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Questions tagged [refinance]

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

13
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3answers
3k views

Etiquette around loan refinance - decision is going to cost first broker a lot of commission

We are in the process of doing a refinance. However, we just took out the original mortgage loan recently. The new loan is 3/8 of a point better than the original loan and we are going to save a lot ...
1
vote
1answer
77 views

Mortgage company refuses to send an early payment from Escrow account for the Quarterly Property Tax payment

I'm in the middle of refinancing a Mortgage. The lender looked up the title and said that there's a property tax payment due in the next few weeks on the Title and they want to see a proof of payment. ...
0
votes
1answer
58 views

When will a lender pay the upfront costs of refinancing?

I have a 30 year fixed mortgage with an interest rate of 4.875%. I’ve only been paying it 4 months. Interest rates appear to be dropping, so a family member told me: Interest rates have been ...
0
votes
1answer
55 views

Should I pay and refinance or continue LPMI?

Details: Origin loan: $152,000 Original downpayment: $8000 Remaining loan: $144,000 (= approximate current pay-off quote) Currently value of house: $160,000 (assume value hasn't changed since I ...
1
vote
1answer
156 views

Car is under my girlfriends name, can i refinance it?

Last year i needed to buy a car, but my credit was bad atm, so my girlfriend at the time let me use her credit to buy it. Now almost 2 years later i have to buy a diferent car so i can take out of the ...
5
votes
1answer
673 views

Can I remove a cosigner from a car loan? Will it affect my credit?

I will be moving from NY to California for a job that starts 3 months from now. I flew to California to finance a car from a dealership, but since I had not found an apartment yet, I had no california ...
0
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3answers
126 views

Refinancing a previously paid in full auto loan, to similar terms as the original auto loan

Alright this is going to sound weird, I’m saying that because I haven’t been able to find the answer to this simply anywhere. In October my girlfriend desperately needed another car, hers had become ...
1
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2answers
53 views

Cash out refinance and tax

I have no mortgage on my rental property for years and now would like to refinance and cash out few hundred thousand. Can I claim the interest as an expense on my rental property?
3
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3answers
107 views

Is there any reason to have a mortgage broker when refinancing with a specific company?

If I'm refinancing a residential home, and already know exactly which company I will use to obtain a mortgage from (and at which rate), is there any value in working with an independent mortgage ...
1
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2answers
103 views

What exactly are the logistics of refinancing a mortgage?

When you get a mortgage for buying a home, the logistics (all the paper signing etc...) are usually handled by the lawyer responsible for the overall home purchase in conjunction with real estate ...
31
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2answers
5k views

Why would a lender care who paid off a debt during a refinance evaluation?

We have a family member who had their father cosign a student loan for them that was recently paid off post their credit check on the father who is attempting to refinance their mortgage. The lender ...
0
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0answers
107 views

Saving extra cash - for earlier mortage repayment or creating passive income

My girlfriend and I are thinking about buying a flat. Paying mortgage rate close to what we pay for renting would take us 15 years to pay 250,000. Right now we're paying 1600 a month for renting a ...
3
votes
1answer
121 views

To Cash-Out Refi or Not?

I have a 3 option scenario and I really can't decide what's the best move here. Here's a little background on my husband and I's current situation. We are focusing on rapidly paying off our debt. We ...
4
votes
2answers
141 views

Multiple Investment Properties under One Mortgage

I have been leveraging for a few years now and have managed to get a few mortgages on investment properties. All the properties perform very well, are income producing and have at least a 60-80 ...
1
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0answers
77 views

Can I refinance an car registered in Texas which is under my grandparents name with a loan in California state where I live

Need to know if its even possible to refinance my grandparents car from Texas to California where I live? I was looking to apply for a car loan through a credit union bank. I asked EECU but they ...
4
votes
1answer
134 views

Refinance for renovation, use 401k? HELOC? Both?

We've decided to remodel our kitchen. For the sake of round numbers, assume I have about 20K in the emergency fund/savings right now. 20K in a stock portfolio, and a MUCH larger amount in the ...
1
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4answers
604 views

My previous employer paid me too much and now they want the money back

My previous employer (UK civil service) paid me my full monthly salary the month I left. The month I left (August 2017) I did around 5 days of work due to how my fixed contract work (11 months ...
1
vote
1answer
64 views

Will I be able to get an FHA home loan if I opt for a voluntary repossession on my current auto loan?

What i'm asking is will my credit go down that much and if I decide to voluntary repo? I'm currently at 650. If I can't get a FHA loan what are my options for buying a home with a repo on my credit ...
3
votes
1answer
201 views

How can I refinance this loan?

To make a long story short I made a huge mistake, I financed a used 2006 vehicle in October of 2017 at 26.13% interest the price was $20,000 as the vehicle stands it currently values at $15,000 ...
2
votes
1answer
424 views

My husband died and left no will.

My husband died and left no will. He financed a car for me as a gift. The loan company wants me to refinance it, but the rate is high. I would like to finance elsewhere. How do I do it?
11
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4answers
5k views

Refinancing immediately after closing on a house purchase

I recently purchased a new home as a primary residence with a 4.375% 30 year fixed mortgage. I discovered, a little too late in the process, that I could find rates significantly lower elsewhere -- ...
3
votes
3answers
326 views

Is refinancing my auto loan just to avoid dealing with the lender that issued it a crazy idea?

I have been really frustrated dealing with the credit union that issued my auto loan. Basically I've wanted to set up automated extra principal payments and been unable to do it despite multiple ...
0
votes
1answer
100 views

personal heloc to pay off rental

I have 4 properties with reasonable cash flow. These are owned by my LLC. At current payment schedules, 1 rental pays off the property in 4 years, the next in 6 Years, the next in 9 years, the last ...
0
votes
1answer
123 views

Refinance Car Loan

Refinance Question Car Loan: Two years ago, you purchased a $20,000 car, putting $4,000 down and borrowing the rest. Your loan was a 36-month fixed rate loan at a stated rate of 6.0% per year. You ...
0
votes
1answer
117 views

Payoff 0% Car Loan - Or?

I have a 0% car loan with 21 months to repay a $5,072.00 bal. Payments=$258.00 monthly. I have enough $$ to payoff the loan, but I just refinanced my home which will increase my mortgage $40.00 per ...
0
votes
1answer
104 views

Does it cost extra to add my wife to the title and mortgage when refinancing?

I bought my house before marriage and had mortgage and title deed just on my name. I am planning to refinance my mortgage, and I have noticed that there are costs associated with the title. Since I am ...
3
votes
1answer
143 views

Does new spouse have to go on the house title when it's refinanced?

The home was purchased when the mortgagee was single; they've subsequently married. They're attempting an FHA streamline refi, and the mortgage broker told them it was required for the new spouse to ...
17
votes
2answers
4k views

Is “odd days interest” really a thing in a mortgage refinance?

I've got a question on closing costs for a mortgage refinance. For whatever it may be worth, this is a FHA streamline refi. One of the closing costs is "odd days interest". This was explained as ...
3
votes
4answers
841 views

Refinancing Student Loans

I have 4 outstanding student loan accounts, all with the same lender, totaling approximately $40k. The interests rates vary from 3.15% to 6.55%. Each account has one or more loans in it. Loan 1: $5,...
1
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0answers
96 views

Should I refinance my 15 year mortgage to include my HELOC balance?

I have a HELOC with my local bank. The draw period is 10 years and the term is 15 years. I still have balance that equals 95% of the line of credit. I only have about 3 years left on the draw period ...
1
vote
2answers
119 views

What do I need to consider when refinancing one home to pay the down-payment of another?

I recently (2+ years ago) purchased my first home, and we are financed with an 7:1 ARM loan as well as a HELOC as a second mortgage. I also have excellent (760+) credit. My family is growing and I ...
2
votes
1answer
121 views

Should I refinance my primary home, take cash out to pay off my investment property?

My primary home has an interest rate (15 years) 3.125% and 100k mortgage loan left. I have just bought a second home for investment with the rate 4.625% for 30 years. Should I refinance my primary ...
4
votes
4answers
243 views

Sanity check on choosing the term for a mortgage refinance

This is a VA refinance (IRRRL). The fees are the same no matter which choice. yr apr p+i 15 3.875% $869 20 4.000% $718 30 4.000% $566 IRRRL does not include ...
1
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2answers
191 views

Does it make sense to refinance my car to a longer loan term?

I want to refinance to drop my $350/mo something payment and $80/mo interest down. This is a 6 year loan now at 4 years. Assuming my credit is more decent then what it was when I took out the loan, ...
2
votes
3answers
124 views

Should I accept Refinance Mortgage Fees

I am in end of a refinance of my mortgage and I am not sure if I should follow through with it or not. My mortgage is $52,000 appraised value $103,000. My loan will include paying off 3 credit ...
14
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3answers
2k views

Mortgage refinancing fees

I'm about to refinance my home from a 6% 30 year to a roughly 3.5% 15 year. I am going through a local non-bank third party company. He quoted me a fee of 2.5% for the refinance. I haven't refinanced ...
1
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0answers
47 views

Interest expense deduction on rental property that was re-financed to pay off wife for her interest in home

I am in California in the United States. I stated renting my house out this year (2017). I originally purchased the home with my ex-wife in 2001, but bought her interest in the property as part of ...
0
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2answers
148 views

Refi mortgage from 30 years to 20 years… what if I sell after 10?

If I can drop from 4.375% APR to 3.7% (or slightly lower) by going from a 30- to a 20-year note, I can save over $100,000 in interest over the life of my loan. However, like most folks, I have no ...
3
votes
4answers
209 views

Fixed term or variable term for a student loan of 155,000 with the ability to switch between them

Friend is refinancing a student loan of 155,000 - check the details here or as below. Total amount now is about 155,000 now. While refinancing with Common Bond , we are getting the following payment ...
1
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2answers
579 views

Paying property taxes at refinance closing

I'm refinancing my existing mortgage, just to lower my payment, no cash out, in California. I currently have an impound account to pay for taxes and insurance but don't plan on having one for the new ...
2
votes
2answers
322 views

Transfer car loan for better interest rate

I just recently bought a car from a dealership with financing. At the time of purchase I was a temp-to-hire working in IT. About a week later I got a raise doubling my income. I just graduated college ...
3
votes
1answer
102 views

In a cash-out refinance (US) can I deduct interest on the original equity + 100K or just 100K?

I have looked at dozens of sites describing the US tax rules for a deducting cash-out refinance interest and I find they are all slightly ambiguous in their wording. All of those sites point out that ...
3
votes
1answer
263 views

How Can We Refinance A Home Mortgage As Part of A Divorce?

We are in the middle of getting divorced and one of our decisions is for one of us to keep the house. I am trying to figure out all the costs involved in that, but I need more information. Is it ...
0
votes
1answer
73 views

Best way to refi to consolodate second mortgage on dilapidated house? Personal loans?

My mother is 82 and has some cognitive impairment that justify some level of concern on my part. Her house and other assets are in a living trust of which I am co-trustee, if that makes any difference....
10
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4answers
3k 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
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1answer
33 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
311 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
4k 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 ...
5
votes
2answers
1k 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
138 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 ...