Questions tagged [refinance]
for questions that relate to refinancing of debt. A country tag should also be included when asking about refinancing.
227
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Annual unconditional sharpe ratio vs expected unconditional sharpe ratio
What is the difference between the annual (unconditional) Sharpe ratio of a portfolio whose weights are equal to the predicted returns and expected (unconditional) Sharpe ratio of portfolios.
I ...
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6
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Is it worth refinancing? Original lender claims they missed getting income documents at time of closing and want to make loan "servisable" at no cost
Original loan was for 480k at 3.25% fixed rate for $2,088 monthly payments for 30yrs. We currently owe 458k and have 28 yrs left. We have been paying an additional $100 towards principal each month.
...
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IRS publication 936 weirdness. Deductible home mortgage interest limits and zero-pay or cash-out refinance
There is a 750,000 home acquisition loan limit for deducting mortgage interest. This limit only applies to "home acquisition debt" (excludes the cash-out part). However this is used to ...
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1
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Deducting mortgage zero-cost refinance points from taxes when using the money for home improvement NEXT year
I have refinanced a mortgage and paid for quite a lot of points. The refinance was zero-cost, so the points came from the increased loan amount. I used the money I saved due to zero-cost refinance to ...
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1
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96
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Prove to the bank that a Schedule C business closed a year and half ago
In order to qualify for a first time home buyer refinance in NJ I need a household income of under 102k.
My wife filed as a schedule C for a babysitting group in 2020 17k and 2021 5k. (She stopped ...
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2
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140
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Is there a way to not receive a credit score drop when paying off an auto loan by keeping the account active in another way?
I know the credit score drop is minimal if you have good credit and will recover eventually, but it just occurred to me that perhaps there is a work around like updating the account or restructuring ...
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4
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6k
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Buy house now, refinance later
I am interested in buying a home as soon as possible, but I'm concerned about the high interest rates - 6.7% as of October 2022. Someone told me to just buy a new home now, accept a high mortgage, ...
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Is it possible to swap homes without refinancing (without changing interest rate)?
I'm curious to know if it is possible to trade homes with someone, and assuming the homes are approximately the same value, if the swap can be completed without refinancing (namely, without the ...
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Difference between secured debt and security interests
I am trying to better understand the difference or similarity among the following terms:
Secured/Unsecured Debt
Security Interests
For example, when I hear the term secured debt, I immediately think ...
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Is lower interest rate worth it when refinancing if you pay more over lifetime of loan
I have owned a house for 2 years and have a 30 year fixed rate mortgage at 3.75% interest. I am considering refinancing into another 30 year fixed rate mortgage at 3.49% interest. Refinancing would ...
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Refinancing a mortgage: Can you buy points with cash out?
Looking over different mortgage refinance rates, I have found some that are favorable in the 0.5-1.5 point range, but the upfront cost exceeds what I'm comfortable paying out of pocket.
Is possible to ...
- 166
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2
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Refinancing a mortgage: Can I use an appraisal ordered by a previous lender with a new one?
My wife and I are currently in the process of refinancing our home. However, due to factors outside of our control, our rate lock with the lender we are currently working with has expired and the new ...
- 166
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Refinancing a house in USA from investment property to primary residence tax issues
I am buying a house (I live in USA and this whole question is about tax situation in USA). But it used to be someone’s investment property and comes with the addendum that current tenants get to live ...
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Does it make sense to cash out most of the home equity (80% of value) when refinancing for other reason?
I'm currently refinancing my house from 4.25% to 2.375%. The loan-to-value ratio is ~67%. (The home value has grown.)
My investments give me average returns well above the 2.375% rate. The rates are ...
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51
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Total Cost of PAYE?
I'm evaluating my options for my Federal Loan debt, namely continue with PAYE or refinance with a private lender. Presently I'm enjoying deferment until Jan, 2022 due to President Biden's decision.
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Are there alternative options to getting an appraisal for a refinance of my home?
I live in New Hampshire, USA. I'm trying to get my home refinanced and it most likely requires an appraisal (not sure the requirements), but anyway... they want $1870 for the appraisal fee! I'm aware ...
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Should I refinance (again) if I am looking to sell within 5 years?
I've been bombarded from different organizations trying to get me to refinance and wanted to see if there would be any advancement to doing so since interest rates have dropped so much.
My situation ...
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2
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Mortgage refinancing - Deciding on points and no-cost
I'm refinancing a mortgage of ~$800k. This is our only/primary house and we do not haven any intent to move in the forceable future.
There are multiple parameters/choices and they make my head hurt.
...
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1
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How to remove a co-signer from HELOC?
I have a Home Equity Line of Credit (HELOC) in Canada, Quebec.
I have a co-signer on it. The co-signer is not on the deed of sale or the mortgage. I would like to release the co-signer, so he does not ...
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3
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462
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If you have a different interest rate applicable to a part of your credit card balance, how does this apply in monthly payments? [duplicate]
Here's a scenario. My credit card's balance transfer option allows the money to be deposited to my bank account. Let's say I owe $10k at 12% and borrow an additional $10k at 0. If I pay back $10k the ...
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Do collateralized loans impact your credit score?
Do collateralized loans impact your credit score?
Such as a securities loan collateralized by your stocks, a refinance on your home, a personal loan collateralized by a car, and so on.
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on refinance does previous company return ALL extra money [closed]
I am trying to do a refinance and the new company is keeping some buffer amount to pay to the previous company. The previous company also has some escrow balance. At same time the new company is ...
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132
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What to expect differently in refinance v/s new mortgage in experience
I bought a home about 3 years ago and the mortgage process was tiring. The parties involved were appraiser, banker, underwriter and seller.
Now I am thinking to refinance. Due to the number of ...
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76
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Options for additional loan to add a second story to house
I would like to add a second story to my primary residence in the US. Estimated cost of project is $250k. I'm seven years in on a 30 year fixed rate mortgage at 3.75%. What are typical options people ...
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2
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647
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Is it ever worth it to refinance an auto loan for a higher APR?
I recently moved into a new place/city and am looking to free up some room in my monthly budget. For the first time in about 3-5 years, I shopped for new car insurance and then looked into an auto ...
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3
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212
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Refinancing Mortgage, same rate for 30yr vs 15yr (with closing credit)
I'm 49 years old, currently have a VA 30yr @ 3.75% mortgage with 26years left. (We moved across the country for a new job in 2017). Remaining balance 254K, No PMI, have approximately 100K in equity.
...
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Why does paying points cost different amounts depending on how much I'm lowering my rate?
I believe I am quite competent with most matters related to personal finance, but one thing I cannot understand no matter how much I Google is paying points on a mortgage. I talked with a mortgage ...
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240
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Help needed to deal with personal financial condition [closed]
Would like to discuss my financial condition here so that you guys can share your thoughts. TLDR :). There are some details related to family as well, which I think is important while taking financial ...
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Refinancing Profit and loss Statement
I am refinancing a house and thought I will close last week of December, 2020.I met all requirements and has over $100,000 equity in the house, gave all initial required paper work. I have submitted ...
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128
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Refinance Calculator - use Interest Rate or APR?
I am using the NerdWallet Refinance Calculator to compare current loan with new loan.
https://www.nerdwallet.com/mortgages/refinance-calculator/calculate-refinance-savings
My question is should I put ...
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Do I need my own attorney during mortgage refinancing?
I'm refinancing my mortgage with a well-known lender. I assume the lender's attorney will review the closing documents. I know the documents are pretty standard, but still wondering if I need to hire ...
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Mortgage refinance with low net pay
I have an unusual situation. I started a new job with a good pay, but my paychecks are now very small because I'm aggressively catching up on my 401k contributions. This will continue until the end of ...
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2
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Mortgage Payoff Interest after Refinance
I'm about to close (later tonight) on a refinance of my primary resident mortgage, but I'm a little confused on how the mortgage company got to my payoff figure.
The disbursement date of the new loan ...
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Refinancing: Do I take the lower rate or the better LTV ratio?
I'm exploring refinancing options and have two offers that I'm having a hard time deciding on:
Better.com
This is not my current lender. They are offering an interest rate of 2.375% for 1.866%. ...
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What is the expected effect to credit of refinancing my student debt?
I have $20K in student loans across 8 accounts at 3 lenders dating back from 2004-2009 here in the USA. The average interest rate is around 6%. I can likely get a fixed rate around 3.5% if I refinance,...
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What is my liability if I walk away from a refinance at the closing table?
Decided it was time to refinance my mortgage. Shopped rates and picked an offer, then jumped through all the hoops of getting the home appraised, providing all of the documentation the lender needed, ...
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Is it a common practice for bi-weekly mortgage setups not to have points available to pay down?
I'm refinancing my mortgage and I wanted to set it up as bi-weekly, since it effectively applies the extra payment every year. However, as we're going through the process, my mortgage consultant said ...
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In what sequence should I do these tasks?
I bought a house as an unmarried individual with a conventional mortgage. Years passed, i gained a spouse and child, and the three of us live in the same house. Now I want to do the following things:
...
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Why are mortgage refinance interest rates higher than purchase interest rates? [duplicate]
At the moment I'm writing this, Wells Fargo, is quoting a 30-Year Fixed Rate with an interest rate of 2.75% if you are purchasing a home, while the same loan has a rate of 3.25% if you are refinancing....
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I’m a co-signer who wants out of auto loan with ex
I am no longer in a relationship with my ex. I co-signed for a 2015 Chevy Silverado in 2018. I have text messages and emails asking him to refinance, he is refusing. If I get a small claims attorney ...
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Home Loan Refinance Prepayment Penalties
I am a homeowner in the USA. Interest rates have dropped recently and I am exploring the possibility of refinancing my home loa
My existing home loan stipulates that the lender cannot charge a ...
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Why would anyone borrow using a DEFI (Decentralised Finance) platform?
Introduction
DEFI lending platforms like Aave are decentralised finance protocols which enable anyone to either lend their crypto-assets (usually ethereum) for high % interest, or lock up their ...
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What happens if closing disclosure of mortgage refinance assumes higher principal balance than real?
I'm going to refinance the mortgage and got closing disclosure. It says my current lender will get $257K on closing. However, my balance is $254K. I called the agent to clarify why expected pay off is ...
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Is there a downside to doing a cash out refinance followed immediately by a rate and term refinance?
I want to do a cash out refinance on my primary residence to pay off a HELOC, and to put more money into an investment property.
Cash out refinances have higher rates than rate and term refinances. Is ...
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2
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183
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Is there precedent for mortgage rates being higher for a refinance than a purchase?
Right now, most if not all major banks have mortgage refinance rates about 1% higher than the rate for a mortgage used to purchase a property. Up until a few months ago, I don't recall ever seeing any ...
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Refinance a 15yr fixed to a 5/1 ARM?
I have about 6 years, 6 months left on a 15yr mortgage:
Type: 15 year conventional mortgage (no PMI)
Rate: 3.75%
Balance: $64,780
Origination: 02/2012
Maturity: 01/2027
I am seeing 5/1 ARM refinance ...
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Refinancing Home Loan [duplicate]
You have been living in the house you bought 7 years ago for $300,000. At that time, you took out a loan for 80% of the house at a fixed rate 15-year loan at an annual stated rate of 8.0%. You have ...
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Is 15 year 2.5% rate through credit union a good option
This is a follow-up to my previous question
I have $180k principle remaining as of today with 30-year / 3.75% interest rate. I am able to lock 15 year 2.5% rate. I have been paying extra $X amount ...
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279
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How much savings is worth refinancing a mortgage?
I got an e-mail from the company that brokered our mortgage loan offering me a great opportunity to refinance at a lower rate and save almost $200/month. Seeing as the rate drop was only 0.25% I was ...
user12515
2
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1
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What happened to LTCM (Long-Term Capital Management)?
I recently learned about the LTCM fiasco and I find it ludicrous. From Wikipedia:
Initially successful with annualized return of over 21% (after fees) in its first year, 43% in the second year and ...
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