased my first home in October 2009. Overall, I feel I got an excellent deal on the loan, which was 5% no-cost, no points, and 12% down. I had to take on ...
5
votes
3answers
171 views
Is it advantageous for me to refinance my house at a lower rate?
I bought my house about two years ago, the interest rate is 5.25%. I'm seeing interest rates as low at 4.50% now. Is it worth refinancing my house this soon, or is it likely the fees will out-weigh ...
7
votes
2answers
279 views
Can I refinance my student loans?
I have student loans from graduate school with an interest rate of 6.625%. I see that interest rates are quite low. (Mortgage rates are at 4.6% for a 30 yr fixed.) So I am wondering: Is it possible to ...
6
votes
3answers
107 views
Under what circumstances might getting an ARM be warranted?
Specifically, I'm curious about the 7/1 and the 10/1 ARMs. I'm half-way seriously considering refinancing into one of these, mostly because I doubt I'll still be in this house in 7-10 years. I'm ...
3
votes
3answers
105 views
How to handle old 401(k) I have, with respect to refinancing some of my debts?
I have recently been shopping around to see if I could get my home refinanced. I purchased in Oct 2007 for $200,000 - 30 year fixed at 5.99%
I called my lender, and they were willing to refinance @ 4 ...
6
votes
4answers
108 views
Does it make sense to switch from a 30 year 6.99% loan to a 6.89% loan (Australia)
I have recently bought an apartment and have an outstanding loan for $200K. I looked around but the bank I presently bank with somewhat surprisingly offered me the best rate at 6.99% (discounted off ...
5
votes
3answers
274 views
Walking away from a mortgage & home - financial options
I currently have a home that is 100% Loan to Value. It has lost a significant amount of the value i paid for it -- hence now a 100% LtV guesstimate.
I am able to comfortably make my payments as it ...
6
votes
4answers
242 views
Mortgage Refinance calculator
What is the best mortgage refinance calculator out there to play around with?
2
votes
2answers
155 views
Is it worth it to re-finance my car loan?
I have 60-month car loan at 4.75%.
My bank sent me a note saying that I am able to re-finance at 3.25%, to either 60 or 48 months.
I am calculating that it will probably save me about 400-500 ...
4
votes
1answer
174 views
Credit check for refinance inquiry?
I'm thinking of refinancing my mortgage. I called my current lender, and was given a quote for a refinance with a lower interest rate, and $1200 in closing costs. Now I'm trying to shop around for ...
4
votes
2answers
640 views
How to calculate incremental interest rate for home refinancing?
Summary: When you refinance your house and borrow more money, how to
calculate the incremental interest rate you pay?
I currently owe $95K on my house, 4.75% interest rate, $510 monthly
payment ...
5
votes
1answer
83 views
When and how do I lock a mortgage rate while shopping for a refinance?
We're in the process of hunting around for a lender in our area (US) to refinance our mortgage with.
I'm having a hard time understanding the steps in the application process. In particular once ...
3
votes
3answers
261 views
Advantages/Disadvantages to refinancing online?
There's a fair amount of ways to refinance online via sites like Zillow marketplace and lendingtree. I'm hesitant to dive into using these services, I prefer dealing with a person directly. However ...
3
votes
2answers
191 views
I'd like to refinance; how can I shop around at different banks without it affecting my credit?
I want to take advantage of the lower rates... and I want to shop around at different banks (unless you think that is unwise).
What must I know/do before each bank runs my credit report?
5
votes
3answers
528 views
FHA Streamline Refi causes principal balance to increase $9000?
I am in the process of doing an FHA Streamline Refi from a 5% 30-year-fixed to a 2.7% 5/1 ARM. I will only have to come up with slightly less than the amount of my monthly mortgage payment at closing ...
5
votes
2answers
146 views
How to compare current mortgage to re-finance?
I'm trying figure out how long it will be to recoup the cost of refinancing our present mortgage.
I'm doing this for 2 reasons a) b/c the interest rate I could get is about 0.75% less than I pay ...
