Questions tagged [refinance]
for questions that relate to refinancing of debt. A country tag should also be included when asking about refinancing.
11
votes
3answers
4k views
Put my student loan in parents’ second mortgage - help?
I fear I did something stupid.
I graduated in 2017 with a bunch of student debt that my parents held on my behalf (~$130k). One misunderstanding led to another and somehow we ended up refinancing ...
14
votes
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
78 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
61 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
59 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
221 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
778 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
votes
3answers
131 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
vote
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
votes
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
vote
2answers
106 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
votes
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
votes
0answers
108 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
132 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
142 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
vote
0answers
78 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
136 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
vote
4answers
615 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
67 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
425 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
votes
4answers
6k 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
329 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
104 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
125 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
119 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
113 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
844 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
vote
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
131 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
127 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
250 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
vote
2answers
193 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
126 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
votes
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
vote
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
votes
2answers
149 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
215 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
vote
2answers
635 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
335 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
104 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
271 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
votes
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
votes
1answer
34 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
316 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 ...
4
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?
