Questions tagged [refinance]

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

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0 votes
3 answers
188 views

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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0 votes
1 answer
30 views

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 ...
0 votes
1 answer
71 views

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 ...
2 votes
1 answer
237 views

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 ...
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2 answers
60 views

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 ...
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0 votes
1 answer
64 views

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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6 votes
5 answers
1k views

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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2 votes
0 answers
50 views

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. ...
1 vote
2 answers
92 views

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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1 vote
3 answers
139 views

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 ...
1 vote
2 answers
118 views

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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6 votes
1 answer
2k views

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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4 votes
3 answers
430 views

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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0 votes
0 answers
49 views

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.
1 vote
1 answer
86 views

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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2 votes
1 answer
132 views

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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0 votes
1 answer
62 views

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 ...
2 votes
2 answers
622 views

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 ...
2 votes
3 answers
198 views

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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5 votes
1 answer
95 views

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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0 votes
2 answers
237 views

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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0 votes
1 answer
108 views

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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0 votes
1 answer
100 views

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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15 votes
3 answers
4k views

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 ...
1 vote
1 answer
111 views

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 ...
2 votes
2 answers
79 views

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 ...
0 votes
1 answer
87 views

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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1 vote
1 answer
101 views

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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1 vote
0 answers
157 views

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, ...
2 votes
3 answers
135 views

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 ...
5 votes
2 answers
127 views

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: ...
3 votes
0 answers
69 views

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....
1 vote
2 answers
424 views

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 ...
1 vote
1 answer
57 views

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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4 votes
2 answers
2k views

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 ...
1 vote
1 answer
116 views

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 ...
1 vote
1 answer
61 views

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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0 votes
2 answers
181 views

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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4 votes
1 answer
86 views

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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-2 votes
1 answer
79 views

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 ...
1 vote
1 answer
71 views

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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3 votes
2 answers
268 views

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 ...
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2 votes
1 answer
154 views

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 ...
1 vote
1 answer
262 views

When is a lump sum principal payment to remove PMI worth it?

I bought a house 2 years ago, but due to the current pandemic fears, I'm already refinancing my mortgage to get an interest rate that's a full percentage point lower than before (3.5% vs. 4.5%). I ...
2 votes
1 answer
151 views

How to evaluate whether the fees on a refi are fair?

I'm applying for a refi and I think the fees involved are too high. The trouble is that I don't know out of the 20 or so various things in the closing costs estimate what is reasonable, unchangeable, ...
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1 vote
1 answer
110 views

Can I really save money by refinancing mortgage without a broker?

I live in the US and I am considering refinancing my mortgage. From what I have read, a large part of the cost of refinancing comes down to broker fees (which tend to be a percentage of the principle (...
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0 votes
0 answers
18 views

Will lender title insurance need to be bought again if refinance with same issuer? [duplicate]

If I refinance my mortgage with same lender, will I need to pay for new lender title insurance ? I understand, I can ask the lender, but before I do I want to know how is the experience of other ...
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2 votes
2 answers
76 views

Refinance Mortgage to conventional loan to drop PMI

I refinanced my mortgage last year out of pure necessity. I had decided to build a 1 bedroom apartment out of my un-used garage space and the construction costs went way over budget. To add insult ...
3 votes
1 answer
150 views

Will old owner's title insurance be valid on refinance?

I was wondering: if I refinance my home, will I need a new owner's title insurance, or will the previous title insurance still be valid? I suppose the new lender will require new lender's title ...
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4 votes
1 answer
181 views

Is it a good time for refinance, why rates are different in WellsFargo website

I am 26, a first-time homeowner and I bought a house last summer for $265k and as of today I got an exactly $180k principle remaining as of today I have a 30-year mortgage (my lender is WellsFargo) ...
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